BitMine Immersion Technologies (BMNR), under the leadership of Tom Lee, has unveiled an open-ended share repurchase program authorizing the buyback of up to $1 billion of its outstanding stock. This initiative is expected to take effect if the company’s share price falls significantly below the net asset value (NAV) of its ether holdings.
The firm currently holds $2.77 billion in combined crypto and cash assets, including 625,000 ETH valued at $2.35 billion, 192 bitcoin, and $401.4 million in unencumbered cash, according to a recent press release.
With BMNR’s shares trading around $31.70 in premarket—down 9.2% and sharply lower from a peak of $161 reached about three weeks ago—the buyback is likely to be triggered if the stock price drops well below the estimated NAV per share of $22.76.
Chairman Thomas Lee highlighted the move as part of BitMine’s long-term vision, dubbed “the alchemy of 5%,” aiming to accumulate 5% of the total ether supply over time.
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