Bitmine has officially moved from the NYSE American exchange in the United States to a main board listing, marking an important milestone for the company. Despite the stock price having plunged from its peak, the company will still increase its share repurchase authorization to $4 billion to support the stock.
Bitmine Immersion Technologies (BMNR) officially completed its “Uplist” on Thursday, moving from the NYSE American exchange to a listing and trading on the NYSE main board.
In a statement, Bitmine’s Chairman—and also a well-known Wall Street analyst and co-founder of Fundstrat, Tom Lee—said: “Today, Bitmine has landed on the NYSE main board, which is a major milestone in the company’s development history. The NYSE is the world’s most prestigious exchange with a long history.”
In addition to completing the uplist, Bitmine also deployed another “stock stabilization” move, announcing that the authorization for its share repurchase (treasury shares) plan has been increased from $1 billion to $4 billion—one of the largest repurchase deals in the U.S. capital markets this year.
Despite the major positive catalysts, Bitmine’s stock price still faces serious challenges. After the “crypto hoarder stock” frenzy reached its peak last summer, the company’s stock price has since fallen about 90% from its high point. On Thursday’s early trading, it again dropped 2.8%.
Bitmine currently holds about 4.8 million ether, accounting for 3.98% of the total supply of ether, and continues to target 5%—what the company calls the “Alchemy of 5%.”
Overall economic and geopolitical developments may become the key factor for Bitmine’s turnaround. Tom Lee previously noted that, with the U.S.-Iran reaching a two-week ceasefire agreement, U.S. stocks are very likely to have already hit bottom. Driven by this, the stock market, oil prices, and market volatility have all undergone dramatic changes, and this trend has also lifted the cryptocurrency market.
With U.S. stock index futures moving higher, Bitcoin has recently strongly broken through the $72,000 mark, reflecting that market-wide “risk appetite” sentiment is warming up. Tom Lee said ether could 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, the crypto market’s rise and fall directly affects the company’s lifeline. According to estimates, for every 1% increase in the price of ether, the value of the assets on Bitmine’s balance sheet can surge by about $100 million. If the cryptocurrency market can keep rebounding, there is no doubt it will help boost the company’s balance sheet and stock performance.
- This article was republished with authorization from: Blockke
- Original title: 《Bitmine is promoted to the “NYSE main board,” with the stock buyback authorization increased to $4 billion》
- Original author: Block Sister MEL
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