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BitMine Immersion Technologies, a Texas-based crypto infrastructure and treasury firm, has disclosed combined holdings of $11.4 billion in cryptocurrencies and cash as it moves to uplist its shares to the New York Stock Exchange. The company, which trades under the ticker BMNR, will officially transition from NYSE American and begin trading on the NYSE on April 9, 2026, with its final day on the previous listing venue set for April 8.
BitMine’s $ETH accumulation strategy and holdings
BitMine currently holds 4,803,334 Ethereum ($ETH), 198 Bitcoin (BTC), a $200 million stake in Beast Industries, $92 million in Eightco Holdings, and $864 million held in cash. $ETH represents the company’s overwhelming focus, now accounting for 3.98% of $ETH in circulation. This milestone pushes BitMine closer to its stated goal of controlling 5% of the total Ethereum supply.
Pursuing this target has been central to the firm’s strategy since it shifted away from Bitcoin mining in mid-2025, realigning its focus on Ethereum accumulation and staking. Recent weeks have seen the company accelerate its $ETH purchases, acquiring more than 71,000 tokens in the week ending April 5—its most substantial single-week addition since December 2025.
BitMine has steadily increased the pace of its weekly $ETH acquisitions during 2026, with totals climbing from around 33,000 per week at the start of the year to over 70,000 currently. The company’s Ethereum holdings and purchasing strategy have attracted significant attention in the digital asset market.
Founded in Texas, BitMine Immersion Technologies has evolved from operating Bitcoin mining facilities to focusing on holding and staking Ethereum. The company offers institutional staking services and has sought to position itself as a leader in the crypto treasury space.
Ethereum’s role in market volatility and institutional adoption
Thomas “Tom” Lee, who serves as BitMine’s chairman and is widely known for his work at Fundstrat Global Advisors, positioned Ethereum as a resilient asset against global uncertainty related to the ongoing Iran conflict that began with joint US-Israeli military action at the end of February 2026.
“$ETH remains the second best performing asset since the start of the war, with a 6.8% gain and outperforming the S&P 500 by 1,130 basis points. And $ETH beating gold by 1,840 basis points demonstrates $ETH is the wartime store of value,” read an excerpt from BitMine’s announcement, citing Tom Lee.
Lee also pointed out that growing institutional interest in blockchain tokenization is fueling demand for Ethereum. He indicated that Ethereum’s public and neutral network architecture is drawing attention from the emerging sector of agentic AI systems.
Wider market instability, triggered by major energy supply disruptions identified by the International Energy Agency during the ongoing regional conflict, has brought fresh scrutiny to alternative assets. Lee sees Ethereum’s positive performance as an indication of renewed risk appetite among investors.
Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, echoed similar views during a recent council, anticipating that most institutional blockchain activity will concentrate on Ethereum for the foreseeable future.
“I think Ethereum probably wins for the next little while on the back of TradFi getting involved. As banks and others build in the blockchain space, it’s almost all going to happen on Ethereum for the next couple of years,” Kendrick commented.
Staking revenues and competitive position
BitMine has staked more than 3.33 million $ETH, now generating an annualized yield of 2.78% and staking revenues that reach $196 million annually. The company also launched MAVAN, a staking platform tailored for institutions and large token holders seeking secure and compliant Ethereum staking solutions.
BMNR stock ranks as the 96th most traded equity in the United States by daily dollar volume, sitting between established names like Schlumberger and Adobe. The firm’s roster of institutional backers features ARK Invest’s Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital, and Tom Lee himself.
Only Strategy Inc. (MSTR), which has accumulated 766,970 Bitcoin worth approximately $53.5 billion, surpasses BitMine in the global corporate crypto treasury rankings. Strategy’s singular focus on Bitcoin is facing competition as BitMine attracts institutional capital with its Ethereum-centric approach.
Industry observers are watching to see if BitMine’s NYSE uplisting, aggressive $ETH accumulation, and increasing staking revenue can mark a new phase in the broader adoption of Ethereum-focused treasury models among major companies.