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BitMine’s $1B Plan Focuses on Shares Rather Than Ethereum - Cryptured.com
The Bitcoin mining company BitMine Immersion, the biggest publicly traded Ether holder, has declared that an open-ended $1 billion stock buyback plan has been authorized to buy back its remaining shares through open market or negotiated transactions.
Rather than investing further funds to increase its Ether ETH $3,858 reserve, BitMine has chosen to repurchase its stock because shares are now trading below the company’s net asset value (NAV).
A press release issued on Monday stated that the company’s NAV per share is projected to be $22.76, with cryptocurrency holdings of 625,000 ETH and 192 Bitcoin BTC ($118,539). Instead of holding onto ETH at high prices, BitMine is leveraging the NAV disparity to initiate buybacks in an effort to boost the value of each share and expose investors to Ethereum reserves.
ETH Treasury Strategy: “The Alchemy of 5%”
The business is essentially placing a wager that Ethereum will serve as the cornerstone of the financial industry going forward and that holding a sizable portion of its native currency will increase in value over time.
BitMine continues to make money from Bitcoin mining in addition to its ETH holdings, utilizing immersion cooling technology to increase productivity.
Sharplink gains additional Either
BitMine is now the largest publicly traded Ether holder, but it is not without competition. The digital entertainment company Sharplink Gaming Inc. said today that it has increased its total holdings to 438,190 ETH, or approximately $1.6 billion, by 77,209.58 ETH.
According to Joe Lubin, chairman of Sharplink, the company will “be able to accumulate more Ether per fully diluted share—much faster than any other Ethereum-based project,” he told Bloomberg. He did add, however, that the company is purchasing more ETH cautiously. Whatever happens, we’re going to keep leverage well under control, Lubin said.
According to a Standard Chartered Bank analysis, since June, public firms have bought 1% of all ETH in circulation. According to Geoffrey Kendrick, the report’s author, ETH treasury companies are only getting started and will probably grow tenfold in the future.