“Controls 4% of Ethereum”... BitMine Shares Fall Despite $4 Billion Share Buyback Bet

▲ Ethereum (ETH) / AI-generated image

Bitmine, a cryptocurrency treasury management firm focused on Ethereum (ETH), is taking aggressive steps by uplisting to the New York Stock Exchange’s main board and expanding its share buyback program to $4 billion.

According to cryptocurrency media outlet BeInCrypto, on April 9 (local time), Bitmine began trading on the NYSE main board after transferring from NYSE American. Chairman Tom Lee described the listing as the most significant event in the company’s history. Alongside the move, Bitmine’s board unanimously approved an increase in its 2025 share repurchase plan from $1 billion to $4 billion, quadrupling the previous amount. The figure ranks among the top 10 share buyback announcements made in 2026.

Bitmine currently holds a substantial amount of Ethereum. Its holdings total approximately 4,803,000 ETH, valued at around $10.6 billion. This represents 3.98% of the total Ethereum supply and achieves 79% of the company’s target to accumulate 5% of total supply. Bitmine has stated that it will repurchase shares if its stock trades below intrinsic value in order to enhance shareholder value.

Despite the major announcements, Bitmine’s stock price declined. On the day of the listing, shares closed at $21.17, down 1.6% from the previous close of $21.52, after falling to as low as $20.50 during intraday trading. Market analysts noted that investors had already priced in the uplisting news, leading to a muted reaction on the actual listing day. Bitmine is backed by major institutional investors including ARK Invest, led by Cathie Wood, and Galaxy Digital.

Bitmine’s Ethereum accumulation strategy is regarded as a pioneering example of incorporating digital assets into corporate treasury management. The company plans to continue purchasing Ethereum to secure 5% of the total supply. The share buyback program will be conducted on the open market through Cantor Fitzgerald.

With its NYSE uplisting, Bitmine has enhanced accessibility for institutional investors and strengthened its credibility in the capital markets. Given that Ethereum price volatility is directly linked to Bitmine’s corporate value, future movements in the Ethereum market are expected to significantly impact its stock price. Investors are closely watching the pace of additional Ethereum purchases and the execution of the share repurchase program.

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