BitMine Immersion Technologies (BMNR), led by Tom Lee, announced a new open-ended buyback program, authorizing the repurchase of up to $1 billion of its outstanding shares. The plan is intended to be activated if the company’s share price falls significantly below the net asset value (NAV) of its ether holdings.

Currently, BitMine’s crypto and cash assets total $2.77 billion, including 625,000 ETH valued at $2.35 billion and 192 bitcoin, along with $401.4 million in unencumbered cash, according to the company’s press release.

With the stock trading at $31.70 in premarket—down 9.2% and sharply off its recent peak of $161 about three weeks ago—the buyback would likely be triggered once the share price dips well below the estimated NAV per share of $22.76.

Chairman Thomas Lee framed the move within BitMine’s long-term goal, which he called “the alchemy of 5%,” referring to the company’s ambition to accumulate 5% of the total ether supply.