Bitmine Immersion Technologies (BMNR) now holds 4.87 million ether worth $10.7 billion and is 81% of the way to its goal of owning 5% of the entire ETH supply, according to a Monday release that also featured chairman Tom Lee calling ether “the wartime store of value.”
BMNR shares are lower by 2.25% pre-market along with ether’s weekend drop to $2,199. The stock is down 32% year-to-date.
Lee pointed to ETH’s 17.4% rise since the Iran war began seven weeks ago, outperforming the S&P 500 by 1,830 basis points and gold by 2,743 basis points.
“We believe that ETH beating gold by 2,743 basis points shows that ETH is the wartime store of value,” Lee said.
The company bought 71,524 ETH last week, maintaining its high buying pace for the fourth consecutive week and matching the highest accumulation rate since the end of December 2025. Lee said that Bitmine’s “fundamentals are that ETH is in the final stages of the mini-crypto winter.”
Betting has become a significant line of revenue. Bitmine has 3,334,637 ETH staked, representing 68% of its holdings and $7.4 billion in value, generating $212 million in annual staking revenue with a 7-day return of 2.89%.
Total holdings, including cash and what the company calls “moonshots,” are $11.8 billion. That includes $719 million in cash, a $200 million stake in Beast Industries, and an $85 million position in Eightco Holdings, which Bitmine described as “one of the only publicly traded stocks in the world that gives investors direct exposure to OpenAI.”
The company was listed on the New York Stock Exchange from NYSE American on April 9, trading under BMNR with an average daily dollar volume of $747 million, ranking it 117th among all US listed stocks. The institutional investor base includes ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital and Lee personally.
Lee cited “Wall Street tokenization on blockchain” and “agentic AI systems that increasingly need public and neutral blockchains” as twin tailwinds for Ethereum, framing the asset as a play on both institutional adoption and AI infrastructure rather than a pure DeFi token.
Bitmine ranks as the largest corporate ether treasury in the world and the second largest crypto treasury overall behind Strategy’s 766,970 BTC.
