Tom Lee’s BitMine Storms the NYSE With $11 Billion in Crypto

Bitmine Immersion Technologies (BMNR) announced $11.4 billion in total crypto and cash holdings alongside approval to uplist to the New York Stock Exchange (NYSE).

The company will begin trading on the NYSE on April 9, 2026, after its stock ceases trading on the NYSE American following market close on April 8. BMNR will retain its ticker symbol.

BitMine’s ETH Treasury Grows to Nearly 4% of Total Supply

BitMine’s holdings as of this writing include 4,803,334 Ethereum (ETH) tokens valued at $2,146 per coin, 198 Bitcoin (BTC), a $200 million position in Beast Industries, a $92 million stake in Eightco Holdings (ORBS), and $864 million in cash.

The company now controls 3.98% of all ETH in circulation, placing it over 79% toward its stated goal of accumulating 5% of the total supply.

That target has been central to BitMine’s strategy since its pivot from Bitcoin mining to Ethereum accumulation in mid-2025.

BitMine acquired 71,252 ETH in the week ending April 5, its highest weekly purchase since late December 2025.

The company has steadily increased its weekly buying pace throughout 2026, rising from roughly 33,000 tokens per week in early January to above 70,000.

Tom Lee Frames ETH as a Wartime Safe Haven

Chairman Thomas “Tom” Lee, also known for his role at Fundstrat, positioned Ethereum’s performance against the backdrop of the ongoing Iran conflict, which began on February 28 with joint US-Israeli strikes.

“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 1,130bp. And ETH beating gold by 1,840bp demonstrates ETH is the wartime store of value,” read an excerpt in the announcement, citing Tom Lee.

Lee added that Ethereum benefits from Wall Street’s shift toward blockchain tokenization and growing demand from agentic AI systems for public, neutral networks.

The Iran war has triggered what the International Energy Agency called the largest supply disruption in oil market history, sending shockwaves through equities and commodities globally.

Against that backdrop, Lee argued that ETH’s absolute gains signal investor confidence that could eventually pull sidelined capital back into risk assets.

These remarks align with sentiment from Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, during a recent BeInCrypto Experts Council.

“I think Ethereum probably wins for the next little while on the back of TradFi getting involved. As banks and other build stuff on the blockchain space, it’s almost all going to happen on Ethereum for the next couple of years, I think,” Kendrick told BeInCrypto.

Staking and Institutional Backing

BitMine has 3,334,637 ETH staked, generating an annualized yield of 2.78% and annualized staking revenues of $196 million. The company also launched MAVAN, its institutional-grade Ethereum staking platform built to serve custodians and ecosystem partners.

The firm ranks as the 96th most traded stock in the US by daily dollar volume at $987 million, placing it between Schlumberger and Adobe.

Its institutional investor base includes ARK Invest’s Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital, and personal investor Tom Lee.

BitMine now trails only Strategy Inc. (MSTR) as the second-largest crypto treasury company globally. Strategy holds 766,970 BTC valued at approximately $53.5 billion.

The NYSE uplisting, increasing weekly ETH accumulation, and growing staking revenue suggest BitMine’s next phase will test whether institutional appetite for an Ethereum-focused treasury model can rival the attention that Strategy has drawn with Bitcoin.