Bitmine Immersion Technologies has crossed the 5 million Ether threshold, now holding approximately 4.2% of the asset’s total circulating supply. The company is 84% towards its ambitious goal of owning 5% of all Ether in existence.
At current valuations, Bitmine's Ether holdings are worth approximately $11.5 billion. The company also reports $940 million in cash and other investments, bringing its total assets to $13.3 billion.
Chairman Thomas "Tom" Lee highlighted research suggesting ETH is a "store of value," increasingly used as collateral in financial transactions. He noted ETH's outperformance since the Iran conflict began, attributing this to asset tokenization and AI-driven demand for neutral blockchain infrastructure.
Bitmine is staking 3.7 million Ether through its MAVAN platform, generating $264 million in annualized staking revenue. This represents about 73% of their total ETH holdings, earning yield at roughly 3%. The company projects annual staking rewards of $363 million once all ETH is staked.
This positions Bitmine behind only Strategy among publicly traded digital asset treasuries. Unlike Bitcoin, Ethereum offers native staking yield, allowing Bitmine to build a compounding cash flow stream on its substantial Ether holdings.
BMNR stock recently moved to the main New York Stock Exchange board, trading approximately $845 million in average daily dollar volume. The company's investor roster includes notable firms like ARK Invest, Founders Fund, and Pantera Capital.