Tom Lee's Bitmine uplists to NYSE, expands buyback authorization to $4 billion
The company holds nearly 4% of ether's (ETH) total supply, but shares have struggled alongside that crypto.
By Helene Braun, AI Boost|Edited by Stephen Alpher Apr 9, 2026, 2:50 p.m. Make preferred on
What to know:
- Bitmine Immersion Technologies (BMNR) began trading on the New York Stock Exchange after moving from the NYSE American.
- The company lifted its share repurchase authorization to $4 billion from $1 billion.
- Bitmine now holds about 4.8 million ether, or nearly 4 percent of total supply, making its balance sheet highly sensitive to crypto prices and broader risk sentiment amid uncertain global markets.
Bitmine Immersion Technologies (BMNR) began trading on the New York Stock Exchange on Thursday, moving from the NYSE American as it scales its crypto-focused treasury strategy.
The company paired the uplisting with an increase in its share repurchase program, raising the authorization to $4 billion from $1 billion. The buyback ranks among the largest announced this year, according to the company. BMNR's stock has plunged roughly 90% since peaking last summer amid the height of the digital asset treasury mania. Shares are lower by 2.8% in early Thursday trading.
Bitmine now holds about 4.8 million ETH, equal to 3.98% of total supply, and continues to target 5%, or what it calls the "Alchemy of 5%."
The macro backdrop could play a role. Fundstrat co-founder Tom Lee, who also chairs Bitmine, has argued that U.S. equities may have found a bottom following a ceasefire tied to tensions in Iran. Stocks, oil and volatility shifted sharply in response, a pattern that has also lifted crypto markets.
Bitcoin recently moved above $72,000 alongside gains in equity futures, reflecting a broader “risk-on” trade. Ether may benefit as well, 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% rise in ether’s price adds roughly $100 million to the value of its holdings. A sustained rebound in crypto could support its balance sheet and stock.
Ethereum NewsAI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.More For You
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