Ether treasury company Bitmine Immersion Technologies has begun trading on the New York Stock Exchange after uplisting from the NYSE American. The company concurrently expanded its existing share buyback program to $4 billion. Trading under the ticker “BMNR” commenced on Thursday, a move chairman Tom Lee called a major milestone for the firm.
Bitmine Immersion Technologies, an Ether treasury company, started trading on the New York Stock Exchange on Thursday. The company uplisted from the NYSE American and continues to trade under its existing “BMNR” ticker symbol.
Bitmine chairman Tom Lee stated this represents a significant milestone for the firm. “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.”
The NYSE listing process involves strict requirements covering financial health, share distribution, and governance. A company must have over 400 shareholders and 1.1 million publicly held shares, among other criteria.
Chris Taylor, the NYSE Group’s chief development officer, welcomed Bitmine to the exchange. He said the company, with its focus on advancing the Ethereum ecosystem, is a strong addition to the NYSE community.
Simultaneously, Bitmine’s board expanded its share repurchase program from $1 billion to $4 billion. The program includes shares previously repurchased and runs through July 2025.
Lee said the expanded buyback reflects the company’s commitment to shareholders. He added the company wants to be positioned to accretively retire common shares if they trade below intrinsic value in the future.
Bitmine stock closed Thursday at $21.08. This represents a decline of more than 64% over the past six months, according to Google Finance data.
