Treasury company Ether Bitmine Immersion Technologies began trading on the Recent York Stock Exchange after switching to the NYSE American exchange due to the expansion of its share buyback program.
Bitmine announced Thursday that shares of the treasury company Ether (ETH) began trading on the Recent York Stock Exchange during market hours on Thursday under the existing symbol “BMNR.”
Bitmine CEO Tom Lee said this is a significant milestone for the company as the NYSE is considered one of the top exchanges in the world.
“The NYSE is the most prestigious, respected exchange with a rich history. The NYSE is the envy of capital markets around the world, and Bitmine is proud to be the newest company listed on the exchange.”
NYSE American is for small-cap and growth companies. Bitmine’s listing on the Recent York Stock Exchange suggests that the company is gaining momentum and increases the company’s exposure to larger pools of capital.
The NYSE listing process is complicated
The process of obtaining a listing on the NYSE requires a company that meets stringent requirements regarding financial condition, share distribution and corporate governance. Some of the requirements include having more than 400 shareholders and 1.1 million public shares.
Most directors involved in corporate governance must also be independent and have no significant financial interest in the company, so audit, compensation and governance committees must be established.
One of the final steps is to file a registration statement with the U.S. Securities and Exchange Commission. NYSE pre-listing review usually lasts approximately four to eight weeks.
Chris Taylor, NYSE Group’s chief development officer, said in a statement that Bitmine is a robust addition to the exchange.
Related: Ripple will buy back shares worth $750 million by April: report
“We are pleased to welcome Bitmine to the New York Stock Exchange,” he said. “By focusing on growing the Ethereum ecosystem, Bitmine is a strong addition to the NYSE community.”
The value of share repurchases increased to $4 billion
Meanwhile, Bitmine’s board unanimously expanded its July 2025 share repurchase program from $1 billion to $4 billion, covering previously repurchased shares.
“Bitmine’s $4 billion extended buyout reflects our commitment to shareholders,” Lee said, adding that “there may come a time in the future when Bitmine shares are trading below intrinsic value and the company wants to be able to phase out its common stock.”
Bitmine (BMNR) shares closed at $21.08 on Thursday, down more than 64% in six months, According to to Google Finance. Last September, analysts told Cointelegraph that treasury companies were using self-buybacks to boost share prices and escalate legitimacy.
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