Bitmine Immersion Tech (BMNR) Plunges 11%—Even With a $1B Buyback Lifeline

Talk about a confidence crisis. Bitmine Immersion Technologies (BMNR) just announced a jaw-dropping $1 billion stock buyback—and investors responded by dumping shares like hot rocks. The stock cratered 11% in a single session, proving once again that Wall Street’s 'buy the rumor, sell the news' playbook is alive and kicking.

Buyback Blunder or Buying Opportunity?

On paper, a nine-figure repurchase plan should send shares soaring. But crypto-adjacent stocks like BMNR dance to their own volatile rhythm. Maybe traders smelled desperation—or worse, a distraction from slipping fundamentals. Either way, the market’s verdict was brutal.

When 'Support' Feels Like a Trap

Corporate buybacks are the financial equivalent of shouting 'I’m fine!' while your house burns down. For BMNR, this $1B move reeks of trying to artificially prop up valuations while real adoption metrics—if they exist—remain murky. In crypto-land, optics often trump substance.

The Bottom Line: Trust the Tape

Numbers don’t lie. An 11% nosedive despite a headline-grabbing buyback suggests deeper skepticism. Until BMNR proves its tech stack can outpace Bitcoin’s own scaling solutions, expect more turbulence. After all, in a sector where 'long-term hold' is code for 'bagholder,' actions speak louder than boardroom PowerPoints.

TLDR

• Bitmine Drops Despite $1B Buyback, ETH Holdings Top $2.35B in Value
• Bitmine Falls 9% as Market Ignores $1B Buyback, Strong Crypto Reserves
• $1B Buyback Can’t Lift Bitmine as ETH Assets Anchor $22.76 NAV/Share
• Market Shrugs at Bitmine Buyback; ETH, BTC Reserves Signal Strong Base
• Bitmine Tumbles as Buyback, $2.35B in ETH Fail to Sway Bearish Mood

Bitmine Immersion Technologies (NASDAQ: BMNR) fell 11.36% to $31.80 during early Tuesday trading, despite unveiling a major stock repurchase.

Bitmine Immersion Technologies (BMNR)

The company authorized a $1 billion share buyback plan, targeting both open market and negotiated transactions. However, the market response remained bearish, suggesting short-term sentiment overrides the long-term strategy.

💥BREAKING:

TOM LEES BITMINE, THE LARGEST ethereum TREASURY, JUST ANNOUNCED A MASSIVE $1 BILLION STOCK BUYBACK. pic.twitter.com/8tJaNbkyfv

— crypto Rover (@rovercrc) July 29, 2025

The Board of Directors approved the buyback initiative with no expiration date, offering flexibility in execution and timing. Bitmine holds over $401.4 million in unencumbered cash, which can help support its share repurchase plan. Still, despite the liquidity and repurchase signal, the stock saw a sharp decline.

The decision aims to improve capital efficiency while also reflecting confidence in long-term value. Bitmine expects the buyback to complement its Core strategy and optimize shareholder returns. Nevertheless, current market action suggests a disconnect between strategy and sentiment.

Ethereum Holdings Contribute to Underlying Asset Base

As of July 28, Bitmine holds 625,000 ETH, valued at approximately $3,755 per token, based on Bloomberg pricing data. The total value of ETH holdings exceeds $2.35 billion, forming a significant part of the company’s balance sheet. This strong ETH position reflects the firm’s focus on crypto accumulation as a strategic investment.

Bitmine continues to pursue its objective of securing 5% of the Ethereum network over time through direct and synthetic methods. The company actively engages in Ethereum-related operations, both via mining and financial derivatives. This diversified crypto exposure is central to Bitmine’s identity and long-term vision.

Despite the price drop, Bitmine’s Ethereum assets anchor its net asset value, boosting transparency and measurable backing per share. The ETH reserves contribute materially to the $22.76 NAV per share calculated from cash and crypto. This backing remains unchanged even as market volatility impacts the stock price.

Bitcoin Reserves Add Strategic Depth to Crypto Portfolio

Bitmine holds 192 Bitcoin tokens valued at $118,021 each, based on Bloomberg’s latest pricing. These reserves total over $22.6 million and represent a tactical component of the broader crypto strategy. The firm integrates Bitcoin into its operations through mining and financial advisory services.

Bitmine remains active in both direct mining and synthetic bitcoin exposures through hashrate-based products and services. This approach enables it to scale exposure and offer solutions to crypto-inclined corporate clients. The Bitcoin segment also supports its advisory role for public entities interested in crypto revenue generation.

The ETH and BTC holdings FORM a robust digital asset foundation underpinning the share value. While shares dropped sharply, the company’s crypto reserves and cash balance present a different story. The disconnect between fundamentals and price action remains key to ongoing valuation debates.