BitMine Immersion Technologies (BMNR), led by Thomas Lee, announced an open-ended share buyback program allowing repurchases of up to $1 billion. The company intends to buy back shares if the stock price falls significantly below the net asset value of its ether holdings.
BitMine’s current assets include 625,000 ETH valued at $2.35 billion, 192 bitcoins, and $401.4 million in unencumbered cash, bringing total crypto and cash holdings to $2.77 billion, according to a recent statement.
Following a steep drop from a high of $161 about three weeks ago, the stock is trading near $31.70 premarket, down 9.2%. The company’s estimated net asset value per share stands at $22.76, suggesting buybacks may be triggered if the price continues to slide.
Chairman Thomas Lee described the buyback initiative as part of BitMine’s “alchemy of 5%” goal, reflecting its long-term plan to accumulate 5% of the total ether supply.
