NORWALK, Conn., Sept. 14, 2026 — Bitmine Immersion Technologies, Inc. (NYSE: BMNR) reported that its crypto, cash, marketable securities and “moonshots” totaled $15.8 billion as of Sept. 13, 2026, at 5:30 p.m. ET. The figure is a point-in-time valuation based on the prices and holdings reported by the company.

The company said its holdings included 5,956,378 ETH valued at $2,513 per ETH, based on Coinbase (NASDAQ: COIN) pricing; 212 Bitcoin (BTC); a $180 million stake in Beast Industries; a $98 million stake in Eightco Holdings (NASDAQ: ORBS); and $549 million in cash and marketable securities. Bitmine said its ETH holdings represented 4.9% of the total ETH supply of 122.0 million ETH.

Bitmine said it is 98% of the way toward its “Alchemy of 5%” objective of acquiring 5% of the total ETH supply, reached in 15 months. The company said it remains supported by institutional investors including ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and personal investor Thomas “Tom” Lee.

Bitmine’s Series A Preferred Stock trades on the NYSE under the symbol BMNP. The company was added to the Russell 1000 Large-cap index on June 26, 2026.

ETH performance and company outlook

Thomas “Tom” Lee, chairman of Bitmine, said the ETH-to-BTC price ratio had reached its highest level since Jan. 30, 2026, and established a new uptrend after breaking the trendline in place since the COVID-19 highs.

“In our view, this reflects Ethereum’s strengthened position as the settlement rails for Wall Street tokenization and the increased realization that Ethereum may play a critical central role in managing agentic-AI,” Lee said. “What is impressive is this strength in the absolute price of ETH and ETH/BTC taking place while global equities remain rangebound due to war risks and rising yields.”

Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, said he expects ETH to make a sharp upward move in the coming weeks. “In August, ETH moved sideways without a downside break and the 12-day metric expired, which implies a renewal of the upside move,” DeMark said. “We believe this further supports the continuation of the prior uptrend. We expect late August’s sharp one-day rally was a likely preview of the pending advance.”

Lee said ETH was the best-performing macro asset during the third quarter of 2026 through the previous Friday, outperforming the S\u0026P 500 by 5,866 basis points. He said ETH, SOL and BTC were the three best-performing assets since June 30.

“We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in calendar Q3 so far,” Lee said.

Lee also cited what he described as multiple potential catalysts for the final months of 2026, including the CLARITY Act vote scheduled for mid-September. He said Korean investors had resumed buying crypto while rotating away from AI stocks, and that the four-year crypto cycle was bottoming within the next few weeks in his view. Lee said these developments could precede sizable institutional participation in crypto purchases, particularly amid what he described as tailwinds from tokenization and agentic-AI.

Lee is scheduled to deliver the keynote at Korea Blockchain Week 2026 on Sept. 30 at 11:20 a.m. at Walkerhill Hotels \u0026 Resorts in Seoul. The 25-minute keynote is part of Korea Blockchain Week, described by Bitmine as one of Asia’s leading blockchain and digital-asset conferences. Additional information is available on the Korea Blockchain Week website:

Lee said the ETH/BTC ratio has risen during previous crypto bull cycles as the use of Ethereum increased relative to Bitcoin. He associated earlier cycles with initial coin offerings in 2017-2018, non-fungible tokens in 2020-2021 and stablecoins in 2025. For the upcoming cycle, he said Bitmine expects the ETH/BTC ratio to rise as Wall Street tokenizes assets on blockchains and agentic-AI uses blockchains.

“Over the past week, we acquired 27,180 ETH,” Lee said. “Bitmine’s track record of consistent buying of crypto is unmatched by any public company in the world. Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025.”

Staking and MAVAN

Bitmine launched MAVAN, the Made in America VAlidator Network, earlier in 2026 as an institutional-grade staking platform. The platform was initially developed for Bitmine’s Ethereum treasury and has expanded to serve institutional investors, custodians and ecosystem partners seeking staking infrastructure. A portion of Bitmine’s ETH is already staked through MAVAN.

As of Sept. 7, 2026, Bitmine reported 5,067,309 staked ETH, valued at $12.7 billion using an ETH price of $2,513. Lee said this was more ETH than any other entity had staked. At scale, when Bitmine’s ETH is fully staked by MAVAN and its staking partners, the company projects annualized ETH staking rewards of $392 million using a 2.62% seven-day BMNR yield.

“Annualized staking revenues are now projected at $334 million,” Lee said. “And this 5.1 million ETH is 85% of the 5.96 million ETH held by Bitmine. Bitmine’s own staking operations generated a 7-day yield of 2.62% (annualized).”

Bitmine said MAVAN is a premier Ethereum staking destination for BMNR and institutional investors. The company’s July 16, 2026, Chairman’s Message was titled “ETH is the cure for the Uncanny Valley of Wealth.” It is available at

Trading activity and treasury ranking

According to Fundstrat data, Bitmine’s stock had average daily dollar volume of $924 million based on a four-day average as of Sept. 11, 2026. The company said this ranked it No. 98 among 5,704 U.S.-listed stocks, behind Intuit Inc. at No. 97 and ahead of Verizon Communications at No. 99. The company cited statista.com and Fundstrat research for the figures.

Bitmine said its crypto holdings represented the No. 1 Ethereum treasury and the No. 2 global treasury, behind Strategy Inc. (NASDAQ: MSTR). Strategy reportedly owns 845,080 BTC valued at approximately $71 billion. Bitmine said it remains the largest ETH treasury in the world.

The company’s management said the GENIUS Act and the Securities and Exchange Commission’s Project Crypto could be as transformational to financial services in 2026 as U.S. action on Aug. 15, 1971, which ended the Bretton Woods system and removed the U.S. dollar from the gold standard 55 years ago. Management said that event helped modernize Wall Street and create the financial and payment infrastructure of today, which it said proved to be better investments than gold.

Bitmine’s fiscal full-year 2025 earnings presentation and corporate presentation are available at The company’s contact page is

Company profile

Bitmine Immersion Technologies, Inc. (NYSE: BMNR), together with its subsidiaries, is a blockchain technology infrastructure company operating across institutional digital-asset staking and validation services, bitcoin mining and strategic digital-asset management.

The company describes itself as the world’s leading Ethereum Treasury company and said it implements a digital-asset strategy for institutional investors and public-market participants. Bitmine provides institutional-grade staking and validation infrastructure through which it earns staking rewards and validation income, alongside bitcoin mining activities. It holds digital assets strategically and generates yield on those holdings to support liquidity and capital formation.

Since 2025, Bitmine has expanded its blockchain infrastructure capabilities, including the development and deployment of MAVAN, its institutional staking and validation platform. Its activities also include investments in early-stage blockchain opportunities, described as “moonshot” investments, as well as ancillary mining, hosting and consulting services.

Additional information is available on X at https://x.com/bitmnr and https://x.com/fundstrat.

Forward-looking statements

This press release contains statements that constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include statements that are not purely historical and can generally be identified by terms such as “expects,” “projects,” “intends,” “plans,” “believes,” “anticipates,” “estimates,” “forecasts,” “targets,” “goals,” “may,” “will,” “would,” “could,” “should,” “view,” “see” or similar expressions, including the negative of those terms.

The release includes forward-looking statements concerning Bitmine’s goal of acquiring 5% of the total ETH supply, known as the “Alchemy of 5%” initiative, and its statement that it is 98% of the way toward achieving that goal in 15 months. It also includes statements about the company’s digital-asset accumulation and treasury strategy, including continued weekly ETH acquisitions since the ETH Treasury Strategy began on June 30, 2025, and the company’s status as the largest ETH treasury in the world.

The statements include projections for Bitmine’s staking operations, including approximately $392 million in annualized ETH staking rewards at scale if the company’s ETH is fully staked by MAVAN and its staking partners using a 2.62% seven-day BMNR yield; approximately $334 million in currently projected annualized staking revenues; and the 2.62% annualized seven-day yield. They also include statements about MAVAN’s expansion to institutional investors, custodians and ecosystem partners and its intended position as a premier Ethereum staking destination for BMNR and institutional investors.

The release contains expectations regarding ETH price performance and market movements, including DeMark’s expectation that ETH will make a sharp upward move in the coming weeks based on technical analysis. It includes the belief that ETH’s August sideways movement implies a renewal of the upside move and that a previous one-day rally was likely a preview of a pending advance.

The release also describes ETH as the best-performing macro asset in the third quarter of 2026 to date, with a 5,866-basis-point performance advantage over the S\u0026P 500, and states that this performance could set the stage for institutions to add to their crypto holdings.

Additional forward-looking statements concern management’s belief that multiple positive catalysts exist for the final months of 2026, including the CLARITY Act vote scheduled for mid-September 2026, renewed buying by Korean investors and their rotation away from AI stocks, the view that the four-year crypto cycle is bottoming within the next few weeks, and the expectation of sizable institutional participation in crypto purchases during the final months of 2026, particularly because of tokenization and agentic-AI.

The statements also concern the ETH/BTC ratio. Bitmine said the ratio reached its highest level since Jan. 30, 2026, and established a new uptrend. Management expects the ratio to rise during the upcoming crypto cycle as Wall Street tokenizes assets on blockchains and agentic-AI uses blockchains, similar to earlier cycles associated with ICOs in 2017-2018, NFTs in 2020-2021 and stablecoins in 2025.

Other statements concern Ethereum’s strengthened position as settlement rails for Wall Street tokenization and the increased realization that Ethereum may play a central role in managing agentic-AI. Management also believes the GENIUS Act and SEC Project Crypto could be as transformational to financial services in 2026 as the end of the Bretton Woods system in 1971, and that investments resulting from those developments will prove better than gold.

Forward-looking statements also cover Bitmine’s investments, including its statement that the Eightco Holdings investment provides investors with indirect exposure to OpenAI and its $180 million stake in Beast Industries. They include statements regarding the value of the company’s crypto, cash, marketable securities and “moonshot” holdings, including aggregate holdings of $15.8 billion and ETH holdings representing 4.9% of the total ETH supply.

These forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Risks include the extreme volatility and unpredictability of digital-asset prices, including ETH and Bitcoin, and the speculative nature of digital-asset investments. Historical ETH price movements, technical-analysis indicators, ETH/BTC ratio trends and relative performance against other macro assets may not recur and may not indicate future performance.

Bitmine relies on third-party pricing sources, including Coinbase, and reported market values when calculating the value of its crypto, cash, marketable securities and “moonshot” holdings. Those values may fluctuate materially after the date and time referenced in the release. Changes in market conditions could affect the trading price and volume of the company’s common stock and Series A Preferred Stock, and inclusion in the Russell 1000 index may not produce anticipated benefits.

Additional risks include Bitmine’s ability to execute its digital-asset acquisition strategy, continue weekly ETH acquisitions and achieve its ETH accumulation targets, including the “Alchemy of 5%” goal; its ability to finance business operations, Ethereum treasury operations and MAVAN’s expansion; and operational, security and technological risks associated with staking and validation, including network failures, slashing events, cybersecurity breaches and protocol changes.

Actual staking participation, yields, rewards and revenues may differ materially from the projected amounts described in the release, which are based on a seven-day yield and assume that ETH is fully staked at scale. Other risks include competition in digital-asset treasury, staking and mining; dependence on key personnel, including executive leadership and advisers such as Tom DeMark; and regulatory developments affecting digital assets, blockchain technology and staking in the United States and globally.

Those regulatory risks include the timing and outcome of the scheduled CLARITY Act vote and the enactment, implementation and interpretation of the GENIUS Act and other pending legislation and regulatory initiatives. They also include actions by the SEC, the Commodity Futures Trading Commission and other regulatory bodies affecting digital assets and related businesses.

Risks related to early-stage blockchain investments include the investments in Eightco Holdings, including the nature and extent of any indirect exposure to OpenAI, and Beast Industries. Macroeconomic risks include inflation, interest rates, Federal Reserve monetary policy, labor-market conditions, war risks, rising yields and general economic conditions affecting investor sentiment toward digital assets, including the behavior of Korean and other international investors.

The company also cautioned that technical-analysis predictions and management’s expectations regarding ETH price movements, the ETH/BTC ratio, Ethereum’s role in Wall Street tokenization and agentic-AI, and the effect of tokenization and agentic-AI applications on Ethereum may prove inaccurate. Cryptocurrency market cycles are unpredictable, including whether the four-year cycle bottoms as anticipated and whether institutional participation develops as expected.

Other risks include changes to the Ethereum protocol, including staking mechanics, validator requirements and reward structures; the performance of third-party service providers, exchanges, custodians and staking partners; and the concentration of the company’s assets in digital currencies, particularly Ethereum. Additional risks are described in the company’s filings with the SEC.

The forward-looking statements are based on information available to management as of the date of the release and reflect management’s current expectations, estimates, forecasts, projections, views and beliefs concerning future events and circumstances. Actual results may vary materially because of the factors described above and in the risk factors section of Bitmine’s Annual Report on Form 10-K for the fiscal year ended Sept. 30, 2025, filed with the SEC on Nov. 21, 2025; its Quarterly Reports on Form 10-Q; and other SEC filings, as amended or updated.

Copies of those filings are available at and Bitmine cautioned readers not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. The company expressly disclaims any obligation or undertaking to update, revise or supplement forward-looking statements to reflect changes in its expectations or in the events, conditions or circumstances on which the statements are based, except as required by applicable law or regulation.