Bitmine Immersion Technologies (BMNR) has crossed the 5 million ETH threshold, equivalent to roughly 4.2% of the asset’s total circulating supply, according to a Monday press release. The company is now 84% of the way toward its target of owning 5% of all Ether in existence.

At current levels of $2,314 per ETH, Bitmine’s Ether position is valued at about $11.5 billion. In addition, the company holds $940 million in cash, along with investments of $200 million in Beast Industries and $91 million in Eightco Holdings, resulting in total assets of $13.3 billion.

“Several recent research reports, including the latest research by Etherealize, argue ETH is a ‘store of value’ and will be held as collateral as digital assets are increasingly used in financial transactions,” Thomas “Tom” Lee, Chairman of Bitmine, said in a statement.

“This new role for ETH has arguably been demonstrated by its outperformance since the Iran War commenced,” Lee noted, reiterating that Ether has beaten the S&P 500 by 1,696 basis points since the war started with ongoing support from asset tokenization and AI-driven demand for neutral blockchain infrastructure.

Staking through MAVAN

Bitmine has staked 3,7 million ETH through its proprietary MAVAN platform (Made in America Validator Network), generating $264 million in annualized staking revenue.

That’s about 73% of the company’s total ETH holdings locked up and earning yield at a rate of roughly 3%, slightly above the broader Composite Ethereum Staking Rate. When the remaining ETH is fully staked, Bitmine projects annual staking rewards of $363 million.

The numbers put Bitmine behind only Strategy, which holds over 818,000 Bitcoin valued near $64 billion, among publicly traded digital asset treasuries.

But while Strategy pioneered the ‘buy Bitcoin with corporate funds’ playbook, Bitmine is running a different operation. Bitcoin doesn’t offer native staking yield. Ethereum does. So Bitmine isn’t just betting on price appreciation; it’s building a compounding cash flow stream on top of its multi-billion dollar Ethereum holdings.

Stock exchange and trading

BMNR moved from the NYSE American exchange to the main New York Stock Exchange board on April 9. The stock now trades about $845 million in average daily dollar volume, ranking it 129th among all US-listed equities, between Nike and Comfort Systems USA, out of more than 5,700 names.

The investor roster includes ARK Invest’s Cathie Wood, Peter Thiel’s Founders Fund, Pantera Capital, Galaxy Digital, and Kraken. Bill Miller III and Lee himself hold personal stakes.