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6d ago

BitMine Immersion Authorizes $1 Billion Open-Ended Buyback

Tom Lee frames the buyback as a strategic lever for advancing BitMine’s goal of staking 5% of Ethereum’s supply.

Ark invest buys another $15.3m worth of ether strategy firm bitmine immersion
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Ark invest buys the dip on ether strategy firm bitmine with $18.6m purchase
ETH

Overview

  • The board approved an open-ended repurchase program to buy back up to $1 billion of common shares to support capital allocation and shareholder value.
  • BitMine’s Ethereum reserve has swelled to 625,000 ETH, valued at about $2.4 billion, making it the largest corporate holder of Ether.
  • Shares of BMNR plunged over 15% after filing a shelf registration and now trade near $30, roughly in line with estimated net asset value.
  • ARK Invest boosted its position by about $20 million in BMNR shares across ARKF, ARKK and ARKW ETFs while trimming stakes in Robinhood and Palantir.
  • The move highlights a growing trend of public firms shifting treasuries into Ethereum for staking yields as mining profits decline.