Bitmine Immersion Technologies (BMNR) said Monday it now holds 4.8 million ether (ETH) — roughly $10.2 billion at current prices — putting the company within striking distance of its stated target to own 5% of Ethereum’s circulating supply.
The firm also announced an uplisting: Bitmine’s shares will begin trading on the New York Stock Exchange on April 9, moving up from the NYSE American.
A treasury built on ETH
Bitmine’s 4.8 million ETH represents about 3.98% of Ethereum’s roughly 120.7 million circulating tokens. The company has leaned into a treasury-accumulation strategy similar to firms that have pursued large bitcoin treasuries, buying aggressively as crypto prices have softened. In the past week alone Bitmine added 71,252 ETH — its fastest weekly buy pace since late December, according to Chairman Tom Lee.
Overall crypto and cash reserves stand at $11.4 billion, including $864 million in cash, 198 BTC, and smaller equity stakes in Beast Industries and Eightco Holdings.
Staking turns ETH into recurring revenue
Where Bitmine diverges from bitcoin-focused treasury plays is staking. Of the 4.8 million ETH it holds, 3.33 million are already staked via Mavan, the company’s institutional-grade validator network that began operating Monday. That staked position is valued at about $7.1 billion and, at a 2.78% yield, is generating roughly $196 million in annualized staking revenue today. Bitmine projects that if it stakes its entire ETH position, annual rewards could reach about $282 million — creating a recurring income stream that pure bitcoin treasuries don’t capture.
“ETH is the wartime store of value,” Lee said in the announcement, noting that ether has gained 6.8% since the Iran conflict began — outperforming the S&P 500 by 1,130 basis points and gold by 1,840 basis points in that period.
Market profile and investor base
Bitmine’s market footprint is growing: it is now the 96th most traded stock in the U.S., with average daily volume around $987 million, placing its liquidity between names like Schlumberger and Adobe. Institutional and crypto-native investors in its shareholder base include ARK Invest, Founders Fund, Pantera, Galaxy Digital and Kraken.
Why this matters
Bitmine’s push highlights two trends: corporates turning treasuries into public narratives to signal conviction, and the evolving advantage of staking-enabled crypto treasuries that can generate yield. With the NYSE uplisting and its validator network now live, Bitmine is positioning itself as both a large-scale ETH accumulator and an operational staking provider — a hybrid that changes the economics of holding crypto on a corporate balance sheet.
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