BitMine Expands Share Buyback to $4B as Stock Dips Nearly 2%
BitMine Immersion Technologies uplisted from NYSE American to the main NYSE board on April 9 while expanding its 2025 share repurchase program fourfold to $4 billion, ranking among the ten largest buybacks of 2026. The stock slid nearly 2% after trading opened, despite the firm holding 4.803 million ETH (~$10.6 billion) treasury.
1. NYSE Uplisting
On April 9, BitMine Immersion Technologies completed its transition from the NYSE American to the main New York Stock Exchange board, marking the largest corporate event in the company's history. Trading on the main board commenced at market open following the cessation on the NYSE American after-market session.
2. Expanded Buyback Program
The board approved a fourfold increase in its 2025 share repurchase authorization, raising it from $1 billion to $4 billion. This expansion places the program among the ten largest buybacks announced in 2026 and is structured to use open market purchases through Cantor Fitzgerald & Co.
3. Ethereum Treasury Position
BitMine holds approximately 4.803 million Ethereum tokens, valued at roughly $10.6 billion at current prices near $2,218 each. This stake represents about 3.98% of total ETH supply, bringing the firm to approximately 79% of its target to accumulate 5% of circulating ether.
4. Stock Performance and Investor Reaction
Despite these developments, the stock opened at $20.50, down nearly 2% from its previous close of $21.52 before partial recovery. Market observers suggest the muted reaction may reflect investor anticipation, as the uplisting and buyback details were first disclosed earlier in the week. BitMine counts ARK Invest, Founders Fund, Pantera Capital and Galaxy Digital among its key backers.