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.
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 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.
