BitMine Immersion Technologies said its board has approved an open-ended program to repurchase up to $1 billion of the company’s common stock. The cryptocurrency mining and treasury firm did not set a timetable for the buybacks, saying purchases will take place in the open market or through negotiated transactions as conditions warrant. The New York-listed company holds what it calls the industry’s largest Ethereum treasury, reporting 625,000 Ether valued at about $2.35 billion, alongside 192 Bitcoins. Including $401.4 million in unencumbered cash, BitMine’s crypto and cash assets total roughly $2.77 billion, the company said. With 121.7 million fully diluted shares outstanding, management pegs net asset value at $22.76 per share. Chairman Thomas “Tom” Lee said the repurchase authorization gives BitMine flexibility to deploy excess capital when buying its own shares offers the best expected return relative to additional cryptocurrency accumulation. BMNR shares, which were down about 9% in pre-market trading, rebounded roughly 10% after the announcement.