BitMine Immersion announces $1 billion share buyback program

PANews reported on July 29th that, according to PR Newswire, BitMine Immersion Technologies announced today that its board of directors has approved a share repurchase program to repurchase up to $1 billion of the company's outstanding common stock. This new share repurchase program is open-ended, allowing the company to repurchase its shares from time to time in open market and negotiated transactions.

The company currently has over $401.4 million in unencumbered cash. As of 10:45 PM ET on July 28th, the company held 625,000 Ethereum and 192 Bitcoin. As of July 28th, the company's current fully diluted total outstanding common stock was 121,739,533 shares, and its combined net asset value (NAV) of cash and cryptocurrency was $22.76 per share. BMNR's total cryptocurrency and unencumbered cash holdings amounted to $2.77 billion.