TLDR
- Bitmine (BMNR) officially uplisted from NYSE American to the New York Stock Exchange under the same ticker.
- The board unanimously expanded its share buyback program from $1 billion to $4 billion â a 300% increase.
- BMNR stock climbed 13.58% over five days but remains down over 64% in six months.
- Bitmine holds 4.8 million ETH tokens, roughly 3.98% of the global supply, worth over $10.4 billion.
- Chairman Tom Lee argues the stock trades well below its intrinsic value given its Ethereum holdings.
Bitmine (BMNR) made two big moves Thursday. The Ethereum treasury company uplisted to the New York Stock Exchange and expanded its share repurchase program to $4 billion â up from $1 billion.
Bitmine Immersion Technologies, Inc., BMNR
The stock has gained 13.58% over the past five days, though it remains under pressure longer term, down more than 64% over the past six months. BMNR closed Thursday at $21.08.
Chairman Tom Lee has been vocal about his view that the current price does not reflect the company’s real value. The expanded buyback is his way of putting money behind that belief.
“There may be a time in the future when Bitmine stock is trading below intrinsic value, and the company wants to be in a position to accretively retire common stock,” Lee said.
Bitmine began trading on the NYSE at market open Thursday under its existing “BMNR” ticker. It had previously traded on NYSE American, a separate exchange designed for smaller, growing companies.
The move to the main NYSE board is not a simple administrative step. Companies must meet strict requirements covering financial health, corporate governance, and stock distribution. The review process alone typically takes four to eight weeks.
NYSE Group Chief Development Officer Chris Taylor welcomed the company. “With its focus on advancing the Ethereum ecosystem, Bitmine is a strong addition to the NYSE community,” he said.
Ethereum Holdings Drive the Story
Bitmine is now the largest corporate holder of Ethereum in the world. Its 4.8 million ETH tokens represent about 3.98% of the entire global supply.
Every 1% move in Ethereum’s price shifts roughly $100 million on Bitmine’s balance sheet. That makes BMNR essentially a proxy for investors who want ETH exposure through a regular brokerage account.
With Ethereum staking yields sitting around 3%, the company’s holdings could generate over $312 million annually in staking revenue. Bitmine recently launched MAVAN, its own staking product, which it also plans to offer to other companies.
Buyback and Technical Picture
The $4 billion buyback is one of the largest repurchase programs announced this year relative to company size. The board approved it unanimously, including previously repurchased stock.
Technically, the stock has formed a double-bottom pattern on the daily chart at $17.25, with a neckline at $23.40. The Relative Strength Index has climbed from an oversold level of 25 in February to 53 currently.
Analysts who track the stock point to $23.40 as the first key resistance level, followed by $28.55 â roughly 35% above current levels.
The one analyst covering BMNR on TipRanks has a Buy rating with a 12-month price target of $33, implying about 51% upside from current levels.
Bitcoin has climbed back above $72,000 this week, partly driven by optimism following President Trump’s two-week ceasefire announcement, which has lifted risk-on assets broadly.
Bitmine stock is down roughly 90% from its all-time high set last summer.
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