As the company raised $4B, Bitcoin beat the NYSE
Ethereum blockchain company Bitmine Immersion Technologies has begun trading on the New York Stock Exchange after the company expanded its stock buyback program and listed on the NYSE America.
Shares of the Ether (ETH) treasury company began trading on the open market on the NYSE on Thursday under the existing ticker symbol “BMNR,” Bitmin announced Thursday.
Bitmine Chairman Tom Lee said the NYSE is considered one of the world's top exchanges and is a big milestone for the company.
“The NYSE is a highly respected stock exchange with a storied history. The NYSE is the envy of capital markets around the world and Bitmine is proud to be the newest company to be traded on this exchange.”
NYSE America is designed for small-cap and growing companies. Bitmin's filing to the NYSE signals the company's progress, and increases the company's exposure to larger pools of capital.
The NYSE listing process is extensive.
The process of getting listed on the NYSE requires a company to meet strict requirements regarding financial health, share distribution and corporate governance. The requirements include having more than 400 shareholders and 1.1 million publicly held shares.
The majority of directors involved in corporate governance must also be independent, have no significant financial interest in the company, and audit, compensation and governance committees must be formed.
One of the final steps involves filing a registration statement with the US Securities and Exchange Commission. NYSE review usually takes four to eight weeks before listing.
Chris Taylor, Chief Development Officer of the NYSE Group, said in a statement that Bitmine is a strong addition to the stock exchange.
Related: Ripple to Buyback $750M in Shares by April: Report
“We are pleased to welcome Bitmine to the New York Stock Exchange,” he said. “Bitmine is a strong addition to the NYSE community with its focus on advancing the Ethereum ecosystem.
Share buybacks up to $4 billion
Meanwhile, Bitmin's board unanimously expanded its share buyback program through July 2025 from $1 billion to $4 billion.
“Bitmine's expanded $4 billion return reflects our commitment to shareholders,” Lee said, adding, “There may be times in the future when Bitmine shares trade below intrinsic value, and the company wants to be in a position to retire its common shares through recognition.”
Bitmine stock (BMNR) closed Thursday at $21.08, down more than 64% in six months, according to Google Finance. Last September, analysts told Cointelegraph that treasury companies are using acquisitions to increase share prices and legitimacy.
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