Bitmine Expands Ethereum Treasury to $10.7 Billion, Positioning Asset as Geopolitical Hedge

Bitmine Immersion Technologies (BMNR) has revealed a massive expansion of its digital asset treasury, now holding 4.87 million ether (ETH) valued at approximately $10.7 billion. The company is currently 81% of the way toward its strategic goal of owning 5% of the total ETH supply. Chairman Tom Lee has framed Ethereum as a 'wartime store of value,' noting that the asset has gained 17.4% since the onset of the Iran conflict seven weeks ago. According to Lee, this performance significantly outperformed both the S&P 500 by 1,830 basis points and gold by 2,743 basis points during the same period. The company continues an aggressive accumulation phase, purchasing 71,524 ETH last week, marking the fourth consecutive week of elevated buying. Beyond simple holdings, Bitmine has staked 3,334,637 ETH—roughly 68% of its portfolio—generating an estimated $212 million in annualized revenue at a 7-day yield of 2.89%. Total assets under management stand at $11.8 billion, which includes $719 million in cash and strategic stakes in Beast Industries ($200 million) and Eightco Holdings ($85 million), the latter of which provides direct exposure to OpenAI. Now the world's largest corporate ether treasury and the second-largest crypto treasury overall, Bitmine recently uplisted to the New York Stock Exchange. Lee attributes the asset's long-term potential to the rise of agentic AI systems and the institutional tokenization of assets on the blockchain, viewing ETH as critical infrastructure rather than just a DeFi token.