Bitmine (BMNR) officially moved its listing to the New York Stock Exchange (ICE). The Ethereum Treasury company celebrated the move by raising its share buyback limit to $4 billion. This move signals massive confidence from the board, even though the stock has taken a 90% hit since its all-time high last summer.
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Bitmine Launches a $4 Billion Buyback
Bitmine is moving aggressively to support its stock price. The company launched one of the largest share-repurchase programs of the year when it increased its buyback limit from $1 billion to $4 billion.
Even though shares were down 2.8% in early Thursday trading, the stock has climbed 13.58% over the past five days. Chairman Tom Lee is betting that the company’s current price doesn’t reflect the true value of its massive crypto vault.
Bitmine Targets the Alchemy of 5%
Bitmine is now the largest corporate holder of Ethereum in the world. The company owns 4.8 million ETH, which is about 3.98% of the entire global supply.
Because Bitmine holds so much crypto, its value is tied directly to the market. Every 1% move in the price of Ethereum adds or subtracts $100 million from the company’s balance sheet. This makes the stock a proxy for investors who want to bet on Ethereum through a traditional brokerage account rather than a crypto exchange.
Global Peace Acts as a Market Tailwind
The recent 13.58% rally in Bitmine stock follows a broader recovery in the markets. President Trump’s two-week ceasefire announcement has helped lower volatility and boosted risk-on assets like Bitcoin (BTC-USD) and Ethereum (ETH-USD).
Tom Lee argues that U.S. stocks have likely hit a bottom. Bitcoin is climbing back above $72,000, which puts Bitmine in a great spot to profit if digital assets keep bouncing back. Moving to the New York Stock Exchange also makes it easier for big institutional investors to jump in while the company keeps building up its Ethereum treasury.
Is Bitmine Stock a Good Buy?
Turning to TipRanks, BMNR stock has a Moderate Buy consensus rating based on one Buy rating from an analyst assigned in the last three months. The average 12-month BMNR price target sits at $33, implying an upside potential of 51.4%.
