Bitmine advances to the NYSE main board! Tom Lee: The US stock market may have bottomed out, and selling pressure on Ether could ease

Bitmine has officially moved from the NYSE American board to the main board for listing on the New York Stock Exchange, a major milestone for the company. Despite the stock price dropping sharply from its peak, the company has still increased its share repurchase authorization limit to $4.0 billion to support the share price.

Bitmine Immersion Technologies (BMNR) officially completed its “uplisting” on Thursday, moving up from the NYSE American board to a main board listing on the New York Stock Exchange (NYSE).

In a statement, Bitmine’s chairman—and also a well-known Wall Street analyst and co-founder of Fundstrat—Tom Lee said: “Today’s move by Bitmine to 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 “share-price support” play, announcing that the authorization limit for its stock buyback (treasury shares) will be increased from $1.0 billion to $4.0 billion—one of the largest repurchase deals in the U.S. capital markets this year.

Despite strong positive catalysts, Bitmine’s stock price still faces serious challenges. After the “crypto hoarder stock” craze hit its peak last summer, the company’s stock price is down about 90% from its high to date, and fell another 2.8% in early trading on Thursday.

Bitmine currently holds about 4.8 million ether, accounting for 3.98% of ether’s total supply, and continues targeting a 5% goal—what the company calls “Alchemy of 5%.”

The overall economic and geopolitical climate may be the key to Bitmine’s turnaround. Tom Lee previously noted that as the U.S. and Iran reached a two-week ceasefire agreement, U.S. stocks are likely to have hit bottom. Driven by this, the stock market, oil prices, and market volatility have all seen dramatic shifts, a trend that has also boosted the cryptocurrency market.

With U.S. stock index futures trending higher, Bitcoin has recently surged past the $72,000 mark, reflecting a broad increase in market “risk-on” sentiment. Tom Lee said ether could also benefit from this, especially as ETFs continue to attract capital inflows, and with increased staking activity, sell pressure in the market has been greatly reduced.

For Bitmine, which holds a large amount of ether, upswings and downswings in the coin market directly affect the company’s lifeline. According to estimates, for every 1% increase in the price of ether, the value of Bitmine’s assets on its balance sheet can jump by about $100 million. If the crypto market can continue to rebound, it will undoubtedly help bolster the company’s balance sheet and stock performance.

• This article is reprinted with permission from: 《BlockManiac》
• Original title: 《Bitmine Moves Up to the NYSE Main Board, Repurchase Authorization Increased to $4.0 Billion》
• Original author: BlockMei MEL