BitMine announces $1 billion stock repurchase program

LAS VEGAS - BitMine Immersion Technologies (NYSE AMERICAN:BMNR) announced Tuesday that its Board of Directors has approved a stock repurchase program to acquire up to $1 billion of the company’s outstanding common stock. The company’s stock, which has surged over 500% in the past six months according to InvestingPro data, currently trades at $35.11 with a market capitalization of $1.44 billion.

The open-ended program will allow the company to repurchase shares periodically in both open market and negotiated transactions, according to a press release statement.

"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.

The company reported holding 625,000 Ethereum tokens valued at approximately $2.35 billion and 192 Bitcoin coins valued at $118,021 per coin as of July 28. BitMine also reported having over $401.4 million in unencumbered cash.

With 121,739,533 fully diluted common shares outstanding, the company calculated its combined net asset value of cash and cryptocurrency at $22.76 per share.

BitMine describes itself as a Bitcoin and Ethereum Network Company focused on cryptocurrency accumulation for long-term investment. The company operates in Trinidad and Texas locations including Pecos and Silverton.

The announcement comes as part of the company’s ongoing strategy to manage its capital and cryptocurrency holdings.

In other recent news, BitMine Immersion Technologies has made several notable announcements. The company has increased its at-the-market (ATM) offering capacity to $4.5 billion, up from the previous $2 billion, with Cantor Fitzgerald & Co. and ThinkEquity LLC acting as sales agents. This move allows BitMine to issue and sell shares of its common stock on the open market at its discretion. Additionally, BitMine’s Ethereum holdings have exceeded $2 billion, marking a significant increase from the initial $250 million private placement proceeds closed earlier in July. The company reported holding 566,776 ETH, valued at approximately $3,643.75 per ETH.

In another development, BitMine Immersion Technologies has commenced options trading for its common stock on the New York Stock Exchange, potentially enhancing liquidity and investor access. Furthermore, ARK Invest, led by Cathie Wood, acquired a significant equity stake in BitMine, purchasing 4,773,444 shares totaling $182 million. BitMine intends to use the net proceeds from this transaction to acquire more Ethereum. These recent developments indicate an active period for BitMine Immersion Technologies, with strategic financial maneuvers and increased investor interest.

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