Bitmine Immersion Technologies (BMNR) started trading on the New York Stock Exchange on Thursday after moving from the NYSE American, pairing the uplisting with a major increase in its share repurchase plan. The company raised its buyback authorization from $1 billion to $4 billion.
Bitmine said the repurchase plan ranks among the largest announced this year. The move comes after a sharp decline in the stock: BMNR has fallen about 90% from its peak last summer during the digital asset treasury boom, and the shares were down another 2.8% in early Thursday trading. The listing change and the larger buyback put fresh attention on the company’s crypto treasury model.
ETH Holdings Remain Central to the Balance Sheet
Bitmine now holds about 4.8 million ETH, equal to 3.98% of total ether supply. The company is still targeting 5%, a goal it refers to as the “Alchemy of 5%.”
That exposure makes Bitmine highly sensitive to moves in ether. Based on the figures cited in the report, every 1% increase in ETH adds roughly $100 million to the value of its holdings. If crypto prices continue to recover, the impact would show up directly in the company’s balance sheet and potentially in its stock performance.
Tom Lee Links Macro Risk Appetite With Crypto Strength
Fundstrat co-founder Tom Lee, who also serves as Bitmine’s chairman, has argued that U.S. equities may have found a bottom after a ceasefire connected to tensions involving Iran. Stocks, oil, and volatility all reacted sharply, and that shift in risk appetite also supported crypto prices.
Bitcoin recently moved back above $72,000 alongside gains in equity futures. Lee also said ether could benefit from recent inflows into spot ETFs and higher staking activity, which he said is reducing selling pressure. For Bitmine, that market setup has a direct effect because of the scale of its ETH treasury.