Bitmine Holds 4.8M ETH, Uplists to NYSE
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- Bitmine Immersion Technologies now holds 4.8 million ETH, worth roughly $10.2 billion, representing 3.98 % of the circulating supply and nearing its 5 % target.
- Bitmine will uplist its shares to the New York Stock Exchange on April 9, moving from NYSE American.
- Mavan staking network (operated by Bitmine) currently stakes 3.33 million ETH, generating $196 million in annualized staking revenue at a 2.78 % yield.
- Bitmine bought 71,252 ETH in the past week, its fastest acquisition pace since late December, framing the purchase as a bet on ETH's “final stages of the mini‑crypto winter.”
- Bitmine positions ETH as a “wartime store of value,” noting a 6.8 % gain since the Iran conflict began, outpacing the S&P 500 by 1,130 bps and gold by 1,840 bps.
- Bitmine is now the 96th most traded U.S. stock, with average daily volume of $987 million, ranking between Schlumberger and Adobe.
Why it matters: Bitmine’s 4.8 million ETH stash and $196 million annual staking revenue give the firm a cash flow that its NYSE debut will showcase, while its wartime‑store‑of‑value framing—highlighting a 6.8 % gain since the Iran conflict and outperformance versus the S&P 500 and gold—underscores ETH’s appeal as a hedge and positions the company as a leading ETH holder, contrast to rival treasuries lacking such revenue.
