Bitmine Immersion Technologies (BMNR) began trading on the New York Stock Exchange on April 9, but the stock dropped nearly 2% despite an announcement of a $4 billion buyback.
The transition from the NYSE American to the main NYSE board marks the Ethereum-focused treasury firm’s largest corporate event to date.
BitMine Lands on NYSE, Expands Buyback to $4 Billion
Chairman Thomas “Tom” Lee confirmed the uplisting on April 9. BMNR ceased trading on the NYSE American after-market on April 8 and opened on the main board the following morning.
Alongside the move, BitMine’s board unanimously approved a fourfold expansion of its 2025 share repurchase program. The authorization grew from $1 billion to $4 billion, ranking it among the 10 largest buyback announcements in 2026, according to Fundstrat data.
Repurchases will continue under existing terms through open market transactions via Cantor Fitzgerald & Co.
4.8 Million ETH and a 5% Supply Target
As of this writing, BitMine held approximately 4.803 million Ethereum tokens valued at roughly $10.6 billion at current prices near $2,218.
Ethereum Treasury Holdings. Source: CoingeckoThat position represents 3.98% of total ETH supply, putting the firm over 79% toward its stated “Alchemy of 5%” accumulation target.
Despite these figures, BMNR stock slid from a previous close of $21.52, dipping as low as $20.50 during the session before partially recovering.
The muted reaction signals that investors may have already priced in the uplisting news, which BitMine first disclosed on April 6.
BMNR Price Performance. Source: TradingViewBitMine counts ARK Invest’s Cathie Wood, Founders Fund, Pantera Capital, and Galaxy Digital among its institutional backers.
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Source: https://beincrypto.com/tom-lee-bitmine-corporate-event-stock-impact/
