Bitmine Immersion Technologies (BMNR) shares surged 9.6% intraday on Monday, July 28, 2026, after the company accelerated its previously authorized $4 billion share repurchase program and chairman Tom Lee outlined a bullish near-term outlook for Ethereum (ETH). The stock was trading at approximately $17.04 as of mid-morning, giving the OTC-listed company a market capitalization near $9.16 billion.
The buyback acceleration marks one of the most aggressive equity repurchase programs in the digital asset treasury space. Bitmine repurchased 6.1 million shares over the trailing week, up from 5.5 million the prior week, bringing total share repurchases since July 1, 2026 to 11.6 million shares. The company said in a press release that this represents the largest common stock buyback completed by any Ethereum or Bitcoin treasury company in history.
"With over 11 million shares of common stock repurchased, Bitmine has executed the largest ever common stock buyback for any ETH or Bitcoin Digital Asset Treasury," Lee said in the announcement.
Ethereum Accumulation Continues
Bitmine also purchased an additional 9,946 ETH during the week, extending a streak of weekly Ethereum purchases that began after the firm announced its treasury strategy pivot last year. The company now holds approximately 5.78 million ETH, representing roughly 4.8% of Ethereum's total circulating supply. Based on an ETH price near $1,948, those holdings are valued at roughly $11.3 billion.
The firm's broader digital asset portfolio includes 208 Bitcoin, a $180 million stake in Beast Industries, a $61 million position in Eightco Holdings (ORBS), and approximately $268 million in cash and marketable securities. Combined crypto and cash holdings were reported at $11.8 billion as of July 27, 2026.
Tom Lee's $2,500 Ethereum Target
Lee said the firm increased its equity buyback pace because the rising ETH/BTC ratio signals strengthening cryptocurrency prices, even as legislative progress on the CLARITY Act appears increasingly delayed in 2026. The ratio has climbed to a three-month high near 0.30, and Ethereum has reached a 10-week high.
Lee identified $2,000 as the immediate resistance level and $2,500 as the next meaningful price target for Ethereum. Ethereum was trading around $1,948 per token as of the announcement date, implying meaningful upside if those levels are reached.
What BMNR's Valuation Tells Investors
BMNR trades at a price-to-sales ratio of approximately 548, reflecting a $9.16 billion market capitalization against trailing twelve-month revenue of $16.71 million. The company reported a net loss of $8.67 billion over the same period, driven largely by impairments and operating costs tied to its digital asset strategy.
Most recently, the company reported Q2 2026 earnings on July 13, 2026, with revenue of $46.53 million beating an estimate of $46.50 million, though earnings per share of -$0.13 missed a consensus estimate of -$0.04. The next scheduled earnings release is November 20, 2026.
Short interest in BMNR stands at approximately 49.1 million shares as of July 15, 2026, with a days-to-cover ratio of 1.37 against an average daily volume of roughly 36 million shares.
Retail Sentiment and Market Reaction
On Stocktwits, retail investor sentiment around BMNR shifted to "bullish" territory over the trailing day, with message volume jumping 140%. Some traders, however, remained skeptical that the gains would hold into the close. The stock has traded on an OTC market under the BMNR ticker, which may limit institutional participation compared to exchange-listed peers.
Monday's move follows a broader pattern of crypto-adjacent equities rallying alongside Bitcoin and Ethereum as digital asset markets recovered throughout mid-2026. Bitcoin has held above key psychological levels, and Ethereum's continued accumulation by treasury companies like Bitmine underscores the institutional demand narrative in the space.