Bitmine Immersion Technologies has started trading on the New York Stock Exchange main board and lifted its share repurchase program from $1 billion to $4 billion. The company is tying that larger buyback to a broader strategy centered on ethereum accumulation and shareholder returns.
Bitmine trades under the ticker BMNR. Before the move, its shares were listed on NYSE American, where they last traded on April 8. The company said the uplisting gives it greater visibility and access to institutional capital, while also improving stock liquidity. Chairman Tom Lee called the listing a major milestone for the firm, and NYSE Group Chief Development Officer Chris Taylor said Bitmine’s focus on the Ethereum ecosystem makes it a notable addition to the exchange.
Board lifts repurchase authorization
The company’s board approved a sharp increase in its buyback authorization, taking the total from $1 billion to $4 billion. Bitmine said the program is designed to let it repurchase shares in the open market when they trade below intrinsic value. Purchases will be carried out under standard regulatory rules, with Cantor Fitzgerald & Co. helping facilitate the process.
According to data cited from Fundstrat, the announcement ranks among the largest buyback plans disclosed globally this year. For Bitmine, the move is part of a wider capital markets strategy, not a standalone corporate action. The company has been combining treasury expansion with efforts aimed at raising crypto net asset value per share.
Ethereum holdings near 4% of circulating supply
Bitmine’s treasury strategy is built around ETH. As of April 6, the company said it held about 4.803 million ETH, equal to roughly 3.98% of total circulating supply. Internally, Bitmine has framed its long-term target as the “Alchemy of 5%,” a reference to its goal of accumulating 5% of all ETH in circulation.
That pace has been rapid. The company said it reached this level of accumulation in less than a year, showing how quickly it has been deploying capital. The result is a listed company whose central market story is tied less to a conventional operating business and more to direct ethereum exposure on its balance sheet.
Company reports $11.4 billion in combined assets
Bitmine reported about $11.4 billion in combined crypto holdings, cash reserves, and other investments. That figure includes $864 million in cash, in addition to its ethereum position and other digital assets. The company also pointed to backing from institutional investors including ARK Invest, Founders Fund, Pantera Capital, and Galaxy Digital.
Among public crypto-linked firms, Bitmine’s model stands out for pairing aggressive ETH accumulation with large-scale buybacks. Its move to the NYSE main board places that strategy in a more prominent position inside traditional equity markets.