BitMine dey buyback $1B amid NAV discount, dem dey target 5% ETH stake
BitMine Immersion (BMNR) don launch $1 billion open-ended stock buyback after dem stock drop below im NAV of $22.76. E get 625,000 ETH (~$2.35 billion) and 192 BTC (~$22 million), but e go prioritize to buy back stock wit $401.4 million for unencumbered cash before e add im crypto stash. Di move na to boost earnings per share and to tap di “Alchemy of 5%” plan wey be to stake 5% of Ethereum supply by mid-2025, make confidence for DeFi demand strong. Competition dey hot as Sharplink Gaming raise im ETH stash to 438,190 ETH (~$1.6 billion). One Standard Chartered report talk say public companies don buy 1% ETH since June and dem forecast say ETH treasury holdings go climb ten times. Traders suppose dey track how BitMine dey do buyback and ETH price trend make dem fit enter market on time.
Bullish
BitMine san $1 billion buyback dey show say e get confident for dia NAV and earnings, plus dia “Alchemy of 5%” strategy to stake 5% of Ethereum supply dey show say ETH demand dey grow for long term. Public companies don already collect 1% of ETH since June, and forecasts talk say ETH treasury holdings go increase ten times. Even though BitMine pause small on ETH accumulation, dia staking target and strong cash position dey support bullish feeling. Traders fit see support for ETH price short term from market optimism and long term from institutional staking demand.