BitMine Immersion Plans $1 Billion Share Repurchase as Market Price Eases

BitMine Immersion Technologies (BMNR), under the leadership of Tom Lee, has unveiled a new open-ended share repurchase program, authorizing up to $1 billion in buybacks. The company plans to execute repurchases if its share price drops significantly below the net asset value (NAV) of its ether holdings.

BitMine’s portfolio now totals $2.77 billion in crypto and cash assets, including 625,000 ETH valued at $2.35 billion, 192 bitcoin, and $401.4 million in unencumbered cash, as detailed in a recent press release.

Shares are currently trading near $31.70 in premarket, down 9.2%, a sharp fall from the $161 peak reached just three weeks ago. The estimated NAV per share stands at $22.76, indicating potential activation of the buyback if prices continue to decline.

Chairman Thomas Lee highlighted the initiative as part of BitMine’s “alchemy of 5%” strategy, aiming to eventually hold 5% of the total ether supply.