Bitmine (BMNR) Stock Rises 13% Amid NYSE Uplist And $4B Buyback, Marking A New Chapter

TLDR

• Bitmine (BMNR) has formally moved its listing from NYSE American to the main New York Stock Exchange, keeping the same ticker symbol.
• The company’s board voted unanimously to expand its share repurchase program from $1 billion to $4 billion, marking a 300% rise.
• BMNR shares have risen 13.58% over the past five days, yet they’re still down more than 64% over the last six months.
• Bitmine owns 4.8 million Ethereum (ETH) tokens, accounting for approximately 3.98% of the global supply and valued at over $10.4 billion.
• Chairman Tom Lee contends that the stock is trading far below its intrinsic value, considering the company’s Ethereum holdings.

(SeaPRwire) –   Bitmine (BMNR) took two significant actions on Thursday. The Ethereum-focused treasury firm moved its listing to the New York Stock Exchange and increased its share repurchase program to $4 billion, up from the previous $1 billion.

Bitmine Immersion Technologies, Inc. (BMNR)

Over the past five days, BMNR shares have gained 13.58%, but they continue to face long-term pressure, having dropped more than 64% in the last six months. The stock closed at $21.08 on Thursday.

Chairman Tom Lee has been outspoken about his opinion that the current stock price doesn’t accurately reflect the company’s true worth. The expanded buyback program is his way of backing up that conviction with action.

“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 started trading on the NYSE at Thursday’s market open using its existing “BMNR” ticker. Prior to this, it was listed on NYSE American, a distinct exchange intended for smaller, expanding businesses.

Transitioning to the main NYSE board isn’t just a routine administrative task. Companies need to satisfy rigorous criteria related to financial stability, corporate governance, and stock distribution. The review process itself usually lasts between four and eight weeks.

Chris Taylor, NYSE Group’s Chief Development Officer, 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 currently the world’s largest corporate holder of Ethereum. Its 4.8 million ETH tokens make up roughly 3.98% of the total global supply.

A 1% change in Ethereum’s price impacts Bitmine’s balance sheet by approximately $100 million. This positions BMNR as a de facto proxy for investors seeking exposure to ETH via a standard brokerage account.

Given Ethereum’s staking yields are around 3%, the company’s holdings could produce more than $312 million in annual staking revenue. Bitmine recently introduced MAVAN, its proprietary staking tool, which it intends to make available to other firms as well.

Buyback and Technical Picture

The $4 billion buyback ranks among the largest repurchase programs announced this year when compared to the company’s size. The board gave its unanimous approval, which includes stock that has already been repurchased.

From a technical standpoint, the stock has formed a double-bottom pattern on its daily chart at $17.25, with a neckline at $23.40. The Relative Strength Index has risen from an oversold level of 25 in February to 53 currently.

Analysts covering the stock identify $23.40 as the initial key resistance level, followed by $28.55 — roughly 35% above current levels.

The single analyst covering BMNR on TipRanks has assigned a Buy rating, with a 12-month price target of $33, implying an upside of around 51% from current levels.

Bitcoin has rebounded above $72,000 this week, partially fueled by optimism stemming from President Trump’s announcement of a two-week ceasefire, which has boosted risk-on assets across the board.

BMNR shares are down approximately 90% from their all-time high reached last summer.