Bitmine Immersion Technologies (BMNR) began trading on the New York Stock Exchange on Thursday, moving from the US NYSE as it expands its crypto-focused treasury strategy.
The company coupled the hike with an increase in its stock repurchase program, raising the authorization to $4 billion from $1 billion. The buyout is among the largest announced this year, according to the company. BMNR stock has plunged about 90% since its peak last summer, at the height of the digital asset cash craze. Shares are down 2.8% in early trading Thursday.
Bitmine now holds around 4.8 million ETH, or 3.98% of the total supply, and continues to aim for 5%, or what it calls “5% alchemy.”
The macroeconomic context could play a role. Fundstrat co-founder Tom Lee, who also chairs Bitmine, argued that U.S. stocks may have bottomed following a ceasefire linked to tensions in Iran. Stocks, oil, and volatility have moved sharply in response, a trend that has also boosted crypto markets.
Bitcoin recently surpassed $72,000 alongside gains in stock futures, reflecting broader “risk-on” trading. Ether could also benefit, with recent inflows into spot exchange-traded funds and increased staking activity reducing selling pressure, according to Lee.
For Bitmine, the link is direct. Each 1% increase in the price of ether adds about $100 million to the value of its holdings. A sustained rebound in crypto could support its balance sheet and shares.
