Bitmine Immersion Technologies (BMNR) began trading on the New York Stock Exchange on Thursday, delisting from the NYSE American as it scales its cryptocurrency-focused treasury strategy.
The company combined the listing with an increase in its share buyback program, raising the authorization to $4 billion from $1 billion. According to the company, the buyback is among the largest announced this year. BMNR stock has plunged roughly 90% since peaking last summer amid the height of the digital asset treasury mania. Shares fell 2.8% in early trading Thursday.
Bitmine now holds around 4.8 million ETH, equivalent to 3.98% of the total supply, and continues to aim for 5%, or what it calls the “5% Alchemy.”
The macroeconomic context could influence. Fundstrat co-founder Tom Lee, who also chairs Bitmine, has argued that US stocks may have bottomed following a ceasefire linked to tensions in Iran. Stocks, oil and volatility changed dramatically in response, a pattern that has also boosted cryptocurrency markets.
Bitcoin recently surpassed $72,000 along with gains in stock futures, reflecting broader “risk-on” trading. Ether may also benefit as recent inflows into spot exchange-traded funds and increased staking activity reduce selling pressure, according to Lee.
For Bitmine, the link is direct. Every 1% increase in the price of ether adds approximately $100 million to the value of your holdings. A sustained cryptocurrency rally could support its balance sheet and shares.
