Bitmine Immersion Technologies (BMNR) now holds 4.8 million ether, worth roughly $10.2 billion at current prices, putting the company within reach of its stated goal to accumulate 5% of the total ether supply. Its 3.98% share of ether's 120.7 million circulating supply closely mirrors Strategy's 3.8% bitcoin holdings.
NYSE Listing and Top-100 Trading Volume
On Monday, the company said its shares will start trading on the New York Stock Exchange, uplisted from NYSE American, starting April 9. Bitmine is now the 96th most-traded stock in the U.S., with average daily volume of $987 million, ranking between Schlumberger and Adobe. Its investor base includes ARK Invest, Founders Fund, Pantera Capital, Galaxy Digital, and Kraken.
Aggressive Buying in 'Final Stages of Mini-Crypto Winter'
Chairman Tom Lee said Bitmine acquired 71,252 ETH in the past week, its fastest weekly pace since late December. He framed the buying as a bet that ether is in 'the final stages of the mini-crypto winter.' Total crypto and cash holdings now stand at $11.4 billion, including $864 million in cash, 198 BTC, and smaller positions in Beast Industries and Eightco Holdings.
Staking Edge: $196M Annualized Revenue vs. Strategy
Bitmine diverges from Strategy by staking a large portion of its treasury. Of the 4.8M ETH held, 3.33M are staked through Mavan, the company's institutional-grade validator network that launched Monday. That staked position, worth roughly $7.1 billion, generates $196 million in annualized staking revenue at a 2.78% yield — a recurring income stream Strategy's bitcoin treasury lacks. At full deployment, projected annual staking rewards hit $282 million.
Wartime Store of Value: ETH Outperforms S&P 500 and Gold
Lee made a wartime case for ether in the announcement: ETH has gained 6.8% since the Iran conflict began, beating the S&P 500 by 1,130 basis points and gold by 1,840 basis points. 'ETH is the wartime store of value,' Lee said, noting data now supports a claim that would have been hard to argue six months ago.