The Bitmin Immersion Technologies (BMNR) immersion company of Bitmin Immersion Technologies (BMNR) said that it redeem up to $ 1 billion from its actions in circulation as part of a new open buyout program approved by its board of directors.
This decision comes as the Bitmine crypto and cash assets increased to $ 2.77 billion, including 625,000 ETH worth $ 2.35 billion and 192 bitcoin. The company also holds $ 401.4 million in unused cash, according to a press release.
The redemption plan would probably be used once the company’s share price decreases considerably below the value of the fixed assets per share, currently estimated at $ 22.76. Lowing an additional 9.2% in action before marketing, the action is currently changing hands at $ 31.70, over a sparkling summit of $ 161 approximately three weeks ago.
The announcement comes in the middle of what President Thomas Lee described as the continuation of the “5% alchemy” company, a reference to long -term Bitmin’s long -term ambition to accumulate 5% of ETH’s supply.
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