Immersion announced that it has authorized a $1 billion share repurchase program.
Bitmine Immersion's $1 billion share buyback program will be implemented without time limit
The company plans to buy back its shares through open market and negotiated transactions. With its shares currently trading below its net asset value (NAV), Bitmine is increasing its ETH holdings.
Instead, the company decided to focus its capital on share buybacks. Bitmine's net asset value per share is estimated at $22.76, according to a press release.
Currently, it holds 625,000 ETH and 192 Bitcoin (BTC). Instead of making additional purchases while ETH prices are at high levels, Bitmine is looking at its own stock as being undervalued.
The company has adopted a strategy to leverage its holdings to increase its value per share and give investors greater exposure to Ethereum reserves.
Tom Lee, who was appointed chairman of Bitmain on the 8th,
Lee said, "As we move towards our goal of 'Alchemy of 5% of ETH,' we are looking at the highest possible return on capital."
"Sometimes, the revenue we're waiting for is used to buy back our shares," he explained. BitMine currently has $401.4 million in unencumbered cash, which could directly support the share buyback.
On June 30th, Bitmine announced its goal of securing and staking up to 5% of the total supply of Ethereum. After that, Tom Lee took over as chairman and issued monthly Ethereum.
The series, titled "Alchemy of 5%," introduces long-term ETH strategies through "Chairman's Message."
2025/07/30 16:15 KST
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