Bitmine Now Holds 4% of All Ethereum — $10.7 Billion Worth — And It’s Still Buying
Summary
Bitmine Immersion Technologies has accumulated 4.87 million ETH valued at $10.7 billion, making it the world’s largest corporate Ethereum holder. Chairman Tom Lee calls ETH “the wartime store of value” as the company generates $212 million annually from staking. Yet BMNR shares are down 32% this year.
Bitmine Immersion Technologies (BMNR) disclosed on April 13, 2026, that its Ethereum treasury has reached 4.87 million ETH worth approximately $10.7 billion, representing 4.04% of Ethereum’s total circulating supply, according to Blockonomi. The company is now 81% of the way toward its stated goal of controlling 5% of all ETH in existence.
The firm acquired 71,524 ETH in the previous week alone, marking the fourth consecutive week of accelerated accumulation at a pace not seen since late December 2025. Chairman Tom Lee framed the aggressive buying as a conviction play, stating that Ethereum is in the final stages of what he described as a mini-crypto winter.
Lee positioned ETH as a macroeconomic asset with a new thesis: he called it the wartime store of value, pointing to its 17.4% appreciation during the seven weeks following the escalation of hostilities with Iran. That performance exceeded the S&P 500 by 1,830 basis points and outpaced gold by 2,743 basis points over the same period.
The treasury is not sitting idle. Bitmine has staked 3.33 million ETH — roughly 68% of its holdings — at a 7-day yield of 2.89%, generating $212 million in annualized staking income. Lee indicated that figure could rise to $310 million as additional tokens are activated for staking, creating a meaningful revenue stream for a company primarily structured around treasury management.
Bitmine’s total asset portfolio stands at $11.8 billion, including $719 million in cash, a $200 million position in Beast Industries, and an $85 million stake in Eightco Holdings, which the company describes as one of the only publicly listed equities offering direct exposure to OpenAI.
The company completed its uplisting from NYSE American to the primary New York Stock Exchange on April 9, a move that Fundstrat’s Tom Lee noted opens access to institutional investors. BMNR now trades with an average daily dollar volume of $747 million, ranking 117th among all U.S.-listed equities. Institutional backers include ARK Invest’s Cathie Wood, Founders Fund, Pantera, Kraken, and Galaxy Digital.
Lee identified two long-term catalysts for Ethereum: the tokenization of traditional financial assets on blockchain infrastructure and the emergence of AI agent systems that require permissionless public blockchains to operate. He frames ETH as foundational infrastructure extending well beyond its DeFi origins.
Despite the accumulation narrative, BMNR shares have fallen 32% year-to-date, trading at approximately $21.54. The disconnect between the growing treasury value and declining stock price highlights a familiar tension in crypto-treasury companies: when the underlying asset drops, the equity often falls harder, and investors must weigh whether the strategy represents conviction or concentrated risk.
Source: https://blockonomi.com/bitmine-bmnr-amasses-10-7b-ethereum-treasury-following-nyse-upgrade/