BitMine Uplists to NYSE With $10.6B ETH War Chest, Stock Still Manages to Drop 2%

BitMine Immersion Technologies (BMNR) officially began trading on the New York Stock Exchange on April 9, making the jump from NYSE American to the main board—its largest corporate event to date. Think of it as the crypto equivalent of finally getting your seat upgraded from coach, except your luggage (ETH bags) somehow became the most valuable thing on the plane.

Chairman Tom Lee confirmed the uplisting, with BMNR closing out its final trading session on NYSE American at $21.52 before opening on the big board the following morning. The champagne was probably already chilling in the executive suite.

The celebration was short-lived. Despite the milestone, BMNR slipped nearly 2% during the session, dipping to $20.50 before a partial recovery. Apparently Wall Street's reaction to "we hold a small country's worth of Ethereum" was roughly the same as receiving a participation trophy—technically an achievement, emotionally underwhelming.

The muted reaction suggests investors had already priced in the news following BitMine's April 6 disclosure. In crypto, by the time something officially happens, degens have already front-run the news, taken profits, and moved on to the next shiny narrative. Institutional investors, apparently, are just here for the ride.

Accompanying the uplisting, BitMine's board unanimously approved expanding its 2025 share repurchase program from $1 billion to $4 billion—a fourfold increase ranking among the 10 largest buyback announcements in 2026, per Fundstrat data. The board essentially said, "Our stock dipped 2% on the biggest day of our corporate existence? Time to buy the dip—but like, a really aggressive version of buying the dip."

"There may be a time in the future when Bitmine shares are trading below intrinsic value, and the Company wants to be in a position to accretively retire common shares," the announcement stated. Translation: "We have so much ETH that we're basically using stock buybacks as a sophisticated way of saying 'trust us, we know what we're doing.'" Repurchases will continue via open market transactions through Cantor Fitzgerald & Co