Tom Lee says US stocks may have already hit bottom, and Bitmine is supporting the New York Stock Exchange main board listing with a 4 billion yuan backstop

Bitmine (BMNR) officially completed the board transfer on April 13, moving from the NYSE American U.S. board to be listed for trading on the NYSE main board, and simultaneously announced an increase in its stock buyback authorization limit from $1 billion to $4 billion. Bitmine Chairman and co-founder of Fundstrat, Tom Lee, said that with the U.S.-Iran ceasefire agreement reached, the U.S. stock market has very likely already hit bottom, and the selling pressure on ether (ETH) has also diminished significantly.

Board-Transfer Milestones and the $4 Billion Price-Protection Move: The Stock-Price Reality Behind the Milestones

Bitmine’s move to the NYSE main board marks that this ether reserves company has formally entered the mainstream capital market with higher liquidity and broader coverage by institutional investors. In his statement, Tom Lee noted, “Today, Bitmine’s landing on the NYSE main board is an important milestone in the company’s development history. The NYSE is the most prestigious and long-established exchange in the world.”

However, beyond the milestone, the stock-price reality remains severe. After the “crypto reserve stock” boom peaked last summer, Bitmine’s share price has fallen cumulatively by about 90% from its high point. On the morning of the board-transfer day, it again dropped 2.8%. To this end, the company increased the authorized limit for its stock buyback plan from $1 billion to $4 billion, trying to support market confidence and stock-price performance with a massive buyback commitment.

Tom Lee’s Market Read: U.S. Stocks Hitting Bottom and ETH Fundamentals Improving

Tom Lee’s latest analysis unfolds along two main lines. On the geopolitical front, the achievement of a two-week U.S.-Iran ceasefire agreement is viewed as a key trigger, indicating that the geopolitical risks that previously drove market sentiment have been significantly eased. As a result, stock index futures rose, Bitcoin has recently broken strongly above $72,000, and the overall “risk-on” sentiment has rebounded. Tom Lee believes these signals together point to the likelihood that the U.S. stock market has hit bottom.

On the ETH fundamentals side, ETH ETFs have continued to record net inflows, and on-chain staking activity has clearly increased, with selling pressure fading dramatically. These two factors together form a medium-term positive catalyst for ether, which is directly and meaningfully beneficial for Bitmine, which holds the largest known listed-company ETH position in the world.

Bitmine’s ETH Reserves: A 1% Rise Brings $100 Million in Asset Appreciation

Bitmine currently holds about 4.8 million ETH, accounting for 3.98% of the world’s total ETH supply, and continues to push toward its long-term strategic goal of “5% Alchemy of 5%.” Based on estimates, for every 1% that the price of ETH rises, the value of Bitmine’s on-balance-sheet assets increases by about $100 million, creating a strong positive correlation between the company’s financial performance and ETH’s market price.

Bitmine Core Data Summary

ETH Holdings: about 4.8 million ETH, accounting for 3.98% of the world’s total ETH supply

Strategic Target: a long-term holding target of “5% Alchemy of 5%”

Buyback Authorization: increased from $1 billion to $4 billion, one of this year’s largest U.S. stock buyback deals

Listing Upgrade: officially moved on April 13 from NYSE American to the NYSE main board

ETH Leverage Effect: for every 1% increase in ETH, the company’s on-balance-sheet assets increase by about $100 million

Frequently Asked Questions

Why does Tom Lee think the U.S. stock market has hit bottom?

Tom Lee said that the successful two-week U.S.-Iran ceasefire agreement has significantly eased the geopolitical risks that previously dominated market sentiment. The rise in stock index futures and Bitcoin breaking above $72,000 both reflect a structural rebound in “risk-on” sentiment, forming the basis for the view that the U.S. stock market may have already completed its bottom confirmation.

Why did Bitmine raise its buyback authorization to $4 billion at the same time as the board transfer?

Since the share price has fallen by about 90% from its last high point, an upgrade from the board transfer alone cannot lift the stock price immediately. The $4 billion buyback authorization conveys to the market the company’s confidence in the value of its own assets. At the same time, it is also a price-support mechanism to guard against continued declines, making it one of the largest buyback deals in the U.S. capital markets by size this year.

What does Bitmine’s holding of 3.98% of the total ETH supply mean?

This position makes Bitmine one of the largest ETH holders among currently listed companies. Any ETH price fluctuations in the market will directly and significantly affect the company’s balance sheet. For every 1% that ETH rises, it results in about $100 million in on-balance-sheet gains, closely tying the company’s profit-and-loss trajectory to the ether market.