Bitmine’s ether holdings climb to 4.8 million ETH as it shifts toward a New York Stock Exchange listing.

Bitmine Immersion Technologies (BMNR) has expanded its ether (ETH) treasury to 4.8 million coins, valued at approximately $10.2 billion, bringing the firm close to its target of accumulating 5% of Ethereum’s total supply. The company now controls 3.98% of the 120.7 million ETH in circulation.

In a Monday announcement, Bitmine also confirmed that its shares will begin trading on the New York Stock Exchange on April 9, following an uplisting from NYSE American.

The company has staked 3.33 million ETH—worth roughly $7.1 billion—through its newly launched institutional validator network, Mavan. This position generates an estimated $196 million in annualized staking revenue at a 2.78% yield, offering a recurring income stream.

Over the past week, Bitmine acquired 71,252 ETH, marking its fastest accumulation pace since late December. Chairman Tom Lee described the move as a strategic bet that ether is nearing the end of a “mini crypto winter.”

Including cash and other digital assets, Bitmine’s total holdings stand at $11.4 billion. The portfolio includes $864 million in cash, 198 BTC, and smaller stakes in Beast Industries and Eightco Holdings.

At full deployment, Bitmine expects staking rewards to rise to $282 million annually. Lee also pointed to ether’s recent outperformance during geopolitical tensions, positioning ETH as a potential “wartime store of value.”