29.07.2025 15:21

BitMine Immersion Technologies, a Fort Lauderdale-based cryptocurrency mining company, announced a significant corporate move: its board has approved a potentially unlimited share repurchase program, totaling up to a staggering $1 billion. This decision, however, initially met with a negative market reaction, causing a roughly 9% drop in the company's share price during early New York trading.

The buyback program, open-ended in terms of its timeframe, will allow the company to acquire shares both through open market transactions and private negotiations. This strategic move comes as BitMine boasts substantial financial reserves. The company currently holds a massive $2.77 billion in cash and digital assets, a substantial portion of which is invested in cryptocurrencies. Specifically, their holdings include approximately 625,000 Ether, currently valued at roughly $2.35 billion, and 192 Bitcoin.

These substantial assets contribute to a declared net asset value of $22.76 per share, based on fully diluted shares outstanding at 121.7 million. According to Chairman Thomas Lee, in a prepared statement, repurchasing its own shares represents, at times, the most promising investment opportunity for the company's capital.

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