"Ethereum 4% Domination"...Bitmine Stock Falls Despite $4 Billion Share Buyback Bet

▲ Ethereum (ETH)/AI Generated Image

Bitmine, a virtual asset financial management company focused on Ethereum (ETH), is making aggressive moves by transferring its listing to the New York Stock Exchange large-cap board and expanding its share buyback program to $4 billion.

According to a report by BeInCrypto, a virtual asset media outlet, Bitmine began trading on April 9 (local time) after transferring its listing from NYSE American to the main board. Tom Lee, Bitmine Chairman, described the listing as the biggest event in the company's history. Along with the listing, Bitmine's board of directors unanimously approved a proposal to quadruple its 2025 share buyback plan from the original $1 billion to $4 billion. This figure ranks among the top 10 share buyback amounts announced in 2026.

Bitmine currently holds a massive amount of Ethereum. Its current holdings are approximately 4.803 million ETH, valued at about $10.6 billion. This represents 3.98% of the total Ethereum supply, achieving 79% of the company's target 5% reserve plan. Bitmine has adopted a policy to enhance shareholder value by repurchasing its shares if the stock trades below its intrinsic value.

Despite the announcement of major positive news, Bitmine's stock price declined. On the day of the listing, the stock closed at $21.17, a 1.6% drop from the previous day's closing price of $21.52. It even dipped to $20.50 at one point during intraday trading. Market analysts attributed the lukewarm reaction on the actual listing day to investors having already priced in the listing news. Bitmine is supported by major institutional investors such as ARK Invest, led by Cathie Wood, and Galaxy Digital.

Bitmine's Ethereum accumulation strategy is considered a pioneering case of incorporating corporate financial assets into the virtual asset market. Bitmine plans to continue purchasing Ethereum to secure 5% of its supply. The share buyback program will be conducted in the open market through Cantor Fitzgerald.

Bitmine's listing on the New York Stock Exchange has increased accessibility for institutional investors and strengthened its credibility in the capital markets. As Ethereum price volatility is directly linked to Bitmine's corporate value, future Ethereum market trends are expected to have a critical impact on the stock price. Investors are closely monitoring Bitmine's pace of further purchases and the execution of its share buyback program.

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