Bitmine Immersion Technologies (BMNR) began trading on the New York Stock Exchange on April 9, but the stock fell nearly 2% Despite announcing a $4 billion buyback.
The move from NYSE American to the main NYSE board represents the largest corporate event for the Ethereum-focused treasury company to date.
BitMine landed on the New York Stock Exchange, expanding its buyback range to $4 billion
Chairman Thomas “Tom” Lee confirmed the rise on April 9. BMNR ceased trading on the New York Stock Exchange on April 8 Opened on the main board The next morning.
Alongside the move, BitMine’s board of directors unanimously agreed to expand the 2025 share buyback program by four-fold. The license rose from $1 billion to $4 billion, making it among the top 10 buyback announcements of 2026, according to Fundstrat data.
“There may be a time in the future when Bitmine shares trade below intrinsic value, and the company wants to be in a position to divest common shares cumulatively.” He reads Excerpted in the ad.
Buybacks will continue under current terms through open market transactions through Cantor Fitzgerald & Co.
4.8 million ETH and supply target of 5%
As of this writing, BitMine holds approximately 4.803 million Ethereum tokens worth approximately $10.6 billion in Current prices are near $2,218.
This position represents 3.98% of the total supply of ETH, putting the company more than 79% toward its stated accumulation goal of “5% chemistry.”
Despite these numbers, BMNR stock fell from the previous close of $21.52, falling to $20.50 during the session before partially recovering.
The muted reaction suggests that investors may have already priced in the bullish news, which was BitMine first It has been detected On April 6.
BitMine counts Cathie Wood of ARK Invest, Founders Fund, Pantera Capital, and Galaxy Digital among its institutional backers.
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