Bitmine Immersion Technologies (BMNR) has significantly increased its Ethereum holdings, now possessing 4.87 million ETH valued at approximately $10.7 billion. This represents about 4.04% of Ethereum's circulating supply, putting the company 81% of the way toward its publicly stated goal of owning 5% of the entire ETH supply.
In a release, Bitmine's Chairman, Tom Lee, framed the massive accumulation as a strategic bet on Ethereum's role as a "wartime store of value." Lee pointed to ETH's 17.4% gain in the seven weeks since the onset of the Iran war, noting it outperformed the S&P 500 by 1,830 basis points and gold by 2,743 basis points. "We believe ETH beating gold by 2,743 basis points demonstrates ETH is the wartime store of value," Lee stated.
The company purchased 71,524 ETH last week, maintaining an elevated purchase pace for the fourth consecutive week and matching its highest rate of accumulation since late December 2025. Lee characterized the current market phase as the "final stages of the mini-crypto winter," suggesting the buying spree reflects confidence in Ethereum's near-term prospects.
Beyond simple accumulation, Bitmine is actively generating yield from its holdings. The company has 3,334,637 ETH staked, representing 68% of its total Ether and worth $7.4 billion. At a 7-day annualized yield of 2.89%, this staking operation is generating an estimated $212 million in annualized revenue, with potential to reach $310 million if all holdings were staked.
Bitmine's total asset base, including crypto, cash, and strategic investments, stands at $11.8 billion. This includes $719 million in cash, a $200 million stake in Beast Industries, an $85 million position in Eightco Holdings (which offers exposure to OpenAI), and 198 BTC. The company recently uplisted to the New York Stock Exchange (NYSE) from NYSE American on April 9 and boasts an institutional investor base that includes ARK Invest's Cathie Wood, Founders Fund, Pantera Capital, Kraken, and Galaxy Digital.
Lee cited two primary long-term tailwinds for Ethereum: "Wall Street tokenizing on the blockchain" and "agentic AI systems increasingly needing public and neutral blockchains." This frames Ethereum not just as a DeFi token but as a foundational infrastructure play for both institutional finance and artificial intelligence. Bitmine now ranks as the world's largest corporate Ethereum treasury and the second-largest crypto treasury overall, behind only MicroStrategy's substantial Bitcoin holdings.
