BitMine Immersion Technologies, Inc. has announced a $1 billion stock buyback program aimed at improving its financial ratios and increasing its ETH reserves.
BitMine's Stock Buyback
BitMine Immersion Technologies, Inc. has announced a $1 billion stock buyback program to enhance its crypto asset ratio per share. The company's board has approved the open-ended repurchase program with no strict schedule, allowing buybacks to be executed according to market conditions.
Increase in ETH Reserves
The company added another 58,224 ETH, valued at $225 million, continuing its aggressive accumulation of the cryptocurrency. In just the past week, BitMine and SharpLink Gaming collectively added around 140,000 ETH to their reserves, essentially absorbing all the newly minted supply from validators.
Competition with SharpLink Gaming
BitMine's competitor, SharpLink Gaming, has also announced the expansion of its treasury, reporting an inflow of ETH into connected wallets. The company's treasury now comprises 438,190 ETH, raising its ETH per share by 70% since early June.
BitMine continues to actively accumulate ETH and develop its stock buyback strategy, which may improve the company's financial metrics and market positioning.
