Bitmine (BMNR) Stock Rises 4% as ETH Stack Hits $10.2B and NYSE Uplist Confirmed

TLDR

• Bitmine now holds 4.8 million ETH (~$10.2B), equal to 3.98% of the total circulating supply, closing in on its 5% target.
• The company uplisted to the NYSE from NYSE American, with trading under ticker BMNR starting April 9.
• 3.33 million ETH is staked through its Mavan validator network, generating ~$196M in annualized staking revenue.
• Total holdings including cash and other assets stand at ~$11.4B, with $864M in cash.
• BMNR is now the 96th most traded stock in the U.S., averaging $987M in daily volume.

Bitmine Immersion Technologies has been on a buying spree. The company added 71,252 ETH last week alone — its fastest pace of purchases since late December — bringing its total ETH stack to 4.8 million, worth roughly $10.2 billion at current prices.

Bitmine Immersion Technologies, Inc., BMNR

That haul puts Bitmine at 3.98% of ether’s 120.7 million circulating supply. Its stated goal is 5%. At the current pace, it’s not far off.

On Monday, the company announced it will uplist its stock to the New York Stock Exchange from NYSE American, effective April 9. The ticker, BMNR, stays the same.

Chairman Tom Lee called the recent buying a bet that ether is in “the final stages of the mini-crypto winter.” He also made a pointed case for ETH as a geopolitical hedge, noting that since the Iran conflict began, ether has gained 6.8% — outperforming the S&P 500 by 1,130 basis points and gold by 1,840 basis points. “ETH is the wartime store of value,” Lee said.

The Staking Edge

Where Bitmine diverges sharply from Strategy — its closest comparable — is in staking. Of its 4.8 million ETH, 3.33 million are actively staked through Mavan, an institutional-grade validator network the company launched Monday.

That staked position, valued at roughly $7.1 billion, is generating $196 million in annualized staking revenue at a 2.78% yield. Strategy’s bitcoin treasury produces no comparable income stream.

At full deployment, Bitmine projects $282 million in annual staking rewards.

Growing Investor Base

Total holdings across crypto, cash, and what the company calls “moonshots” sit at $11.4 billion. That includes $864 million in cash, 198 BTC, a ~$200 million stake in Beast Industries, and ~$92 million in Eightco Holdings.

The investor roster has grown to include ARK Invest, Founders Fund, Pantera, Galaxy Digital, and Kraken.

BMNR is now the 96th most traded stock in the U.S., with average daily volume of $987 million — slotting between Schlumberger and Adobe on the volume charts.

ETH traded near $2,144 on April 6, up 6% on the day. BMNR rose ~4.37% to $20.30.

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