BitMine approves $1 billion share repurchase program

BitMine Immersion Technologies (NYSE AMERICAN: BMNR) announced that its board of directors approved a stock repurchase program to acquire up to $1 billion of the company's outstanding common stock. The open-ended program allows the company to repurchase shares in the open market and through negotiated transactions.

The company reported holding more than $401.4 million in unencumbered cash. As of July 28, BitMine's cryptocurrency holdings included 625,000 Ethereum tokens valued at $3,755 per token and 192 Bitcoin valued at $118,021 per coin, according to Bloomberg pricing.

BitMine's fully diluted common shares outstanding totaled 121,739,533 as of July 28. The company calculated its combined net asset value of cash and cryptocurrency at $22.76 per share.

"In our road to achieving 'the alchemy of 5%' of ETH, there may be times when the best expected return of our capital is to acquire our own shares," said Thomas "Tom" Lee, chairman of BitMine.

BitMine operates as a Bitcoin and Ethereum network company focused on cryptocurrency accumulation for long-term investment through mining operations and capital raising proceeds. The company's mining operations are located in Trinidad, Pecos, Texas, and Silverton, Texas.

The announcement was made through a company press release.

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