BitMine Uplists to NYSE, Expands Share Buyback to $4 Billion

BitMine Immersion Technologies, a publicly traded Ethereum treasury firm, has officially uplisted to the New York Stock Exchange (NYSE). The company concluded trading on the smaller NYSE American exchange and began trading on the primary exchange. Shares saw a modest gain of nearly 1% following the move.

In conjunction with its uplisting, BitMine's board of directors has approved a substantial increase to its share buyback program, raising the authorization from $1 billion to $4 billion. Chairman Tom Lee stated the expanded program reflects a commitment to shareholders and the company's readiness to repurchase shares if they trade below intrinsic value.

Despite the expanded buyback authorization, publicly available data indicates the firm is currently trading below an mNAV of 1. BitMine has focused on acquiring Ethereum, adding approximately $150 million worth last week. The company holds over 4.8 million ETH, valued at more than $10.6 billion, alongside $14 million in BTC and $864 million in cash, totaling over $11.4 billion in holdings.