Crypto investment firm BitMine Immersion Technologies announced a $1 billion stock buyback program on July 29 to enhance shareholder value. The open-ended plan allows the company to repurchase shares at any time, especially when the stock price is below the firm’s asset value.
As of July 28, BitMine holds 625,000 ETH valued at $2.35 billion and 192 BTC worth over $22 million, making its total crypto and cash reserves $2.77 billion. With 121.7 million outstanding shares, the net asset value stands at $22.76 per share.
Despite a current stock price fall, BitMine’s aggressive Ethereum accumulation continues, highlighted by a recent purchase of 58,224 ETH worth $225 million.
The firm aims to control 5% of the global ETH supply—a strategy dubbed “the alchemy of 5%.” Chairman Thomas Lee hinted that ETH may be sold to support future buybacks depending on market conditions.
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