Bitmine Doubles Down on $4B Buyback as It Joins NYSE Amid ETH Slump

Crypto investment firm bets its stock discount will narrow after uplisting and expanding buyback program.

Apr. 9, 2026 at 2:52pm

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An extreme close-up of heavy, polished banking machinery and equipment in shades of steel gray, bronze, and black, conceptually representing the secure, powerful infrastructure of financial institutions.Bitmine's massive $4 billion buyback and NYSE uplisting signal the firm's confidence in the long-term value of its ether holdings despite the cryptocurrency's recent slump.NYC Today

Bitmine, a crypto investment firm co-founded by Tom Lee, is uplisting to the New York Stock Exchange while expanding its share buyback program to $4 billion. The company, which holds nearly 4% of ether's total supply, believes its stock has been trading at a discount to the net asset value of its ether holdings and is making a bold move to narrow that gap.

Why it matters

Bitmine's decision to uplist to the NYSE and double down on its buyback program signals the company's conviction that its stock is undervalued compared to the crypto assets it holds. This move could open the door to more institutional investment in Bitmine, but also carries risks if ether's price continues to struggle and the discount to net asset value persists.

The details

Despite holding billions of dollars worth of ether, Bitmine's shares have persistently traded at a discount to the net asset value of its holdings. The company is betting that moving its listing to the NYSE will attract more institutional investors who were previously constrained from buying OTC-listed securities. At the same time, the $4 billion buyback program is intended to reduce the float and support the share price. However, if ether's price continues to decline, even aggressive buybacks may not be enough to offset the drop in Bitmine's asset base.

  • Bitmine announced the NYSE uplisting and $4 billion buyback program on April 9, 2026.

The players

Bitmine

A crypto investment firm co-founded by Tom Lee that holds nearly 4% of ether's total supply.

Tom Lee

The co-founder of Bitmine and a prominent Wall Street crypto advocate.

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What’s next

Investors will be watching to see if the NYSE uplisting and buyback program are successful in narrowing the discount between Bitmine's stock price and the net asset value of its ether holdings.

The takeaway

Bitmine's bold move to uplist to the NYSE and expand its buyback program signals the company's belief that its stock is undervalued. However, the success of this strategy will depend on ether's price performance and whether institutional investors are willing to buy into Bitmine's ether-heavy treasury strategy.