BitMine Immersion Technologies said its board has authorized an open-ended program to repurchase up to $1 billion of the crypto miner’s common stock, sending the shares about 9% lower in early New York trading. The company did not specify a timeframe for the buybacks but said purchases may be made on the open market or through privately negotiated transactions.

The Fort Lauderdale-based miner holds $2.77 billion in cash and cryptocurrencies, including 625,000 Ether valued at roughly $2.35 billion and 192 Bitcoin, bolstering a stated net asset value of $22.76 per share. Fully diluted shares outstanding stand at 121.7 million. “There may be times when the best expected return on our capital is to acquire our own shares,” Chairman Thomas Lee said in a statement.

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