BitMine Immersion Launches $1 Billion Stock Repurchase Program

BitMine Immersion Technologies, which has transitioned from Bitcoin (BTC) mining to focusing on Ethereum (ETH), is launching a stock buyback program. According to a press release , the company plans to buy back up to $1 billion of its outstanding common stock. BitMine Holds Over 600K Ethereum As of July 28, BitMine has 121,739,533 common shares available, and each share has a net asset value (NAV) of $22.76 based on its cash and crypto assets. Notably, the company can repurchase shares as needed through the market or private transactions, depending on market conditions and other factors. Meanwhile, BitMine’s buyback program is supported by its strong financial position. The company now owns 625,000 ETH, which is worth about $2.4 billion, and 192 BTC, valued at around $22.8 million. The program aims to reduce the number of shares available, which could lead to higher earnings per share (EPS) and better valuation. This decision is appealing to investors looking for value in the crypto sector. It shows that BitMine is committed to managing its capital wisely and strengthens trust in the company’s long-term vision. BitMine Immersion Aims for 5% Supply Control Recently, BitMine purchased over $2 billion worth of ETH within 16 days. Interestingly, this purchase made it the largest corporate holder of ETH among newly formed Ether treasury companies. Tom Lee, managing partner at FundStrat and chairman of the company, confirmed that the firm is “well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply.” With Ether’s current circulating supply, this target equates to almost 6 million ETH, valued at approximately $22 billion at current market prices. Furthermore, BitMine’s bold move signals a growing institutional appetite for Ethereum . It also mirrors Michael Saylor’s Bitcoin accumulation strategy, but on a larger scale, if the company’s ambitions are fulfilled. BitMine’s Long-Term Plan for Ethereum Leadership BitMine is not just mining cryptocurrency. It has a clear and long-term strategy. The company aims to establish one of the most extensive Ethereum holdings in the world by acquiring 5% of the total ETH supply. This goal gives the company a strong position and continues to attract institutional investors, such as Cathie Wood’s Ark Invest , as the market evolves. Other companies, such as Bit Digital and SharpLink Gaming, are also adding ETH to their balance sheets . Together, they are helping to change how Ethereum is seen, not just as a currency, but as a valuable asset for long-term growth. The post BitMine Immersion Launches $1 Billion Stock Repurchase Program appeared first on TheCoinrise.com .