BitMine Immersion Technologies Launches Up to $1 Billion Share Buyback Program

BitMine Immersion Technologies (BMNR) announced a buyback program to repurchase up to $1 billion of its outstanding shares. Key details include:

Total crypto and cash holdings amount to $2.77 billion
Holdings consist of 625,000 ETH valued at $2.35 billion and 192 bitcoin
Company has $401.4 million in unencumbered cash
Buyback will be activated if share price drops below the estimated net asset value of $22.76
Current stock price is $31.70, down 9.2% in premarket trading
Stock peaked at $161 three weeks prior
Chairman Thomas Lee referenced the goal of accumulating 5% of ETH’s supply