Summary
- BitMine announced a plan to buy back up to $1 billion worth of its own shares.
- They described the share buyback as a strategy to boost the stock price and return value to shareholders.
- BitMine currently holds 566,800 Ethereum (ETH), which is valued at about $2.2 billion.
BitMine Immersion Technologies (BMNR), a mining company listed on the New York Stock Exchange, has announced a plan to repurchase up to $1 billion worth of its own shares.
According to crypto-focused media outlet Odaily, BitMine stated that it plans to purchase up to $1 billion of its shares on the open market. Share buybacks are a common strategy for boosting prices and rewarding shareholders, typically employed by firms with ample cash reserves.
BitMine has not disclosed specific timing or duration for the buyback and explained that the scale of repurchases could change depending on management decisions.
Meanwhile, BitMine currently holds a total of 566,800 Ethereum (ETH). At current market value, this is worth approximately $2.2 billion.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
