Bitmine Immersion Technologies (BMNR) disclosed $11.4 billion in total crypto and cash holdings and said its stock will move to the New York Stock Exchange on Apr. 9.
Company's Ethereum (ETH) treasury reached 4.8 million tokens — or 3.98% of the circulating supply — putting it within striking distance of its goal to control 5% of all Ethereum tokens in existence.
Bitmine ETH Holdings
The company acquired 71,252 ETH in the week ending Apr. 5, its fastest pace of purchases since late December 2025, according to Chairman Tom Lee, who also serves as head of Fundstrat. Bitmine's weekly buying rate has more than doubled this year, rising from roughly 33,000 tokens per week in early January to above 70,000.
Beyond the Ethereum position, Bitmine holds 198 Bitcoin (BTC), $864 million in cash, a $200 million stake in Beast Industries and a $92 million position in Eightco Holdings.
Shares will retain the BMNR ticker when they begin trading on the NYSE, uplisted from NYSE American, after market close on Apr. 8.
Of the 4.8 million ETH held, 3.33 million are staked through Mavan, the company's institutional-grade validator network that launched Monday. That staked position generates $196 million in annualized revenue at a 2.78% yield. At full deployment, Bitmine projects up to $282 million in annual staking rewards.
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Tom Lee Wartime Case
Lee framed Ethereum as a wartime hedge in the announcement, pointing to the Iran conflict that began Feb. 28 with joint U.S.-Israeli strikes. "ETH is the wartime store of value," Lee said, noting it has gained 6.8% since hostilities began — outperforming the S&P 500 by 1,130 basis points and gold by 1,840 basis points.
He added that Wall Street's push into blockchain tokenization and rising demand from agentic AI systems for neutral networks both benefit Ethereum.
Institutional Backing
Lee's framing echoed remarks by Geoff Kendrick, global head of digital asset research at Standard Chartered, who recently said that traditional finance adoption will channel activity through Ethereum "for the next couple of years."
Bitmine now ranks as the 96th most traded stock in the U.S. by daily dollar volume at $987 million, placing it between Schlumberger and Adobe. Its investor base includes ARK Invest, Founders Fund, Pantera, Galaxy Digital and Kraken. The company trails only Strategy Inc. (MSTR), which holds 766,970 BTC valued at roughly $53.5 billion, as the second-largest crypto treasury firm globally.
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