Bitmine has officially moved from the NYSE American board to be listed on the main board, which is an important milestone for the company. Despite the stock price plunging from its peak, the company will still increase its share repurchase authorization limit to $4 billion to support the market.
Bitmine Immersion Technologies (BMNR) officially completed its “uplist” on Thursday, advancing from the NYSE American (NYSE American) board to be listed for trading on the New York Stock Exchange (NYSE) main board.
Bitmine Chairman Tom Lee—also a well-known Wall Street analyst and co-founder of Fundstrat—said in a statement: “Today’s listing of Bitmine on the NYSE main board is a major milestone in the company’s development history. The NYSE is the most prestigious and longest-established exchange in the world.”
In addition to completing the uplist, Bitmine also rolled out a “market-stabilizing move,” announcing that the authorization limit for its stock repurchase (treasury shares) would be increased from $1 billion to $4 billion, making it one of the largest repurchase cases in U.S. capital markets so far this year.
Despite the strong positive catalysts, Bitmine’s stock price still faces severe challenges. After the “crypto hoarder stock” boom reached its peak last summer, the company’s share price has fallen by about 90% from its high to date. On Thursday’s early trading, it fell another 2.8%.
Bitmine currently holds about 4.8 million ETH, representing 3.98% of the total ETH supply, and continues targeting 5%—the company’s so-called “5% Alchemy (Alchemy of 5%).”
The overall economic and geopolitical backdrop may become the key to Bitmine’s reversal. Tom Lee previously noted that, with the U.S. and Iran reaching a two-week ceasefire agreement, U.S. stocks are likely to have bottomed out. As a result, the stock market, oil prices, and market volatility have all seen dramatic changes, and this trend has also pushed up the cryptocurrency market.
As U.S. stock index futures rise, Bitcoin has recently surged strongly past the $72,000 mark, reflecting that the market’s overall “risk-on” sentiment is heating up. Tom Lee said Ether may also benefit from this, especially as ETFs continue attracting capital inflows, and with increased staking activity, selling pressure in the market has been significantly reduced.
For Bitmine, which is loaded with Ether, crypto market gains and losses directly affect the company’s lifeline. According to estimates, for every 1% increase in the price of Ether, the value of assets on Bitmine’s books can jump by about $100 million. If the cryptocurrency market can keep rebounding, it will undoubtedly help boost the company’s balance sheet and share-price performance.
- This article is reprinted with permission from: 《Blockcast》
- Original title: 《Bitmine uplists to the “NYSE main board,” with the stock repurchase authorization boosted to $4 billion》
- Original author: Block-mei MEL
