Bitmine Immersion Technologies (BMNR) now possesses 4.87 million ether valued at $10.7 billion, nearing its aim to hold 5% of the total ETH supply, as per a recent announcement that also featured chairman Tom Lee describing ether as ‘the wartime store of value.’
Currently, BMNR’s shares are down by 2.25% in premarket trading, following ether’s weekend dip to $2,199, with the stock itself having decreased by 32% year-to-date.
Since the onset of the Iran conflict seven weeks ago, ETH has seen a 17.4% increase, outstripping the S&P 500 by 1,830 basis points and gold by 2,743 basis points, noted Lee. Over the past week, Bitmine acquired an additional 71,524 ETH, sustaining its high acquisition rate for four consecutive weeks—matching the highest pace since late December 2025. Lee remarked that Bitmine’s ‘base case is ETH is in the final stages of the mini-crypto winter.’
Staking has become a crucial revenue stream for the company, with 3,334,637 ETH staked, accounting for 68% of its holdings and valued at $7.4 billion. This generates annualized staking revenue of $212 million at a 7-day yield of 2.89%.
Including cash and ‘moonshot’ investments, Bitmine’s total assets amount to $11.8 billion. These include $719 million in liquid cash, a $200 million investment in Beast Industries, and an $85 million stake in Eightco Holdings—described by Bitmine as offering one of the few public equities with direct exposure to OpenAI.
The company transitioned from NYSE American to the New York Stock Exchange on April 9, now trading under BMNR. It boasts an average daily dollar volume of $747 million, positioning it at rank 117 among U.S.-listed stocks. Its institutional investors encompass ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital, and Lee himself.
Lee highlighted ‘Wall Street tokenizing on the blockchain’ and ‘agentic AI systems increasingly needing public and neutral blockchains’ as dual forces bolstering Ethereum, presenting it not just as a DeFi asset but also as a bet on institutional adoption and AI infrastructure. Bitmine claims the title of the world’s largest corporate ether treasury and ranks second in crypto treasuries overall, following Strategy’s 766,970 BTC.