Bitmine Immersion Technologies is rapidly scaling its ether strategy, now holding 4.8 million ETH worth roughly $10.2 billion—equivalent to 3.98% of total circulating supply.
The company announced that it will begin trading on the New York Stock Exchange on April 9, marking a step up from its current listing on NYSE American.
A significant portion of its holdings—3.33 million ETH valued at $7.1 billion—has already been deployed into staking through its Mavan validator network, generating approximately $196 million in annualized revenue.
Bitmine’s latest buying spree saw it acquire more than 71,000 ETH in a single week, its most aggressive accumulation since December. Chairman Tom Lee suggested the move reflects confidence that ether is exiting a prolonged market slump.
The firm’s total crypto and cash holdings have reached $11.4 billion. Unlike bitcoin treasury firms, Bitmine benefits from staking yield, which could rise to $282 million annually once all ETH is deployed.
Lee also argued that ether is increasingly behaving as a geopolitical hedge, outperforming equities and gold since the onset of recent global tensions.
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