Bitmine Reports 6.07 Million ETH Holdings and $14.3 Billion in Crypto, Cash and Marketable Securities
Key Takeaways
- •Bitmine's combined crypto, cash, marketable securities and 'moonshot' holdings reached $14.3 billion as of Nov. 8, 2026, including 6,070,092 ETH valued at $2,234 per token based on Coinbase pricing.
- •The company's ETH position accounts for 4.97% of Ethereum's 122.2 million token supply, leaving it approximately 40,000 tokens short of its 'Alchemy of 5%' accumulation target.
- •Ethereum founder Vitalik Buterin stated at Devcon 8 in Mumbai that ETH is a store of value and money, a view chairman Tom Lee said aligns with ETH's role in an approaching supercycle of tokenization and AI.
- •Bitmine has staked 5,227,037 ETH valued at $11.7 billion and projects $359 million in annualized staking rewards at full scale, versus $309 million based on its currently staked amount.
- •The MAVAN staking platform, launched earlier in 2026 to support Bitmine's own treasury, has been expanded into a third-party staking service for institutional investors, custodians and ecosystem partners.
NORWALK, Conn., Nov. 9, 2026 — Bitmine Immersion Technologies, Inc. (NYSE: BMNR) reported that its crypto, total cash, marketable securities and “moonshot” holdings totaled $14.3 billion as of Nov. 8, 2026, at 2:00 p.m. ET.
The company said its holdings included 6,070,092 ETH valued at $2,234 per ETH, based on Coinbase (NASDAQ: COIN) pricing, 216 Bitcoin (BTC), $180 million invested in Beast Industries, $75 million invested in Eightco Holdings (NASDAQ: ORBS), and $475 million in cash and marketable securities. Bitmine said its ETH holdings represented 4.97% of the total ETH supply of 122.2 million ETH.
Bitmine said it is 99% of the way toward its “Alchemy of 5%” goal of acquiring 5% of the total ETH supply. At the reported total supply of 122.2 million ETH, that target works out to roughly 6.11 million ETH, leaving the company about 40,000 tokens short of the milestone. The company has bought ETH each week since launching its ETH Treasury Strategy on June 30, 2025 — a buy-and-hold accumulation model similar to the bitcoin treasury approach associated with Strategy Inc. — and reported acquiring 9,587 ETH over the past week.
Thomas “Tom” Lee, Bitmine’s chairman, said Vitalik Buterin, the founder of Ethereum, declared at Devcon 8 in Mumbai, Ethereum’s annual developer conference: “I’ve finally made up my mind, ETH is a store of value, ETH is money.” Lee said the statement, in his view, clarified how ETH could capture value during what he called the coming “supercycle of tokenization and AI.”
“In my opinion, ETH was not a ‘cash flow’ token model, like HYPE or LIT, but rather pristine and trusted collateral, and reflective of how Ethereum is the Layer 1 chosen by the vast majority of financial institutions moving assets onto the blockchain,” Lee said.
Bitmine said Buterin later expanded on his view of “ETH as store of value (SoV)” in an X.com post. The three reasons described were that ETH’s fee-burning mechanism — the London-upgrade feature that removes a portion of transaction fees from circulation — was not as strong “as it seemed”; optimizing for fee-burning was not necessarily compatible with decentralization and capture resistance; and optimizing for store-of-value characteristics aligned with ETH’s strengths in decentralization and CROPS.
Lee said, “In other words, ETH as a Store of Value is most consistent with the future roadmap of ETH and also the role ETH will play in the coming super tokenization supercycle.”
The X.com post referenced by Bitmine is available here:
Staking operations and MAVAN
As of Nov. 8, Bitmine reported total staked ETH of 5,227,037, valued at $11.7 billion at an ETH price of $2,234. Staking involves locking ETH to help validate activity on the Ethereum network, with participants earning rewards denominated in the token at rates that vary with overall network participation. The company said MAVAN, or the Made in America VAlidator Network, is a premier Ethereum staking destination for BMNR and institutional investors.
Bitmine launched MAVAN earlier in 2026 as an institutional-grade staking platform. Although the platform was initially developed to support Bitmine’s own Ethereum treasury, the company said it has expanded MAVAN to serve institutional investors, custodians and ecosystem partners seeking staking infrastructure — a shift that turns the platform from an internal treasury tool into a third-party staking service. A portion of Bitmine’s ETH is already staked through MAVAN.
Lee said Bitmine had staked more ETH than any other entity in the world. At scale, when Bitmine’s ETH is fully staked by MAVAN and its staking partners, projected annualized ETH staking rewards would be $359 million, using BMNR’s trailing seven-day staking yield of 2.65% as of Nov. 8, 2026. The company’s forward-looking statements caution that actual staking yields and rewards could differ materially from projected amounts.
The company said this compares with projected annualized staking rewards of $309 million based on 5.2 million staked ETH, or 86% of Bitmine’s 6.07 million ETH holdings.
Company holdings and corporate developments
Bitmine said its crypto holdings represented the world’s largest Ethereum treasury and the second-largest global treasury, behind Strategy Inc. (formerly MicroStrategy), which reportedly owns 849,327 BTC valued at approximately $69 billion. Bitmine also described itself as the largest ETH treasury in the world.
The company owns $75 million of Eightco Holdings (NASDAQ: ORBS), which Bitmine described as one of the only publicly listed equities in the world providing investors with indirect exposure to OpenAI. It also holds a $180 million stake in Beast Industries, the company founded by YouTube creator Jimmy “MrBeast” Donaldson.
Bitmine 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. The group supports Bitmine’s goal of acquiring 5% of ETH.
Bitmine released a chairman’s message on Oct. 7 titled “Crypto Bull Underway — This Cycle Likely the Largest.” The presentation is available through the company’s investor-relations website:
The chairman’s message is also available at Bitmine’s fiscal full-year 2025 earnings presentation and corporate presentation are available at The company’s contact page is
Bitmine was added to the Russell 1000 large-cap index, which tracks the 1,000 largest U.S. public companies, on June 26, 2026. Its Series A preferred stock trades on the NYSE under the symbol BMNP.
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.
Bitmine holds digital assets strategically 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. Its activities also include investments in early-stage blockchain opportunities, referred to 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.
Cautionary note on forward-looking statements
The company’s press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements include all statements that are not purely historical and can generally be identified by terms such as “expects,” “projects,” “intends,” “plans,” “believes,” “anticipates,” “estimates,” “may,” “will,” “would,” “could,” “should,” “view” or similar expressions.
The forward-looking statements specifically concern the company’s goal of acquiring 5% of the total ETH supply, known as the “Alchemy of 5%” initiative; 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 staking operations, including projected annualized ETH staking rewards of approximately $359 million at scale and currently projected annualized staking revenues of approximately $309 million based on currently staked ETH.
They also concern MAVAN’s expansion to serve institutional investors, custodians and ecosystem partners; management’s views regarding crypto market conditions, including the view that a crypto bull market is underway and the significance of the market reaction to the Binance theft and the resilience of the crypto industry; management’s opinion regarding the potential impact of the GENIUS Act — the federal stablecoin statute enacted in 2025 — and of the Securities and Exchange Commission’s Project Crypto, an initiative aimed at updating securities rules for blockchain-based markets, on financial services; and statements regarding the value of the company’s crypto, cash, marketable securities and “moonshot” holdings.
These forward-looking 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 risk that ETH does not achieve or maintain acceptance as a store of value; 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 Bitmine’s ability to execute its digital asset acquisition strategy and achieve its ETH accumulation targets, including the “Alchemy of 5%” goal; its ability to finance business operations and MAVAN’s expansion; and operational, security and technological risks associated with staking and validation operations. Those risks include network failures, slashing events, cybersecurity breaches, thefts and exploits involving exchanges, custodians and other industry participants, and protocol changes.
The company also identified the risk that actual staking yields and rewards could differ materially from projected amounts; competition in the digital asset treasury, staking and mining industries; dependence on key personnel; regulatory developments affecting digital assets, blockchain technology and staking activities; implementation and interpretation of the GENIUS Act, SEC Project Crypto and other proposed legislation or rulemaking; and actions by the SEC, the Commodity Futures Trading Commission and other regulatory bodies.
Additional risks relate to Bitmine’s “moonshot” investments, including its investments in Eightco Holdings and Beast Industries, and the performance of the underlying companies to which those investments provide indirect exposure. Macroeconomic factors, including inflation, interest rates and general economic conditions; changes to the Ethereum protocol or roadmap; the performance of third-party service providers, exchanges, custodians and staking partners; and other risks described in the company’s SEC filings could also affect results.
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 Sept. 30, 2025, filed with the SEC on Nov. 21, 2025; the company’s Quarterly Reports on Form 10-Q; and its other SEC filings, as amended or updated from time to time.
Copies of these 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. The company expressly disclaims any obligation to update or revise forward-looking statements except as required by applicable law.
