Bitmine Immersion Technologies (BMNR) officially completed its “Uplist” to the NYSE main board trading platform on Thursday, moving up from the New York Stock Exchange American (NYSE American).
In a statement, Bitmine Chairman and Wall Street-renowned analyst as well as the co-founder of Fundstrat, Tom Lee, said: “Today, Bitmine has listed on the NYSE main board, marking 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 rolled out its “share-price support play,” announcing that the authorized amount for its stock repurchase (treasury shares) plan will be increased from $1 billion to $4 billion, making it one of the largest buybacks in the U.S. capital markets this year.
Despite the major positive catalysts, Bitmine’s stock price still faces tough challenges. After last summer’s “crypto-bagholder stock” craze peaked, the company’s share price has since plunged by about 90% from its high point. Early on Thursday, it fell another 2.8%.
Bitmine currently holds about 4.8 million ether, accounting for 3.98% of the total supply of ether, and continues to target 5%—the company calls it the “Alchemy of 5%.”
Broader macroeconomic and geopolitical developments may become the key factor in Bitmine’s turnaround. Tom Lee previously noted that with the U.S. and Iran reaching a two-week ceasefire agreement, U.S. stocks are likely to have already bottomed out. Driven by this, stock markets, oil prices, and market volatility have all seen dramatic shifts, and this trend has also helped lift the cryptocurrency market.
With U.S. stock index futures trending higher, Bitcoin has recently surged and broke through the $72,000 level, reflecting a broad rise in the market’s “risk-on” sentiment. Tom Lee said ether could also benefit, especially as ETFs continue to attract capital inflows, along with increased staking activity, which has significantly reduced sell pressure in the market.
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