Bitmine Immersion Technologies said its ether treasury has climbed to 4.803 million ETH, a holding the company values at about $10.2 billion based on an average purchase price of $2,123 per token, as it prepares to shift its stock from NYSE American to the New York Stock Exchange on April 9 under the ticker BMNR. The company said the position now represents 3.98% of ether in circulation and marks another step in the rise of listed firms using digital assets as treasury reserves rather than as a side business. The company said 3,334,637 ETH of that stockpile has been staked, carrying a stated value of about $7.1 billion and generating annualised staking revenue of $196 million. Bitmine added that its seven-day staking yield was running at 2.78%, broadly in line with the Composite Ethereum Staking Rate tracked by Quatrefoil. Those figures matter because Bitmine is not presenting ether merely as a balance-sheet asset; it is presenting it as a productive treasury that can generate on-chain income while the company pursues scale.
The transfer to the main NYSE board gives the company a stronger institutional platform at a time when crypto treasury models are again drawing investor attention. Bitmine said trading on NYSE American will end after the market closes on April 8 and trading on the NYSE will begin at the opening bell on April 9. For a company that began as a digital-asset mining and hosting business, the move signals how sharply its identity has shifted towards becoming a publicly listed proxy for large-scale ether exposure.
Bitmine’s latest disclosure extends a buying run that has moved quickly through the first quarter. A week earlier, the company said it held about 4.732 million ETH and was generating annualised staking revenue of $177 million, showing that both the size of the treasury and the expected yield stream have increased in a matter of days. Earlier filings in February had placed Bitmine’s holdings at about 4.33 million ETH, underscoring the pace with which it has been accumulating tokens as it pushes towards its long-stated ambition of controlling 5% of total ether supply.
That strategy is helping define a wider corporate race around ether. Unlike bitcoin treasury companies, which largely rely on price appreciation to justify accumulation, ether-focused firms can argue that staking adds an operating return on top of any change in token prices. Reuters reported last year that smaller listed companies were piling into ether partly because staking offered an additional yield component that bitcoin cannot provide natively. Bitmine has become the clearest expression of that thesis, while companies such as SharpLink have also built sizeable ether treasuries and yield programmes.
Supporters of the model say that combination of treasury exposure and staking income could make ether more attractive to public companies seeking a crypto strategy with a cash-generation angle. Bitmine has also sought to deepen that case by developing MAVAN, an institutional-grade staking platform first built around its own treasury operations and intended for expansion to outside institutions and custodians. That suggests management sees staking infrastructure, not only token accumulation, as part of the company’s long-term commercial story.
Sceptics, however, point to familiar risks. Ether remains volatile, staking yields can compress, and the economics of treasury accumulation can look far weaker during price drawdowns. Coverage earlier this year noted that even with meaningful staking income, protocol rewards offset only a fraction of the losses that can build when crypto prices slide sharply. There are also governance, custody and regulatory questions around concentrating such a large share of a network’s liquid asset base inside a listed company whose shares may themselves trade at a premium or discount to the underlying holdings.
Another point of scrutiny is the company’s claim that 4.803 million ETH equals 3.98% of circulating supply. That percentage is based on a 120.7 million supply figure cited by Bitmine, though other live trackers have placed Ethereum’s circulating supply above 121 million in late March and early April. The discrepancy does not alter the scale of Bitmine’s treasury, but it does show how supply measurement can vary depending on the data source and timestamp used.
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Cryptocurrency