Bitmine Uplists to NYSE and Expands Buyback to $4 Billion as Ether Bet Grows

• Bitmine Immersion Technologies has uplisted to the New York Stock Exchange and increased its share buyback authorization from $1 billion to $4 billion.
• The company now holds about 4.8 million ETH, or roughly 3.98% of total ether supply, as it pushes toward a 5% target.

Bitmine Immersion Technologies has started trading on the New York Stock Exchange, moving up from NYSE American as the company leans harder into its crypto treasury strategy. The uplisting came alongside a much larger share repurchase plan. Bitmine said it raised its buyback authorization to $4 billion from $1 billion, turning what was already a notable capital return program into one of the bigger authorizations announced this year. Bitmine doubles down on an already oversized Ether position The bigger story, though, sits on the balance sheet. Bitmine now holds around 4.8 million ETH, equal to about 3.98% of Ether total supply, and is still targeting 5%, a goal it refers to as the “Alchemy of 5%.” That is a striking position by any standard. Corporate bitcoin treasuries are familiar by now. A public company trying to corner nearly 5% of Ether supply feels different, a bit more ambitious, and a bit more exposed too. The timing is awkward in one sense. Bitmine’s shares have struggled badly, falling roughly 90% since peaking last summer during the height of enthusiasm around digital asset treasury companies. The stock was down another 2.8% in early Thursday trading, according to CoinDesk. Tom Lee ties the case to a broader risk-on turn Fundstrat co-founder Tom Lee, who also chairs Bitmine, has argued that US equities may have found a bottom following a ceasefire tied to tensions in Iran. Stocks, oil and volatility all shifted sharply on that news, and crypto has moved with them. Bitcoin recently climbed above $72,000 in what looks like a broader risk-on move. Lee argues that Ether could benefit as well, helped by spot ETF inflows and rising staking activity that may reduce selling pressure. For Bitmine, the connection is direct. Each 1% increase in Ether’s price adds roughly $100 million to the value of its holdings, which means any sustained rebound in ETH would quickly feed through to the company’s balance sheet and, in theory at least, its stock.