BitMine Immersion (BMNR), a Bitcoin mining company and the largest publicly traded holder of Ethereum, has approved a $1 billion stock buyback program to repurchase its shares, opting for this strategy instead of increasing its Ethereum reserve for now. With shares trading below the company’s net asset value (NAV) estimated at $22.76, BitMine plans to leverage the NAV gap for buybacks to enhance per-share value. As of now, BitMine holds 625,000 ETH worth approximately $2.35 billion. Chairman Tom Lee has emphasized the long-term strategy of acquiring up to 5% of the total Ethereum supply, which his team believes will provide significant value as Ethereum becomes integral to finance. Meanwhile, BitMine's nearest competitor, Sharplink Gaming Inc., recently increased its ETH holdings to 438,190, valued around $1.6 billion. Despite facing competition, BitMine remains committed to its repurchase plan and continues generating revenue through Bitcoin mining using advanced technology.

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