BitMine Immersion Technologies (BMNR), led by Tom Lee, has announced a new open-ended share buyback program, allowing the company to repurchase up to $1 billion of its outstanding stock. The plan is likely to be activated if the share price falls significantly below the net asset value (NAV) of its ether holdings.
BitMine’s total crypto and cash assets have grown to $2.77 billion, including 625,000 ETH valued at $2.35 billion, 192 bitcoin, and $401.4 million in unencumbered cash, according to the company’s latest press release.
Currently, BMNR shares are trading around $31.70 in premarket, down 9.2% and far below their recent peak of $161 about three weeks ago. The NAV per share is estimated at $22.76, suggesting the buyback could be triggered if the stock price declines further.
Chairman Thomas Lee described the buyback program as part of BitMine’s broader strategy, dubbed “the alchemy of 5%,” with the goal of accumulating 5% of the total ether supply over time.
