Bitmine Immersion Announces $1 Billion Stock Buyback

• Bitmine Immersion, an Ethereum-focused treasury and mining company, announced a stock repurchase program to buy back up to $1 billion of its common stock, which led to an 8.86% drop in the stock price shortly after the announcement.

• The company's board approved the buyback plan on July 29, with the chairman, Tom Lee, stating the buyback was necessary for the company's sustainability, despite the stock price decline.

• Bitmine Immersion, which shifted its strategy from Bitcoin to Ethereum, currently holds around 625,000 ETH in its reserves and has a market cap of $3.59 billion.