BitMine Immersion Technologies’ Ethereum treasury gained approximately $1.13 billion in market value Wednesday as ETH rose from an intraday low of $1,905.44 to above $2,100, extending a roughly 9% rally. Based on the company’s disclosed holdings of 5,815,164 ETH, the position is now worth about $12.21 billion at $2,100, compared with approximately $11.01 billion when valued at $1,893 in BitMine’s latest official disclosure. BitMine said it held the ETH as of August 16, equivalent to about 4.8% of Ethereum’s 120.7 million supply. About 87% of its holdings, or 5,067,309 ETH, was staked (locked to support the network and earn rewards), with that portion worth roughly $10.64 billion at $2,100. BitMine estimates current staking operations could generate around $250 million in annualized revenue, or approximately $287 million if all its ETH is staked through MAVAN and its staking partners. The figures are company projections and depend on staking yields. Bitmine shares, traded under NYSE:BMNR, closed Wednesday at $20.24, up 10.72%, giving the company a market capitalization of roughly $11.17 billion. The value of BitMine’s Ethereum holdings therefore exceeded its equity market capitalization at $2,100 per ETH, although a full net asset value calculation would also include liabilities, preferred securities, dilution, other assets and capital structure. The changes represent unrealized asset-value gains, not trading profits or personal earnings for Chairman Tom Lee.