Bitmine Immersion Technologies (BMNR) now holds 4.87 million ether worth $10.7 billion, according to a company release on Monday. The firm has reached 81% of its target to control 5% of the total ETH supply.
Chairman Tom Lee described the asset as a "wartime store of value." He noted that ETH has gained 17.4% since the start of the Iran war seven weeks ago, outperforming both the S&P 500 and gold.
"We believe ETH beating gold by 2,743 basis points demonstrates ETH is the wartime store of value," Lee said. He added that the company believes Ethereum is currently in the final stages of a "mini-crypto winter."
Staking revenue and expansion
Bitmine has staked 3.33 million ETH, representing 68% of its total holdings. This staking activity generates an annualized $212 million in revenue at a 7-day yield of 2.89%.
The company's total holdings, including cash and various equity "moonshots," stand at $11.8 billion. This figure includes $719 million in cash and a $200 million stake in Beast Industries.
Bitmine also maintains an $85 million position in Eightco Holdings. The company described Eightco as one of the few publicly listed equities providing investors direct exposure to OpenAI.
Last week, the firm purchased 71,524 ETH. This marks the fourth consecutive week of elevated purchasing, matching the highest accumulation rate since late December 2025.
Lee identified two primary tailwinds for Ethereum: the tokenization of Wall Street on the blockchain and the growing need for agentic AI systems to utilize neutral blockchains. He framed the asset as a fundamental play on institutional adoption and AI infrastructure.
Following its recent uplisting to the New York Stock Exchange, BMNR shares fell 2.25% in premarket trading. The stock has declined 32% year-to-date, coinciding with a weekend dip in ether prices to $2,199.
Bitmine currently ranks as the largest corporate ether treasury globally. It is the second-largest crypto treasury overall, trailing only MicroStrategy's Bitcoin holdings.
