Bitmine promoted to the NYSE main board! Tom Lee: U.S. stocks may be near a bottom, and selling pressure on Ether may ease

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

Bitmine Immersion Technologies (BMNR) on Thursday officially completed its “uplist,” upgrading from the NYSE American board to listing on the New York Stock Exchange (NYSE) main board 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 main board 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 a “stock-supporting move,” announcing that the authorization for its stock repurchase (treasury shares) will be raised from 1 billion dollars to 4 billion dollars, making it one of the largest repurchase plans in the U.S. capital markets since the beginning of this year.

Even with major positive catalysts, Bitmine’s stock price still faces severe challenges. After the “coin-collection stock” boom peaked last summer, the company’s stock price is down about 90% from its peak to date, and it fell another 2.8% in early trading on Thursday.

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

The overall direction of the macroeconomy and geopolitical developments may become the key to Bitmine’s comeback. Tom Lee previously noted that with the U.S. and Iran reaching a two-week ceasefire agreement, U.S. stocks are likely already at a bottom. Driven by this, the stock market, oil prices, and market volatility have all seen dramatic changes, and this trend has also boosted the cryptocurrency market.

As U.S. stock index futures strengthened, Bitcoin recently broke strongly above the 72,000 U.S. dollar mark, reflecting a rise in overall market “risk-on” sentiment. Tom Lee said Ether could also benefit, especially as ETFs continue to attract capital inflows, and with increased staking activity, sell pressure in the market has been greatly reduced.

For Bitmine, which holds a large amount of Ether, price moves in the coin market directly affect the company’s lifeline. According to estimates, for every 1% increase in the price of Ether, the value of assets on Bitmine’s balance sheet can jump by about 100 million U.S. dollars. If the cryptocurrency market can continue to rebound, it will undoubtedly help strengthen the company’s balance sheet and share price performance.

• This article is reprinted with permission from: 《Blockcaster》
• Original title: 《Bitmine uplists to the “NYSE main board,” and raises its stock repurchase authorization to 4 billion U.S. dollars》
• Original author: Qubai MEL