TL;DR:
Bitmine Immersion Technologies has consolidated its position as the world’s largest corporate Ethereum treasury. According to a press release, the company holds 4.87 million ETH valued at $10.7 billion, equivalent to 4.04% of the entire circulating supply. With that volume, the firm has reached 81% of its target of controlling 5% of the cryptocurrency’s total supply.
The company’s chairman, Tom Lee, defined Ethereum as “the store of value in times of war”. His thesis rests on the fact that ETH posted a 17.4% gain since the start of the conflict between Iran and Israel seven weeks ago, outperforming the S&P 500 by 1,830 basis points and gold by 2,743 basis points. Lee also noted that, in his base scenario, ETH is navigating “the final stages of the crypto mini-winter.”
The accumulation strategy is supported by a staking operation of considerable scale. Bitmine has staked 3.33 million ETH —68% of its holdings— valued at $7.4 billion, with a seven-day yield of 2.89% that translates into $212 million in annualized staking revenue.
Last week, Bitmine acquired 71,524 ETH, maintaining the highest weekly accumulation pace recorded since late December 2025 for the fourth consecutive week. Total holdings, including cash and what the company calls “moonshots,” amount to $11.8 billion. Among those positions are $719 million in cash, a $200 million stake in Beast Industries, and $85 million in Eightco Holdings.
On April 9, the company completed its transfer to the New York Stock Exchange from NYSE American, trading under the ticker BMNR. Its average daily volume reaches $747 million, placing it at position 117 among all securities listed in the United States. Its institutional investors include ARK Invest, Founders Fund, Pantera, Kraken, and Galaxy Digital.
Lee highlighted two growth vectors for Ethereum: the tokenization of traditional financial assets on the blockchain and the growing adoption by agentic artificial intelligence systems that require public and neutral networks.
