Bitmine Immersion Technologies has amassed 4.8 million ether, valued at about $10.2 billion, giving it control of nearly 4% of ETH’s circulating supply and positioning it within reach of its 5% target.

The company said its shares will begin trading on the New York Stock Exchange on April 9 after an uplisting from NYSE American.

Out of its total holdings, 3.33 million ETH—worth $7.1 billion—has been staked through its Mavan network, producing an estimated $196 million in annual revenue at a 2.78% yield.

Bitmine recently accelerated its accumulation, purchasing over 71,000 ETH in a week. Chairman Tom Lee characterized the strategy as a bet that ether is nearing the end of a “mini crypto winter.”

The firm’s total assets, including cash and other investments, now stand at $11.4 billion. It also holds a modest bitcoin position and stakes in several companies.

Looking ahead, Bitmine expects staking income to rise to $282 million annually once its full ETH treasury is deployed. Lee emphasized ether’s recent outperformance during geopolitical uncertainty, calling it a potential “wartime store of value.”