Bitmine has officially moved from the NYSE American (U.S.) board to the main board for listing on the New York Stock Exchange, marking an important milestone for the company. Despite the stock price falling sharply from its peak, the company will still raise its share repurchase authorization to $4.0 billion to support the stock price.
Bitmine Immersion Technologies (BMNR) officially completed its “uplisting” (Uplist) on Thursday, moving from the NYSE American (NYSE American) board to a main board listing and trading on the NYSE.
Bitmine Chairman and also a well-known Wall Street analyst, Fundstrat co-founder Tom Lee, said in a statement: “Today, Bitmine’s listing on the NYSE main board is a major milestone in the company’s development history. The NYSE is the most prestigious and long-established exchange in the world.”
In addition to completing the uplisting, Bitmine also rolled out its “price-support play,” announcing that it would increase the authorization for its stock repurchase plan (treasury shares) from $1.0 billion to $4.0 billion—one of the largest share buyback cases in the U.S. capital markets this year.
Despite the major positive catalysts, Bitmine’s stock price still faces severe challenges. After the “coin hoarding stock” frenzy peaked last summer, the company’s share price has fallen by about 90% from its high to date, and it slid another 2.8% in early trading on Thursday.
Bitmine currently holds about 4.8 million ether, accounting for 3.98% of the total ether supply, and it continues to target 5%—what the company calls the “5% Alchemy.”
The broader economic and geopolitical backdrop may become the key to Bitmine’s turnaround. Tom Lee previously said that, with the U.S. and Iran reaching a two-week ceasefire agreement, U.S. stocks are likely to have already bottomed out. As a result, the stock market, oil prices, and market volatility have all undergone dramatic changes, a trend that has also boosted the cryptocurrency market.
As U.S. stock index futures have risen, Bitcoin has recently surged past the $72,000 mark, reflecting an overall warming of market sentiment toward “risk-on.” Tom Lee said that ether may also benefit, especially as ETFs continue to attract capital inflows, and with increased staking activity, sell pressure in the market has been significantly reduced.
For Bitmine, which holds a large amount of ether, upswings and downturns in the coin market directly move the company’s lifeline. According to estimates, for every 1% increase in the price of ether, the value of Bitmine’s assets on its books can jump by roughly $100 million. If the cryptocurrency market can keep rebounding, there is no doubt it will help strengthen the company’s balance sheet and stock price performance.
- This article is reprinted with authorization from: 《BlockCast》
- Original title: 《Bitmine Upgrades to the “NYSE Main Board,” Repurchase Plan Increased to $4.0 Billion》
- Original author: Block Sis MEL
