BitMine Owned by Tom Lee Holds Largest Corporate Event, Will Its Shares React?

Bitmine Immersion Technologies
B
BMNR
began trading on the New York Stock Exchange on April 9, but its stock price fell nearly 2% despite the announcement of a $$4 billion buyback.

The transition from NYSE American to the main NYSE board is the biggest corporate event in the company's history, which focuses on Ethereum.

BitMine Listed on NYSE, Expands Buyback to $$4 Billion

Chairman Thomas “Tom” Lee confirmed the uplisting on April 9. BMNR stopped trading on NYSE American after the market closed on April 8 and started trading on the main board the next morning.

Along with this move, BitMine’s board of directors unanimously approved a fourfold expansion of the share repurchase program in 2025. The authorization increased from $$1 billion to $$4 billion, making it one of the 10 largest buyback announcements in 2026 based on Fundstrat data.

“There will be a time in the future when Bitmine’s stock trades below its intrinsic value, and the Company wants to be in a position to actively repurchase common shares,” the statement said.

The share buyback will continue according to existing rules, through open market transactions via Cantor Fitzgerald & Co.

4.8 Million ETH and 5% Ownership Target of Total Supply

At the time of publication, BitMine held approximately 4.803 million Ethereum tokens valued at about US$10.6 billion at a market price close to US$2,218.

This ownership represents 3.98% of the total ETH supply, meaning the company has achieved over 79% of its “Alchemy of 5%” accumulation target.

Despite this figure, BMNR’s stock fell from the previous close at US$21.52, touching a low of US$20.50 before partially recovering.

The minimal market reaction indicates investors have already priced in this uplisting news, which BitMine announced since April 6.

BitMine has support from institutions such as Cathie Wood of ARK Invest, Founders Fund, Pantera Capital, and Galaxy Digital.

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