Bitmine Immersion Technologies (BMNR) now holds 4.87 million ether worth $10.7 billion and is 81% of the way toward its goal of holding 5% of the entire ETH supply, according to a Monday statement in which Chairman Tom Lee also calls ether a “wartime store of value.”
BMNR shares are down 2.25% premarket, paralleling Ether’s weekend drop to $2,199. The stock is down 32% year to date.
Lee highlighted ETH’s 17.4% gain since the start of the Iran war 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 demonstrates that ETH is the store of value in times of war,” Lee said.
The company purchased 71,524 ETH last week, maintaining its strong purchase pace for the fourth consecutive week and matching the highest accumulation rate since late December 2025. Lee said that Bitmine’s “base case is that ETH is in the latter stages of the mini-crypto winter.”
Staking has become an important source of income. Bitmine has 3,334,637 ETH staked, representing 68% of its holdings and a value of $7.4 billion, generating $212 million in annualized staking revenue with a 7-day yield of 2.89%.
Total assets, including cash and what the company calls “moonshots,” are $11.8 billion. This 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 to offer 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 volume of $747 million, ranking it 117th among all U.S.-listed stocks. The institutional investor base includes Cathie Wood of ARK, Founders Fund, Pantera, Kraken, Galaxy Digital and Lee personally.
Lee cited “Wall Street tokenization on blockchain” and “agentic AI systems increasingly needing public, neutral blockchains” as two tailwinds for Ethereum, describing the asset as a play on both institutional adoption and AI infrastructure rather than just a DeFi token.
Bitmine ranks as the world’s largest corporate ether treasury and the second largest cryptocurrency treasury behind Strategy’s 766,970 BTC.
