BitMine Immersion Sets Up to $1B Buyback as Share Price Cools
The move comes as BitMine's crypto and cash holdings have ballooned to $2.77 billion, including 625,000 ETH valued at $2.35 billion and 192 bitcoin. The firm also holds $401.4 million in unencumbered cash, according to a press release.
The repurchase plan would likely be leveraged once the company's share price drops sizably below the net asset value per share, currently estimated at $22.76. Down another 9.2% in premarket action, the stock is currently changing hands at $31.70, off from a bubbly high of $161 about three weeks ago.
The announcement comes amid what Chairman Thomas Lee described as the firm's pursuit of 'the alchemy of 5%,' a reference to BitMine's long-term ambition to accumulate 5% of ETH's supply.
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