Tom Lee delivers bullish call as Bitmine makes big-time listing on NYSE big board

Bitmine Immersion Technologies (NYSE: BMNR) has begun trading on the New York Stock Exchange’s (NYSE) main board today, Thursday, April 9, formally completing its graduation from the NYSE American.

The uplisting, effective at the opening bell today, coincided with a market-moving declaration by Bitmine’s own chairman, who is also Fundstrat’s co-founder, Thomas Lee, that the sell-off in equities was over.

What does a move to the NYSE big board actually mean for Bitmine?

The latest listing informs institutional investors that Bitmine has crossed a credibility threshold, one that carries implications for index inclusion, analyst coverage, and the pool of funds that are permitted to hold its shares.

Chris Taylor, the NYSE Group’s Chief Development Officer, said the exchange was pleased to welcome the company. “With its focus on advancing the Ethereum ecosystem, Bitmine is a strong addition to the NYSE community,” he said.

Lee described the NYSE as “the most prestigious venerable stock exchange with a storied history” and stated that Bitmine was proud to be its newest member.

How does the expanded $4 billion buyback fit into the company’s treasury strategy?

Bitmine’s board has also unanimously approved an expansion of its 2025 share repurchase program. This means that the company is now authorized to purchase as much as $4 billion worth of shares, up by 300% from the previous authorization of $1 billion.

According to Lee, “Bitmine’s expanded $4 billion buyback reflects our commitment to shareholders.” He also added, “There may be a time in the future when Bitmine shares are trading below intrinsic value, and the Company wants to be in a position to accretively retire common shares.”

According to data cited by the company from Fundstrat.com, that figure places the buyback among the ten largest announced in 2026.

The buyback mechanism complements Bitmine’s aggressive Ether (ETH) accumulation strategy. 

As of April 6, the company held 4.803 million ETH, which is equivalent to 3.98% of the total Ethereum circulating supply, making it the world’s largest corporate holder of ETH. The treasury is now close to 79% of achieving its “Alchemy of 5%.” 

The goal is a target that Bitmine set as it aims to own at least 5% of the ETH in circulation.

The company’s staking infrastructure, branded MAVAN (Made-in-America VAlidator Network), currently stakes 3.33 million of those ETH tokens, generating around $196 million in annualized staking revenue. 

At full deployment, Bitmine projects that figure reaching $282 million. Total holdings, including $864 million in cash and smaller positions in Bitcoin, ORBS, and other assets, stand at $11.4 billion. 

The company counts ARK Investment Management’s Cathie Wood, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, and Galaxy Digital among its institutional backers, alongside Lee himself, who holds a personal position in BMNR.

Why does Lee’s market call matter to BMNR investors?

On the eve of the uplisting, Lee appeared on CNBC’s Closing Bell, where he made reference to the Iran conflict and how it affected global markets.

He told CNBC anchor Scott Wapner, “Today now we have the rate of change, that the war is de-escalating,” adding, “I think stocks are now in the process to go back to their all-time highs and maybe get to that 7300 that we expect this year.”

Crypto and equities have moved as a unified risk-on trade throughout the Iran conflict, with Bitcoin surpassing $72,000 late Wednesday as S&P futures jumped 1.9%. Although Bitcoin now trades around $71,900 as of the time of writing. 

A sustained equity recovery would ease the macro headwind that has kept ETH range-bound and has the potential to boost Bitmine’s NAV growth at precisely the moment it begins trading on a larger, more visible exchange.

However, Bitmine’s shareholders have not reacted enthusiastically to the latest announcement as its stock currently trades at $21.19, a decline of over 1.53%.