Bitmine is promoted to the NYSE main board! Tom Lee: US stocks may be at a bottom, and selling pressure on Ether could ease

Bitmine officially moved from the NYSE American board to a mainboard listing on the New York Stock Exchange, marking an important milestone for the company. Despite its share price plunging from its peak, the company has increased its share buyback authorization amount to $4 billion to help stabilize the stock.

Bitmine Immersion Technologies (BMNR) officially completed its “Uplist” on Thursday, upgrading from the NYSE American (New York Stock Exchange American) board to a mainboard listing on the NYSE for trading.

In a statement, Bitmine’s chairman—and also a well-known Wall Street analyst and co-founder of Fundstrat—Tom Lee said: “Today, Bitmine’s listing on the NYSE mainboard is a major milestone in the company’s development history. The NYSE is the most prestigious and long-established exchange in the world.”

In addition to completing the uplist, Bitmine also unveiled its “stock stabilization play,” announcing that the authorization for its share buyback (treasury shares) plan has been raised from $1 billion to $4 billion—one of the largest buyback deals in the U.S. capital markets since the beginning of this year.

Despite major positive catalysts, Bitmine’s share price still faces severe challenges. After the “crypto hoarder stocks” frenzy hit its peak last summer, the company’s share price has since fallen from its high by about 90%. On Thursday morning, it dropped another 2.8%.

Bitmine currently holds about 4.8 million ETH, accounting for 3.98% of the total ETH supply, and continues targeting 5%—what the company calls the “Alchemy of 5%.”

Macro economic and geopolitical shifts may end up being the key to Bitmine’s turnaround. Tom Lee previously said that, with the U.S. and Iran reaching a two-week ceasefire agreement, U.S. stocks are likely to have already bottomed out. As a result, the stock market, oil prices, and market volatility have all seen drastic changes, and this trend has also boosted the cryptocurrency market.

With U.S. stock index futures rising, Bitcoin recently surged past the $72,000 mark, reflecting a broad-based increase in market “risk appetite.” Tom Lee said ETH could also benefit, especially as ETFs continue to attract capital inflows, and with increased staking activity, sell pressure in the market has been significantly reduced.

For Bitmine, which holds a large amount of ETH, gains and losses in the crypto market directly affect the lifeblood of the company. Estimates suggest that for every 1% increase in the ETH price, the value of assets on Bitmine’s books could jump by about $100 million. If the crypto market can keep rebounding, it will undoubtedly help bolster the company’s balance sheet and share price performance.

• This article was republished with permission from: 《BlockBeats》
• Original title: 《Bitmine uplists to the “NYSE mainboard,” with its stock buyback authorization increased to $4 billion》
• Original author: Block Sister MEL