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Investing.com -- BitMine Immersion (NASDAQ:IMMR) Technologies (NASDAQ:BMNR) stock pared its decline from 12% to 9% after announcing a $1 billion stock repurchase program. Shares traded at $32.37 following the announcement, down from yesterday’s close of $35.11.
The company’s Board of Directors approved the open-ended stock repurchase program, which allows BitMine to buy back its shares from time to time in both open market and negotiated transactions. Despite today’s decline, the stock has surged approximately 700% over the past 30 days, though it remains well below its recent highs of over $100.
"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 having more than $401.4 million in unencumbered cash to support the buyback initiative. As of July 28, BitMine held 625,000 Ethereum tokens valued at $3,755 per ETH and 192 Bitcoin coins at $118,021 per BTC, according to Bloomberg pricing.
The company’s fully diluted common shares outstanding totaled 121,739,533 as of July 28.
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