Bitmine Immersion Technologies (NYSE: BMNR) said its crypto, cash, marketable securities and “moonshot” holdings totaled $15 billion as of October 25, 2026, while reporting 6,051,933 ETH and a $399.6 million share-repurchase program completed during 2026.

Holdings and Ethereum strategy

The company said that, as of October 25 at 2:00 p.m. ET, its holdings included 6,051,933 ETH valued at $2,356 per ETH, based on Coinbase (NASDAQ: COIN) pricing; 215 Bitcoin (BTC); a $180 million stake in Beast Industries; a $76 million stake in Eightco Holdings (NASDAQ: ORBS); and $514 million in cash and marketable securities. Bitmine classified its Beast Industries and Eightco Holdings investments as “moonshots.”

Bitmine said its ETH holdings represented 4.95% of the total ETH supply of 122.2 million tokens, putting the company 99% of the way toward its “Alchemy of 5%” goal after 15 months. The company said it acquired 10,452 ETH during the past week and has purchased ETH every week since launching its ETH Treasury Strategy on June 30, 2025. On the supply figure cited, roughly 58,000 additional ETH would take Bitmine to the 5% mark and formally complete the goal.

Bitmine also said it owns $76 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. OpenAI, the artificial-intelligence company behind ChatGPT, is privately held, leaving public investors few direct routes into it.

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, in support its goal of acquiring 5% of ETH.

Share repurchases

Bitmine said it repurchased 2.04 million shares during the past week at an average price of $22.48. During 2026, it has repurchased 22.9 million common shares at an average price of $17.48, for an aggregate amount of $399.6 million.

“This is the largest crypto treasury company common equity buyback ever executed, and reflects our commitment to shareholders,” Thomas “Tom” Lee, Bitmine’s chairman, said.

Buybacks return cash to shareholders who sell into the program and reduce the share count, leaving remaining holders with a larger proportional stake in the company.

Lee said the company intends to repurchase shares when management believes Bitmine’s stock is relatively undervalued, subject to market conditions and the existing repurchase authorization. He said optimizing shareholder value remains the company’s top objective.

Bitmine was added to the Russell 1000 large-cap index on June 26, 2026. Its Series A preferred stock trades on the New York Stock Exchange under the symbol BMNP.

Market comments and staking operations

“Crypto got pulled down by the same ‘risk off’ forces behind the AI sell-off. In contrast to late-2025 and early 2026, crypto pullbacks have been comparatively shallow. ETH has fallen 13% from its recent peak while US semiconductors ($SOXX) is down 20% in that same timeframe. We believe this is further evidence that a crypto bull market is underway,” Lee said.

Lee also said Bitmine was positioned to outperform the crypto bull market that management expects to be coming, after strengthening its competitive position during the past year amid what he described as a crypto winter, or bear market.

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

Staking, the mechanism underpinning platforms like MAVAN, allows ETH holders to commit tokens toward validation activity on Ethereum’s proof-of-stake network in exchange for rewards, with yields that move as the amount of staked ETH and network conditions change.

As of October 25, Bitmine said it had 5,227,037 staked ETH, valued at $12.3 billion at a price of $2,356 per ETH. The company said this was more ETH than had been staked by any other entity in the world.

“Bitmine has staked more ETH than other entities in the world. At scale (assuming Bitmine’s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward would be $368 million on an annualized basis (using 2.58% 7-day BMNR yield). This compares to annualized staking revenues at $318 million based upon 5.2 million staked ETH (86% of the 6.05 million ETH held by Bitmine),” Lee said.

The gap between those two figures shows how much of the larger projection depends on full deployment: about 86% of Bitmine’s ETH is staked under the current scenario, while the higher number assumes the entire treasury is put to work.

Bitmine said its crypto holdings made it the No. 1 Ethereum treasury and the No. 2 global treasury, behind Strategy Inc., which it said reportedly owns 848,517 BTC valued at approximately $74 billion. Bitmine described itself as the world’s largest ETH treasury. Corporate digital-asset treasuries of this kind hold tokens on their balance sheets, giving public-equity investors exposure to the underlying assets through listed shares.

On October 7, the company released a chairman’s message titled “Crypto Bull Underway — This Cycle Likely the Largest.” The message is available at

Bitmine management also said the GENIUS Act and the Securities and Exchange Commission’s Project Crypto could be as transformational for financial services in 2026 as the U.S. action on August 15, 1971, which ended the Bretton Woods system and removed the U.S. dollar from the gold standard 55 years ago. The company said that 1971 event helped catalyze the modernization of Wall Street, including the development of major financial institutions and financial and payment rails used today. How the two initiatives are ultimately implemented and interpreted is among the factors Bitmine itself lists as capable of shaping its staking and treasury operations.

Company background

Bitmine Immersion Technologies, together with its subsidiaries, describes itself as 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. Its operations include institutional-grade staking and validation infrastructure, through which it earns staking rewards and validation income, as well as bitcoin-mining activities.

Bitmine said it holds digital assets strategically and generates yield on those holdings to support liquidity and capital formation. Since 2025, it has expanded its blockchain infrastructure capabilities, including through the development and deployment of MAVAN, its institutional staking and validation platform. Its activities also include early-stage blockchain investments, described as “moonshot” investments, along with ancillary mining, hosting and consulting services.

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

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

Cautionary note on forward-looking statements

This article includes statements from Bitmine’s press release that constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995, as amended. Such statements are not purely historical and can generally be identified by terms including “expects,” “projects,” “intends,” “plans,” “believes,” “anticipates,” “estimates,” “may,” “will,” “would,” “could,” “should,” “view,” “likely,” “positioned” or similar expressions.

The forward-looking statements in the release concern the company’s goal of acquiring 5% of the total ETH supply, known as the “Alchemy of 5%” initiative, and its progress toward that goal; its digital-asset accumulation and treasury strategy, including continued weekly ETH acquisitions and its status as the largest ETH treasury in the world; and its intention to repurchase common shares when management believes they are relatively undervalued. They also concern the timing, amount and potential accretive effect of share repurchases, the company’s objective of optimizing shareholder value, and its staking operations.

The staking-related projections include approximately $368 million in annualized ETH staking rewards at scale, assuming the company’s ETH is fully staked, and approximately $318 million in annualized staking revenue based on currently staked ETH. Other forward-looking statements address MAVAN’s expansion to institutional investors, custodians and ecosystem partners; management’s views that a crypto bull market is underway, that the current cycle is likely to be the largest, and that Bitmine is positioned to outperform that market; ETH’s relative performance against U.S. semiconductor equities and other risk assets; management’s belief that the GENIUS Act and SEC Project Crypto are transformational to financial services; and the 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 company’s reliance on third-party pricing sources and reported market values, which may fluctuate materially; and changes in market conditions affecting the trading price and volume of the company’s securities.

Other risks include the company’s ability to execute its digital-asset acquisition strategy and achieve its ETH accumulation targets, including the “Alchemy of 5%” goal; and the timing, amount and manner of share repurchases. Repurchases depend on market conditions, the trading price of the company’s common stock, available capital and the terms of its existing authorization. The company is not obligated to repurchase any particular number of shares and may suspend or discontinue repurchases at any time.

Additional risks include the company’s ability to finance its 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; and the possibility that actual staking yields, rewards and revenue differ materially from projected amounts because yields fluctuate or the company’s ETH is not fully staked.

The release also cites competition in digital-asset treasury, staking and mining industries; 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 legislation or regulatory initiatives; actions by the SEC, the Commodity Futures Trading Commission and other regulatory bodies; risks related to the company’s “moonshot” investments, including Eightco Holdings and Beast Industries; macroeconomic factors such as inflation, interest rates and general economic conditions; changes to the Ethereum protocol; the performance of third-party service providers, exchanges, custodians and staking partners; and other risk factors described in the company’s SEC filings.

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 and beliefs concerning future events. Actual results may vary materially based on the factors described above and in the Risk Factors section of Bitmine’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed with the SEC on November 21, 2025, as well as 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 they are made, and expressly disclaimed any obligation to update or revise them except as required by applicable law.