Bitmine advances to the NYSE Main Board! Tom Lee: U.S. stocks may have bottomed out, and selling pressure on Ethereum could ease

Bitmine officially moved from the NYSE American tier in the U.S. and onto the main board for listing, which is an important milestone for the company. Despite the stock price plunging from its peak, the company still increased its share repurchase authorization to $4.0 billion to help support the stock.

Bitmine Immersion Technologies (BMNR) on Thursday officially completed its “Uplist,” moving up from the NYSE American to the NYSE main board for trading.

In a statement, Bitmine Chairman and also a well-known Wall Street analyst and co-founder of Fundstrat, Tom Lee, said: “Today, Bitmine has arrived on the NYSE main board, which 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 Uplist, Bitmine also unveiled a “share-price support play,” announcing that it would raise the authorization for its share repurchase (treasury stock) plan from $1.0 billion to $4.0 billion—one of the largest buyback deals in the U.S. capital markets this year.

Despite the major positive catalysts, Bitmine’s stock price still faces tough challenges. After the “crypto hoarder stock” frenzy reached its peak last summer, the company’s share price has since fallen roughly 90% from its high. Early trading on Thursday saw it drop another 2.8%.

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

The overall economic and geopolitical backdrop may become the key to Bitmine’s reversal. Tom Lee previously pointed out that with the U.S. and Iran reaching a two-week ceasefire deal, U.S. stocks are likely to have already bottomed out. As a result, the stock market, oil prices, and market volatility have all seen dramatic changes, and this trend has also boosted the cryptocurrency market.

As U.S. stock index futures strengthened, Bitcoin recently surged past the $72,000 mark, reflecting a rise in overall market “risk-on” sentiment. 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 greatly reduced.

For Bitmine, which holds a large amount of Ether, price movements 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 the assets on Bitmine’s balance sheet can jump by roughly $100 million. If the cryptocurrency market can keep rebounding, it will undoubtedly help strengthen the company’s balance sheet and share-price performance.

• This article is reprinted with authorization from: 《Blockker》
• Original title: 《Bitmine Advances to the “NYSE Main Board,” and Expands Its Share Repurchase Authorization to $4.0 Billion》
• Original author: Block Sister MEL