BitMine Uplists to NYSE and Expands Share Buyback Program to $4 Billion

BitMine Immersion Technologies, an Ethereum treasury company holding more than 4.8 million ETH tokens worth $10.6 billion, uplisted to the New York Stock Exchange on Thursday and expanded its share buyback program from $1 billion to $4 billion. The company holds over 4% of Ethereum's total supply and has $11.4 billion in total holdings, but trades at a market cap of $9.81 billion, below its net asset value. BitMine shares have fallen 63% over six months as Ethereum declined 55% from its August high of $4,946, though the stock opened nearly 1% higher at $21.75 on the NYSE.

BitMine's Uplisting from NYSE American to NYSE

• ▪BitMine Immersion Technologies shares were up nearly 1% since opening on the NYSE, trading around $21.75

Expansion of Share Buyback Program to $4 Billion

• ▪BitMine Immersion Technologies board of directors approved an increase in the share buyback program from $1 billion to $4 billion

BitMine's Ethereum Holdings and Market Valuation Discrepancy

• ▪BitMine Immersion Technologies' Ethereum holdings account for more than $10.6 billion in net assets at ETH price of $2,216
• ▪BitMine Immersion Technologies shares have fallen around 63% in the last six months of trading
• ▪BitMine Immersion Technologies has an intraday market cap of around $9.81 billion
• ▪BitMine Immersion Technologies added around $150 million worth of ETH last week
• ▪BitMine Immersion Technologies maintains around $14 million in BTC holdings
• ▪BitMine Immersion Technologies is currently trading below an mNAV of 1
• ▪BitMine Immersion Technologies holds more than 4.8 million Ethereum tokens
• ▪BitMine Immersion Technologies has total cash holdings of $864 million
• ▪Ethereum has slid 55% from its August all-time high of $4,946
• ▪BitMine Immersion Technologies has around $11.4 billion in total holdings according to a Monday press release

Perspective of BitMine Immersion Technologies shareholders

• ▪BitMine Immersion Technologies' $4 billion buyback authorization may provide support for the stock trading below net asset value