Bitmine reports $16.2 billion in crypto, cash and marketable securities

NORWALK, Conn., Oct. 12, 2026 /PRNewswire/ — Bitmine Immersion Technologies, Inc. (NYSE: BMNR) said its crypto, total cash and marketable securities, and “moonshots” holdings — the company's term for early-stage blockchain investments — totaled $16.2 billion as of October 11, 2026, at 1:30 p.m. ET.

The company said its holdings included 6,028,946 ETH valued at $2,544 per ETH, based on Coinbase (NASDAQ: COIN), 214 Bitcoin (BTC), a $180 million stake in Beast Industries, an $85 million stake in Eightco Holdings (NASDAQ: ORBS), and $612 million in cash and marketable securities. Bitmine said its ETH holdings represented 4.9% of the total supply of 122.1 million ETH.

Bitmine said it is 99% of the way toward its “Alchemy of 5%” goal of acquiring 5% of the total ETH supply. The company has pursued the target for 15 months and said it acquired 12,532 ETH during the past. “Over the past week, we acquired 12,532 ETH. 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,” said Chairman Thomas “Tom” Lee. In the company's forward-looking disclosures, management has also said it is largely finished buying ETH.

The company said it remains supported by institutional investors including ARK's Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG and Galaxy Digital, as well as personal investor Thomas “Tom” Lee. Bitmine was added to the Russell 1000 Large-cap index on June 26, 2026.

Bitmine also said its Series A Perpetual Preferred Stock, issued at $80 in June under the symbol BMNP, was trading on the NYSE and last closed at $99.53. The company described BMNP as a 9.5% perpetual preferred stock — a class of shares that pays a fixed dividend and carries no maturity date.

Chairman's message and market outlook

On October 7, Bitmine published a Chairman's Message titled “Crypto Bull Underway — This Cycle Likely the Largest.” The presentation is available at the company's website:

“We believe Bitmine is positioned to outperform the crypto bull market that we expect to be coming, as the company has strengthened its competitive position over the past year in the midst of a crypto winter (bear market),” Lee said.

“The accumulation of a majority of our 6 million ETH took place in the midst of a crypto bear market and with the Company nearing our 5% ETH accumulation target, we believe the company is attractively positioned ahead of the coming crypto bull,” Lee continued.

Lee said the issuance of BMNP was among Bitmine's key strategic steps during the past year. “BMNP, the Company's perpetual preferred stock, gained 24% since issuance outperforming fixed income as Treasuries (TLT) fell -8% in that same timeframe,” he said.

“BMNP has established a benchmark yield for ETH credit and at 9.56% is 256bp below that of comparable Bitcoin credit yield (STRC) and 515bp below that of comparable Solana yield (CHAD). This reflects the superior yield and stability characteristics of ETH, in my opinion,” Lee said.

Lee also compared the performance of Bitmine's common stock with ETH during the 2025-2026 bear market. “We believe that as crypto enters a cycle we expect to be a bull market, what is notable is Bitmine's share price outperformance of ETH during the bear market of 2025-2026. In the first 9 months of 2026, ETH declined 10% while BMNR was down by 3%, or outperformance of 731bp,” he said.

“The outperformance of ETH by 6,832bp relative to the S&P 500 in 3Q26 is notable considering the substantial macro headwinds that emerged in the quarter including a ‘hawkish' Fed, surging oil, rise in global bond yields and general tightening of financial conditions. For the quarter, ETH outperformed by 6,832bp, dwarfing other macro assets,” Lee said.

Lee identified tokenization, wealth transfer, supply absorbed by digital asset treasuries (DATS) — companies that hold crypto assets on their balance sheets — and crypto as an artificial-intelligence downstream story as potential drivers of what he described as the largest-ever crypto bull market.

Vlad Tenev, CEO of Robinhood, recently said on CNBC that “$100 trillion of wealth transfer is underway.” The interview is available at

Based on data compiled by the IRS and Fundstrat, Bitmine said this wealth effect is estimated at $1.5 trillion to $2.0 trillion between 2026 and 2028.

“The wealth transfer underway is expected to support the upcoming crypto bull market as those inheriting wealth are younger and likely have a higher risk appetite for crypto and equities. We expect this effect to be more pronounced in the bull market we expect to be upcoming compared to the prior 2019-2021 cycle as the wealth transfer is projected to be a much larger dollar value transfer compared to last cycle,” Lee said.

Lee said another difference from the 2019-2021 period was that crypto DATS had absorbed a larger share of crypto supply. “DATS represent essentially permanent supply removed from the crypto market and this dynamic is favorable ahead of the upcoming crypto bull cycle, particularly compared to the prior 2019-2021 period, when DATS were not a factor,” he said.

MAVAN staking platform

Bitmine launched MAVAN, the Made in America VAlidator Network, earlier in 2026 as an institutional-grade staking platform. Staking, in which ETH holders pledge tokens to help validate the Ethereum network in exchange for rewards, is the mechanism through which Bitmine earns staking rewards and validation income on its treasury. The company initially developed MAVAN to support its own Ethereum treasury and said it had expanded the platform to institutional investors, custodians and ecosystem partners seeking staking infrastructure. A portion of Bitmine's ETH is already staked on MAVAN.

As of October 11, 2026, Bitmine said its total staked ETH stood at 5,067,309, valued at $12.9 billion at $2,544 per ETH. The amount represented 84% of the company's 6.03 million ETH holdings.

“Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine's ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward would be $400 million on an annualized basis (using 2.61% 7-day BMNR yield). This compares to annualizedaking revenues at $336 million based upon BMNR's 5.1 million currently staked ETH (84% of the 6.03 million ETH held by Bitmine),” Lee said.

Both projections rest on a seven-day trailing yield that the company cautions may not represent future yields, and its filings list operational risks that include slashing events, network failures and cybersecurity breaches. Bitmine described its crypto holdings as the world's largest Ethereum treasury and the second-largest global treasury, behind Strategy Inc., which it said reportedly owned 848,000 BTC valued at approximately $77 billion. Bitmine also said it was the largest ETH treasury globally.

The company said it owns $85 million of Eightco Holdings, which it described as one of the only publicly listed equities in the world providing investors with indirect exposure to OpenAI.

Bitmine management said the GENIUS Act and the Securities and Exchange Commission's Project Crypto could be as transformational to financial services in 2026 as the U.S. action on August 15, 1971, that ended the Bretton Woods system and removed the U.S. dollar from the gold standard 55 years ago. The company said that event helped modernize Wall Street and led to the development of major financial and payment rails. The implementation and interpretation of both initiatives remain pending, according to the company's filings.

The company's fiscal full-year 2025 earnings presentation and corporate presentation are available at

About Bitmine

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 says 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 and generates yield on those holdings to support liquidity and capital formation. Since 2025, the company has expanded its blockchain infrastructure capabilities, including the development and deployment of MAVAN, its institutional staking and validation platform.

The company's activities also include investments in early-stage blockchain opportunities, described as “moonshot” investments, as well as ancillary mining, hosting and consulting services.

Additional details are available on X at https://x.com/bitmnr and https://x.com/fundstrat

Cautionary note on forward-looking statements

This press release contains statements that constitute “forward-looking statements” within the meaning of 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,” “targets,” “goal,” “potential,” “positioned,” “likely,” “may,” “will,” “would,” “could,” “should,” “view,” or similar expressions.

The company said its forward-looking statements include its goal of acquiring 5% of the total ETH supply, known as the “Alchemy of 5%” initiative; its digital asset accumulation and treasury strategy, including the expected pace, extent and continuation of ETH acquisitions and management's statement that it is largely finished buying ETH; and its staking operations, including projected annualized ETH staking rewards of approximately $400 million at scale and projected annualized staking revenues of approximately $336 million. Each projection is based on a seven-day trailing yield that may not represent future yields.

The statements also include MAVAN's expansion to institutional investors, custodians and ecosystem partners; management's views regarding future crypto market conditions, including that a crypto bull market is underway or forthcoming and could be the largest ever; and the anticipated effects of tokenization, wealth transfer, digital asset treasury supply absorption and artificial intelligence on crypto markets.

Additional forward-looking statements concern management's belief that Bitmine is positioned to outperform in future market conditions and its competitive position; management's views regarding BMNP, including its role as a benchmark for ETH credit yields and the yield and stability characteristics of ETH; estimates of future wealth transfer and its expected impact on demand for crypto and equities; management's belief that the GENIUS Act and SEC Project Crypto are or will be transformational to financial services; and statements regarding the future value of the company's crypto, cash, marketable securities and “moonshot” holdings.

These statements involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Relevant factors include the extreme volatility and unpredictability of digital asset prices, including ETH and Bitcoin; the concentration of the company's assets in ETH; the possibility that crypto markets do not enter a bull market or that any such market is shorter or smaller than anticipated; and the company's reliance on third-party pricing sources, reported market values, and third-party data and estimates, including estimates of wealth transfer, that may fluctuate materially or prove inaccurate.

Other risks include uncertainty in the valuation of illiquid and privately held investments, including the company's stake in Beast Industries; changes affecting the trading price and volume of the company's securities, including its common stock and BMNP; the relationship between the trading price of those securities and the value of its digital assets; the company's ability to pay dividends on BMNP; dilution from future equity or equity-linked securities; changes in ETH acquisition plans, including a decision to slow, pause or resume purchases; and the company's ability to execute its digital asset acquisition strategy and achieve its ETH accumulation targets, including the “Alchemy of 5%” goal.

Risks also include the company's ability to finance operations and MAVAN's expansion; operational, security and technological risks related to staking and validation, including network failures, slashing events, cybersecurity breaches and protocol changes; the possibility that actual staking yields, rewards and revenues differ materially from projections because short-term trailing yields may not persist; competition in digital asset treasury, staking and mining industries; and the risk that digital asset treasury companies sell rather than hold their digital assets.

Further risks include dependence on key personnel; regulatory developments affecting digital assets, blockchain technology and staking, including the implementation and interpretation of the GENIUS Act, SEC Project Crypto and other pending legislative or regulatory initiatives; actions by the SEC, CFTC and other regulatory bodies; risks related to “moonshot” investments, including Eightco Holdings Beast Industries; macroeconomic factors such as inflation, interest rates, monetary policy, oil prices and general economic conditions; changes to the Ethereum protocol; and the performance of third-party service providers, exchanges, custodians and staking partners.

The company also referred readers to the other risk factors described in its filings with the SEC. The forward-looking statements are based on information available to management as of the release date and reflect management's current expectations, estimates and beliefs concerning future events. Actual results may vary materially based on the factors described above and in the Risk Factors section of the company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed with the SEC on November 21, 2025; its Quarterly Reports on Form 10-Q; and its other SEC filings, as amended or updated.

Copies of the filings are available at and Bitmine cautioned readers not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and expressly disclaimed any obligation to update or revise them except as required by applicable law.