Bitmine Holds 4.8M ETH Worth $10.2B and Moves to NYSE

Bitmine Immersion Technologies (BMNR) has become the first public company to hold nearly 4% of all Ethereum in circulation. As of April 6, 2026, the company holds 4.8 million ETH worth approximately $10.2 billion. Of that, 3.33 million ETH is already staked through Mavan, its institutional-grade validator network that began full operations this week. The company also announced that its shares will begin trading on the New York Stock Exchange, uplisted from NYSE American, starting April 9.

Mavan: Staking as a Business Model

The defining difference between Bitmine and Strategy is staking. The company has deposited 3.33 million ETH worth $7.1 billion through Mavan, its proprietary institutional validator. At a 2.78% annual yield, this generates $196 million in staking rewards - a recurring revenue stream that Strategy's bitcoin treasury does not produce. When Bitmine deploys its full ETH reserve into staking, it projects $282 million in annual rewards.

Over the past week, Bitmine acquired 71,252 ETH - the largest weekly purchase pace since late December. Chairman Tom Lee framed the buying as a bet that the market is in "the final stages of the mini-crypto winter."

ETH as a "Wartime Store of Value"

Tom Lee is making a case that would have seemed far-fetched a year ago. Since the Iran conflict began, Ethereum has gained 6.8%, outperforming the S&P 500 by 1,130 basis points and gold by 1,840 basis points. On that basis, Lee called ETH a "wartime store of value" - a token that, unlike equities, responds to geopolitical stress as a defensive asset.

The comparison with Strategy is direct: Bitmine holds 3.98% of all Ethereum while Strategy controls 3.8% of all Bitcoin. Both companies have turned treasury accumulation into a stock market narrative, and both are buying aggressively as prices fall.

Shareholder Base and Market Weight

BMNR now ranks among the 100 most traded stocks in the U.S., with average daily volume of $987 million - sitting between Schlumberger and Adobe. The company's investors include ARK Invest, Founders Fund, Pantera Capital, and Galaxy Digital. The move to the main NYSE from NYSE American reflects the company's grown market cap and expanding institutional investor base.

For those watching ETH price dynamics and considering how to sell Ethereum for hryvnia, it is worth noting: concentrating 3.98% of circulating ETH under one entity creates a structural factor for the asset's price that did not exist six months ago.

Bottom Line

Bitmine has crossed into new territory: from a company buying ETH, it has become a systemic player with its own staking infrastructure and control of nearly 4% of all Ethereum. The NYSE uplisting and projected $282 million in annualized recurring income make BMNR one of the most compelling crypto-adjacent public companies of 2026.