Bitmine (BMNR): Tom Lee Calls ETH the Best ‘Wartime Store of Value’ as Buys Accelerate

TLDR

• Bitmine (BMNR) bought 101,901 ETH last week, worth ~$236 million, pushing total holdings to 5,078,386 ETH
• The firm now holds 4.21% of Ethereum’s total supply, making it the world’s largest ETH treasury
• Around 3.7 million ETH is staked via its MAVAN platform, generating ~$264 million in annualized revenue
• Chairman Tom Lee says ETH has outperformed the S&P 500 by 1,696 basis points since the Iran War began
• Bitmine’s total crypto, cash, and equity holdings now stand at $13.3 billion

Bitmine Immersion Technologies (BMNR) disclosed on April 27 that it had purchased 101,901 ETH over the past week, valued at roughly $236 million at current prices. That purchase pushed its total ETH holdings to 5,078,386 tokens.

The milestone was confirmed by Chairman Tom Lee, who called it a major step forward. The company’s goal is to own 5% of all circulating ETH, and at 4.21% of the 120.7 million token supply, it is now 84% of the way there.

Bitmine reached 5 million ETH in roughly 10 months after pivoting from bitcoin mining to a digital asset treasury strategy in June 2025. Lee called the pace of accumulation “astonishing.”

Bitmine Immersion Technologies, Inc., BMNR

The latest weekly purchase was the highest single-week buying rate since the week of December 15, 2025. Bitmine has increased its ETH buying pace in each of the past four consecutive weeks.

The firm’s total holdings — crypto, cash, and equity stakes — stand at $13.3 billion. Its ETH position alone is valued at roughly $12 billion based on a price of $2,369 per token.

Cash on hand sits at $940 million. The firm also holds 200 Bitcoin and equity positions including a $200 million stake in Beast Industries and a $91 million position in Eightco Holdings (ORBS).

Staking Operations Drive Revenue

Of its 5.07 million ETH, around 3.7 million tokens — roughly 73% — are currently staked through MAVAN, its Made in America Validator Network. Annualized staking revenue has reached $264 million.

At full deployment, Bitmine projects $363 million in annual staking rewards, based on a 3.033% seven-day yield. The Composite Ethereum Staking Rate currently sits at 3.028%.

Bitmine launched MAVAN in March 2026, targeting institutional clients such as custodians and ecosystem partners alongside its own treasury operations.

Lee Makes the Case for ETH

Lee pointed to recent research from Etherealize to support the company’s conviction, arguing ETH is becoming a “store of value” and collateral asset as digital finance grows.

Lee also cited tokenization by Wall Street institutions and the growing use of public blockchains by AI systems as long-term demand drivers for Ethereum.

Bitmine is now the second-largest crypto treasury globally, behind Strategy Inc. (MSTR), which holds 780,897 BTC valued at $58.2 billion.

The company’s investor base includes Ark Invest’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, and Bill Miller III.

BMNR stock was unchanged in pre-market trading following the announcement.

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