Tom Lee’s Crypto Treasury Initiates Buyback a Month After Debut

Less than a month ago, investors such as Cathie Wood’s Ark Investment Management were snapping up the shares of BitMine Immersion Technologies Inc. after Tom Lee of Fundstrat Global Advisors spearheaded the transformation of the Bitcoin miner into a crypto treasury company.

But as of Tuesday, following announcements that the company registered for the resale of stock and authorized the repurchase of $1 billion of common shares, investors appeared less enthused. The Las Vegas-based company’s shares - which soared almost 700% to $135 on June 30 - slumped as much as 13% to $30.60 on Tuesday.