Bitmine Immersion Technologies, Inc. (NYSE: BMNR) reported that its crypto, cash, marketable securities and “moonshot” holdings totaled $17.1 billion as of September 20, 2026, at 9:00 p.m. ET.

The company said its holdings included 5,983,940 ETH valued at $2,688 per token according to Coinbase, 212 BTC, $714 million in cash and marketable securities, a $180 million stake in Beast Industries and a $105 million stake in Eightco Holdings (NASDAQ: ORBS). Bitmine said its ETH holdings represented 4.9% of the total supply of 122.1 million ETH.

Bitmine also said it was 98% of the way toward its “Alchemy of 5%” goal of acquiring 5% of the total ETH supply. The company said it acquired 27,562 ETH over the past week and has purchased ETH every week since launching its ETH Treasury Strategy on June 30, 2025.

Thomas “Tom” Lee, Bitmine’s chairman, said the company believes a crypto bull market began in late June. He attributed the view to a rotation from artificial intelligence back to crypto, strengthening fundamentals related to tokenization and AI, and the ending of the four-year cycle.

“With only little more than a week left in calendar third quarter (3Q26), the outperformance of Ethereum as a macro asset continues to strengthen. Quarter to date, ETH is outperforming by 6,519bp, dwarfing other macro assets,” Lee said.

Lee said Bitmine views ETH’s performance in the third quarter as a potential precursor to a stronger move in the fourth quarter of 2026. He added that institutions had underweighted crypto in 2026, partly because of the performance of AI stocks earlier in the year, and said Bitmine expects institutions to substantially increase their crypto exposure during the final three months of 2026. He said this could add meaningful upside to gains recorded since June 30.

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

Staking operations

Bitmine said it had 5,067,309 ETH staked as of September 20, 2026, valued at $13.6 billion based on an ETH price of $2,688. The staked amount represented 85% of the company’s 5.98 million ETH holdings.

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

“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 $421 million on an annualized basis (using 2.62% 7-day BMNR yield),” Lee said.

Lee said annualized staking revenue was projected at $357 million. He added that Bitmine’s own staking operations generated a 2.62% seven-day yield on an annualized basis.

Bitmine said MAVAN is intended to be a premier Ethereum staking destination for BMNR and institutional investors.

Trading activity and investments

According to Fundstrat data, Bitmine’s stock recorded average daily dollar volume of $1.2 billion over the five trading days through September 18, 2026. The company said that ranked it No. 100 among 5,704 U.S.-listed stocks, behind Eaton Corp. at No. 99 and ahead of Ciena Corp. at No. 101. The release also cited Statista and Fundstrat research.

Bitmine said its crypto holdings made it the No. 1 Ethereum treasury and the No. 2 global treasury, behind Strategy Inc. (NASDAQ: MSTR), which reportedly owns 845,080 BTC valued at approximately $75 billion. Bitmine described itself as the largest ETH treasury in the world.

The company said it owns $105 million of Eightco Holdings (NASDAQ: ORBS), which it described as one of the only publicly listed equities in the world providing investors with indirect exposure to OpenAI. Bitmine also reported a $180 million stake in Beast Industries.

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.

Bitmine said it continues to be 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 company said these investors support its goal of acquiring 5% of ETH.

On July 16, 2026, Bitmine released its July 2026 Chairman’s Message, titled “ETH is the cure for the Uncanny Valley of Wealth.” The message is available at The company’s Fiscal Full Year 2025 earnings presentation and corporate presentation are available at Information and sign-up options are available at

Bitmine 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 says it is the world’s leading Ethereum Treasury company and implements a digital asset strategy for institutional investors and public market participants.

The company provides institutional-grade staking and validation infrastructure, through which it earns staking rewards and validation income, alongside bitcoin mining activities. It holds digital assets, generates yield on those holdings and uses them to support liquidity and capital formation. Since 2025, Bitmine has expanded its blockchain infrastructure capabilities, including by developing and deploying 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. The original company announcement was issued from Norwalk, Connecticut, on September 21, 2026, through PR Newswire. The source article is available at https://cryptofrontnews.com/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-5-98-million-tokens-and-total-crypto-and-total-cash-holdings-of-17-1-billion/.

Forward-looking statements

The company said the release contains statements that constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995, as amended. Such statements include statements that are not purely historical and may be identified by terms including “expects,” “projects,” “intends,” “plans,” “believes,” “anticipates,” “estimates,” “forecasts,” “targets,” “goals,” “may,” “will,” “would,” “could,” “should,” “view” and “see,” as well as similar expressions or their negatives.

The forward-looking statements include Bitmine’s goal of acquiring 5% of the total ETH supply, the “Alchemy of 5%” initiative and the statement that the company is 98% of the way toward that goal after 15 months. They also include statements about the company’s digital asset accumulation and treasury strategy, weekly ETH purchases since June 30, 2025, and its status as the largest ETH treasury in the world.

They further include projected annualized ETH staking rewards of approximately $421 million at scale, assuming Bitmine’s ETH is fully staked by MAVAN and its staking partners using a 2.62% seven-day BMNR yield; projected annualized staking revenue of approximately $357 million; the 2.62% annualized seven-day yield; and the statement that 85% of Bitmine’s ETH holdings are currently staked. The statements also cover MAVAN’s expansion to institutional investors, custodians and ecosystem partners and its intended position as a premier Ethereum staking destination.

Additional forward-looking statements concern Bitmine’s belief that a crypto bull market began in late June, driven by a rotation from AI to crypto, stronger crypto fundamentals centered on tokenization and AI, and the ending of the four-year cycle. They include statements that ETH is the best-performing macro asset in the third quarter of 2026 to date and has outperformed the S\u0026P 500 by 6,519bp; the belief that ETH’s third-quarter performance could precede a stronger move in the fourth quarter; and the expectation that institutions will substantially increase crypto exposure during the final three months of 2026, potentially adding meaningful upside to gains since June 30.

The statements also include management’s belief that 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. Bitmine said that 1971 event helped modernize Wall Street and create the financial and payment infrastructure of today, which the company said proved to be better investments than gold.

Other forward-looking statements concern Bitmine’s investments, including its belief that the Eightco Holdings investment provides indirect exposure to OpenAI; the $180 million Beast Industries stake; and the stated values of the company’s crypto, cash, marketable securities and “moonshot” holdings, including aggregate holdings of $17.1 billion and ETH holdings representing 4.9% of total ETH supply.

Bitmine said these 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 indicators and relative performance versus other macro assets may not recur or indicate future performance.

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

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

Actual staking participation, yields, rewards and revenue may differ materially from projected amounts because those projections are based on a seven-day yield and assume ETH is fully staked at scale. Risks also include uncertainty about the existence, timing, duration and drivers of a crypto bull market; the expected rotation from AI to crypto; the strengthening of crypto fundamentals; the timing of the four-year cycle; the possibility that a stronger fourth-quarter move will not occur; and the possibility that institutions will not increase their crypto exposure as expected.

Other risks include competition in digital asset treasury, staking and mining; dependence on key personnel, including executive leadership and advisers; regulatory developments affecting digital assets, blockchain technology and staking in the United States and globally; the enactment, implementation and interpretation of the GENIUS Act and other pending legislation and regulatory initiatives; and actions by the SEC, the Commodity Futures Trading Commission and other regulators.

The company also cited risks related to early-stage blockchain investments, including Eightco Holdings and Beast Industries; macroeconomic factors such as inflation, interest rates, Federal Reserve policy, labor conditions, war risks, rising yields and general economic conditions; uncertainty surrounding cryptocurrency market cycles; changes to the Ethereum protocol, including staking mechanics, validator requirements and reward structures; the performance of exchanges, custodians, staking partners and other third-party service providers; and the concentration of company assets in digital currencies, particularly Ethereum.

Bitmine said additional risks are 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, forecasts, projections, views and beliefs about future events and circumstances. 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. The company expressly disclaimed any obligation or undertaking to update, revise or supplement the statements to reflect changes in expectations or events, conditions or circumstances, except as required by applicable law or regulation.