Bitmine uplists to the NYSE, share buyback increased to $4B
By Anonymous
A listing on the NYSE requires a company to meet strict requirements covering financial health, share distribution and corporate governance.
Ether treasury company Bitmine Immersion Technologies has started trading on the New York Stock Exchange after uplisting from NYSE American as the company expanded its share buyback program.
The Ether (ETH) treasury company’s stock began trading on the NYSE at market open on Thursday under its existing “BMNR” ticker symbol, Bitmine announced Thursday.
Bitmine chairman Tom Lee said it’s a major milestone for the company as the NYSE is considered one of the world's top exchanges.
NYSE American is designed for small-cap and growing companies. Bitmine’s uplisting to the NYSE suggests the company is gaining momentum, and increases the company’s exposure to larger capital pools.
The process to gain a listing on the NYSE requires a company to meet strict requirements covering financial health, share distribution and corporate governance. Some of the requirements include having more than 400 shareholders and 1.1 million publicly held shares.
A majority of directors involved in corporate governance must also be independent, with no significant financial interest in the company and audit, compensation and governance committees must be formed.
One of the final steps involves filing a registration statement with the US Securities and Exchange Commission. The NYSE review before a listing usually takes about four to eight weeks.
Chris Taylor, the NYSE Group’s chief development officer, said in a statement that Bitmine is a strong addition to the stock exchange.
Related: Ripple to buy back $750M in shares through April: Report
“We are pleased to welcome Bitmine to the New York Stock Exchange,” he said. “With its focus on advancing the Ethereum ecosystem, Bitmine is a strong addition to the NYSE community.”
Meanwhile, Bitmine's board unanimously expanded the July 2025 share repurchase program from $1 billion to $4 billion, including shares previously repurchased.
“Bitmine's expanded $4 billion buyback reflects our commitment to shareholders,” Lee said, adding that “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.”
Bitmine stock (BMNR) closed Thursday at $21.08, down more than 64% in six months, according to Google Finance. Last September, analysts told Cointelegraph that treasury companies are using buybacks to boost stock price and legitimacy.
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Source: CoinTelegraph
