Bitmine Immersion Technologies (BMNR) began trading on the New York Stock Exchange on Thursday, moving from the NYSE American as it scales its crypto-focused financial strategy.
The company paired the listing with an increase in its stock buyback program, raising the authorization to $4 billion from $1 billion. The buyback is among the largest announced this year, according to the company. BMNR’s stock has fallen about 90% since peaking last summer amid the height of the digital wealth fund craze. Shares are down 2.8% in early Thursday trading.
Bitmine now has around 4.8 million ETH, equivalent to 3.98% of the total supply, and continues to target 5%, or what it calls “The Alchemy of 5%.
The macro backdrop could play a role. Fundstrat co-founder Tom Lee, who is also chairman of Bitmine, has argued that US stocks may have found a bottom following a ceasefire linked to tensions in Iran. Stocks, oil and volatility shifted sharply in response, a pattern that has also lifted crypto markets.
Bitcoin recently moved above $72,000 alongside gains in equity futures, reflecting broader “risk-on” trading. Ether could also benefit, with recent inflows into spot exchange-traded funds and increased betting activity reducing selling pressure, according to Lee.
For Bitmine, the link is direct. Every 1% increase in ether’s price adds about $100 million to the value of its holdings. A sustained rally in crypto could support its balance sheet and inventory.
