Ether Treasury Firm Bitmine Immersion Technologies (BMNR) has said it will repurchase up to $ 1 billion of its outstanding shares as part of a new open repurchase program approved by its board.
The move comes as Bitmin’s crypto and cash holdings are ballooned at $ 2.77 billion, including 625,000 ETH, valued at $ 2.35 billion and 192 Bitcoin. The company also has $ 401.4 million in effortless cash, according to a press release.
The purchase plan is likely to be utilized when the company’s share price decreases significantly below the net value per year. Share currently estimated at $ 22.76. Down at another 9.2% in the Premarket action, the stock is currently switching hands to $ 31.70, from an exuberant high of $ 161 for approx. Three weeks ago.
The message comes in the midst of what President Thomas Lee described as the company’s persecution of “alchemy at 5%”, a reference to Bitmin’s long -term ambition to accumulate 5% of ETH’s supply.
Read more: Ark Invest Buys DIP at Ether Strategy Company Bitmine with $ 18.6 million. Purchase
