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Bitmine’s ether reserves reach 4.8 million ETH as it transitions its stock listing to the NYSE.
The firm currently possesses 3.98% of the total ether supply in circulation, has staked $7.1 billion of it, and reports an annualized staking revenue of $196 million.
Bitmine Chairman Thomas Lee at Consensus Hong Kong 2026 (CoinDesk)
What to know:
- Bitmine Immersion Technologies currently owns 4.8 million ether, constituting 3.98% of the circulating supply, and is approaching its target of 5% of the total ETH.
- The company has transitioned its listing to the New York Stock Exchange from NYSE American while enhancing its Mavan staking network, which presently stakes 3.33 million ETH and generates approximately $196 million in annualized revenue.
- Bitmine anticipates up to $282 million in annual staking rewards following full deployment and is positioning ETH as a “wartime store of value,” as its stock has become one of the most actively traded in the U.S.
Bitmine Immersion Technologies (BMNR) announced it now possesses 4.8 million ether (ETH), valued at around $10.2 billion at current market rates, putting the company closer to its objective of obtaining 5% of the total ether supply.
In a statement released on Monday, the firm indicated that its shares will commence trading on the New York Stock Exchange, elevated from NYSE American, starting April 9.
Bitmine holds 3.98% of ether’s 120.7 million circulating total, in contrast to Strategy’s 3.8% of bitcoin’s 20 million. Both firms have transformed treasury accumulation into a narrative for the stock market and are both aggressively investing as prices decrease.
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Bitmine purchased 71,252 ETH in the last week, marking its fastest acquisition rate since late December, according to Chairman Tom Lee, who characterized the buying as a wager that ether is in “the final stages of the mini-crypto winter.”
Total crypto and cash assets now amount to $11.4 billion, which includes $864 million in cash, 198 BTC, and smaller stakes in Beast Industries and Eightco Holdings.
Bitmine’s approach differs from Strategy regarding staking, which involves depositing tokens to assist in securing the Ethereum blockchain in exchange for a reward. Of the 4.8 million ETH owned, 3.33 million are staked through Mavan, the company’s institutional-grade validator network that began operations on Monday.
This staked amount is valued at approximately $7.1 billion and generates $196 million in annualized staking revenue at a yield of 2.78%, providing Bitmine with a recurring income source that Strategy’s bitcoin treasury does not possess.
At full deployment, when all of Bitmine’s ETH is staked, the company estimates annual staking rewards of $282 million.
Lee made a case for ether in this context, pointing out that ETH has increased by 6.8% since the onset of the Iran conflict, surpassing the S&P 500 by 1,130 basis points and gold by 1,840 basis points. “ETH is the wartime store of value,” Lee stated, a position that may have been challenging to argue six months ago but is now supported by data.
Bitmine is currently the 96th most traded stock in the U.S., with an average daily volume of $987 million, positioned between Schlumberger and Adobe. The investor base includes ARK Invest, Founders Fund, Pantera, Galaxy Digital, and Kraken.
