"Ethereum 4% Domination"...Bitmine Stock Falls Despite $4 Billion Share Buyback Bet

▲ Ethereum (ETH)/AI-generated image

Bitmine, a virtual asset financial management company focused on Ethereum (ETH), is making aggressive moves by transferring its listing to the New York Stock Exchange's large-cap board and expanding its share buyback program to $4 billion.

According to a report by BeInCrypto, a virtual asset media outlet, Bitmine began trading on April 9 (local time) after transferring its listing from NYSE American to the main board. Tom Lee, Chairman of Bitmine, described this listing as the biggest event in the company's history. Along with the listing, Bitmine's board of directors unanimously approved a proposal to quadruple its 2025 share buyback plan from the original $1 billion to $4 billion. This figure ranks among the top 10 share buyback amounts announced in 2026.

Bitmine currently holds a substantial amount of Ethereum. Its current holdings are approximately 4.803 million ETH, valued at about $10.6 billion. This accounts for 3.98% of the total Ethereum supply, achieving 79% of the company's target 5% reserve plan. Bitmine has adopted a policy to enhance shareholder value by repurchasing its shares if the stock trades below its intrinsic value.

Despite the announcement of significant positive news, Bitmine's stock price declined. On the day of listing, the stock closed at $21.17, down 1.6% from the previous day's closing price of $21.52. At one point during the day, it even dropped to $20.50. Market analysts believe that investors had already priced in the listing news, leading to a lukewarm reaction on the actual listing day. Bitmine is supported by major institutional investors such as ARK Invest, led by Cathie Wood, and Galaxy Digital.

Bitmine's Ethereum accumulation strategy is considered a pioneering case of incorporating corporate financial assets into the virtual asset market. Bitmine plans to continue purchasing Ethereum to secure 5% of its supply. The share buyback program will be conducted in the open market through Cantor Fitzgerald.

With its NYSE listing, Bitmine has increased accessibility for institutional investors and strengthened its credibility in the capital markets. As Ethereum price volatility is directly linked to Bitmine's corporate value, future trends in the Ethereum market are expected to have a key impact on its stock price. Investors are closely watching Bitmine's pace of additional purchases and the execution of its share buyback program.

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