Bitmine Levels Up to the NYSE, Quadruples Buyback to $4B

Bitmine Immersion Technologies has officially punched its ticket to the big leagues, uplisting from NYSE American to the New York Stock Exchange. The ETH treasury company's stock started trading on the NYSE at market open on Thursday under the existing "BMNR" ticker. Move over, retail traders with their Dogecoin memes — institutional energy just entered the chat.

"The NYSE is the most prestigious venerable stock exchange with a storied history. The NYSE is the envy of capital markets around the world and Bitmine is proud to be the newest company traded on this exchange," said Bitmine chairman Tom Lee. That's right, folks. The same NYSE where market makers once physically shouted at each other in pit gardens now hosts an ETH treasury company. We've officially come full circle.

The move up from NYSE American — designed for small-cap and growing companies — suggests Bitmine is gaining serious momentum and opening doors to larger capital pools. Basically, they graduated from the minor leagues to the show. Time to see if they can handle the big boys' playground.

Getting listed on the NYSE isn't a walk in the park. Companies need over 400 shareholders and 1.1 million publicly held shares. A majority of directors must be independent with no significant financial stake, and audit, compensation, and governance committees are mandatory. The final step involves filing a registration statement with the SEC, with the NYSE review typically taking four to eight weeks. In other words, enough red tape to wrap around the Statue of Liberty twice. But hey, they passed the vibe check.

"With its focus on advancing the Ethereum ecosystem, Bitmine is a strong addition to the NYSE community," said Chris Taylor, NYSE Group's chief development officer. Nothing says "we're totally neutral" like a chief development officer hyping up a crypto company on the exchange that once banned BuzzFeed for being too risky. Times change.

Meanwhile, Bitmine's board went big on shareholder love, unanimously expanding the July 2025 share repurchase program from $1 billion to $4 billion, including shares previously repurchased. That's a lot of "we love our investors" energy. Four billion dollars to potentially buy back shares like they're scarce collectibles at a floor war.

"Bitmine's expanded $4 billion buyback reflects our commitment to shareholders," Lee said, noting the company wants to be ready to accretively retire common shares if trading below intrinsic value. Translation: if the market's sleeping on this stock, Bitmine's gonna buy up the discount like it's a liquidation sale at a bankrupt exchange. Again.

Bitmine stock (BMNR) closed Thursday at $21.08, down more than 64% in six months. Ouch. But hey, they're on the NYSE now — nothing says "we're totally fine" quite like getting listed right after losing two-thirds of your value. Diamond hands, everyone. Diamond hands.