Bitmine promoted to the NYSE Main Board! Tom Lee: U.S. stocks may be at a bottom, and selling pressure on Ether could ease

Bitmine has officially moved from the NYSE American segment to a listing on the main board, which is an important milestone for the company. Despite the share price plunging from its peak, the company will still increase its share repurchase authorization to $4 billion to support the stock.

Bitmine Immersion Technologies (BMNR) officially completed its “Uplist” on Thursday, moving up from the NYSE American segment to the NYSE main board for trading.

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

In addition to completing the Uplist, Bitmine also rolled out its “stock-support play.” It announced that the authorized amount for its stock repurchase (treasury shares) plan would be increased from $1 billion to $4 billion, one of the largest repurchase deals in the U.S. capital markets this year.

Despite the major positive catalysts, Bitmine’s stock price still faces severe challenges. After the “coin-hoarding stock” boom peaked last summer, the company’s share price has, to date, fallen about 90% from its high. In early trading on Thursday, it dropped another 2.8%.

Bitmine currently holds about 4.8 million Ether, accounting for 3.98% of Ether’s total supply, and continues to target a 5% goal—what the company calls “Alchemy of 5%.”

The broader shifts in the overall economy and geopolitical landscape may become the key to Bitmine’s turnaround. Tom Lee said earlier that as the U.S. and Iran reach a two-week ceasefire agreement, U.S. stocks are likely to have bottomed out. Driven by this, the stock market, oil prices, and market volatility have all seen sharp changes, and this trend has also boosted the cryptocurrency market.

As U.S. stock index futures have moved higher, Bitcoin has recently made a strong breakout above the $72,000 mark, reflecting a broad warming in market “risk-on” sentiment. Tom Lee said Ether could also benefit, especially as ETFs continue to attract capital inflows, and with increased staking activity, selling pressure in the market has been greatly reduced.

For Bitmine, which holds a large amount of Ether, upswings and downturns in the coin market directly determine the company’s lifeline. Based on estimates, for every 1% increase in Ether’s price, the value of assets on Bitmine’s balance sheet can jump by about $100 million. If the cryptocurrency market can keep rebounding, it will undoubtedly help strengthen the company’s balance sheet and stock performance.

• This article is republished with permission from: 《Block Kex》
• Original title: 《Bitmine uplists to the “NYSE main board,” and increases its stock buyback authorization to $4 billion》
• Original author: Block Sister MEL