ETH Financial Strategy Firm BitMine to Buy Back Up to $1 Billion in Stock

BitMine Immersion Technologies, a U.S.-listed company (hereafter, BitMine), announced on the 29th that its board of directors has approved a stock buyback program of up to $1 billion (approximately 148 billion yen). The program will be conducted indefinitely through open market transactions and private deals. Tom Lee, chairman of BitMine, explained that implementing the '5% Alchemy' of the cryptocurrency Ethereum (ETH) might occasionally yield the highest expected returns on the company's capital through such buybacks. A stock buyback involves repurchasing the company's own shares from existing shareholders. Bit...