BitMine Immersion (BMNR) Announces $1 Billion Stock Repurchase Program
Rhea-AI Summary
BitMine Immersion (NYSE AMERICAN: BMNR) has announced a significant $1 billion stock repurchase program approved by its Board of Directors. The company, which holds substantial crypto assets including 625,000 ETH tokens valued at $2.35 billion and 192 Bitcoin valued at $118,021 per BTC, will execute the open-ended buyback through open market and negotiated transactions.
The company maintains a strong financial position with $401.4 million in unencumbered cash and a total net asset value (NAV) of $22.76 per share. With 121.7 million fully diluted shares outstanding, BitMine's combined crypto and cash holdings amount to $2.77 billion.
Positive
- Substantial $1 billion stock repurchase program announced
- Strong crypto portfolio with 625,000 ETH tokens ($2.35 billion) and 192 BTC
- Healthy cash position with $401.4 million in unencumbered cash
- High net asset value of $22.76 per share
Negative
- Large capital allocation to buybacks may reduce funds available for operational growth
- Significant exposure to crypto market volatility through large ETH and BTC holdings
News Market Reaction
On the day this news was published, BMNR declined 8.86%, reflecting a notable negative market reaction. Argus tracked a peak move of +14.7% during that session. Argus tracked a trough of -5.8% from its starting point during tracking. Our momentum scanner triggered 61 alerts that day, indicating high trading interest and price volatility. This price movement removed approximately $400M from the company's valuation, bringing the market cap to $4.12B at that time. Trading volume was above average at 1.6x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
BMNR crypto and unencumbered cash total
BMNR total ETH of 625,000 tokens at
BMNR fully diluted commons shares of 121.7 million
"In our road to achieving 'the alchemy of
The company has in excess of
As of July 28th at 10:45pm ET, the company's ETH holdings total 625,000 tokens at
As of July 28th, the current fully diluted common shares outstanding is 121,739,533.
The combined net asset value (NAV per share) of cash and crypto is
The company recently released a corporate presentation, which can be found here: https://bitminetech.io/investor-relations/
To stay informed, please sign up at: https://bitminetech.io/contact-us/
About BitMine
BitMine is a Bitcoin and Ethereum Network Company with a focus on the accumulation of Crypto for long term investment, whether acquired by our Bitcoin mining operations or from the proceeds of capital raising transactions. Company business lines include Bitcoin Mining, synthetic Bitcoin mining through involvement in Bitcoin mining, hashrate as a financial product, offering advisory and mining services to companies interested in earning Bitcoin denominated revenues, and general Bitcoin advisory to public companies. BitMine's operations are located in low-cost energy regions in
For additional details, follow on X:
https://x.com/bitmnr
https://x.com/fundstrat
https://x.com/bmnrintern
Forward Looking Statements
This press release contains statements that constitute "forward-looking statements." The statements in this press release that are not purely historical are forward-looking statements which involve risks and uncertainties. This document specifically contains forward-looking statements regarding progress and achievement of the Company's goals regarding ETH acquisition and staking, the long-term value of Ethereum, continued growth and advancement of the Company's Ethereum treasury strategy and the applicable benefits to the Company. In evaluating these forward-looking statements, you should consider various factors, including BitMine's ability to keep pace with new technology and changing market needs; BitMine's ability to finance its current business, Ethereum treasury operations and proposed future business; the competitive environment of BitMine's business; and the future value of Bitcoin and Ethereum. Actual future performance outcomes and results may differ materially from those expressed in forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine's control, including those set forth in the Risk Factors section of BitMine's Form 10-K filed with the Securities and Exchange Commission (the "SEC") on April 3, 2025, as well as all other SEC filings, as amended or updated from time to time. Copies of BitMine's filings with the SEC are available on the SEC's website at www.sec.gov. BitMine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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SOURCE BitMine Immersion Technologies, Inc.
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