Bitmine Immersion Technologies (NYSE: BMNR) said its combined cryptocurrency, cash, marketable securities and “moonshot” holdings totaled $17.1 billion as of September 20, 2026, including 5,983,940 ETH, 212 BTC, a $180 million stake in Beast Industries, a $105 million stake in Eightco Holdings (NASDAQ: ORBS), and $714 million in cash and marketable securities.

The company said its ETH holdings represented 4.9% of the total supply of 122.1 million ETH. At a price of $2,688 per ETH, based on Coinbase data, the holdings were valued at approximately $16.1 billion. Bitmine said it was 98% of the way toward its “Alchemy of 5%” objective of acquiring 5% of the total ETH supply, a target it says it has pursued over 15 months.

The announcement was issued from Norwalk, Connecticut, on September 21, 2026, in a PRNewswire release. Bitmine describes itself as a Bitcoin and Ethereum network company focused on accumulating crypto assets for long-term investment.

Thomas “Tom” Lee, Bitmine’s chairman, said the company believes a crypto bull market began in late June. He attributed that view to what he described as a rotation from artificial intelligence back to crypto, strengthening fundamentals centered on tokenization and AI, and the end 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.

Bitmine said ETH was the best-performing macro asset in the third quarter of 2026 to date, outperforming the S\u0026P 500 by 6,519 basis points. Lee said the company views ETH’s performance in the quarter as a possible precursor to a stronger move in the fourth quarter of 2026. He also said institutions had underweighted crypto during 2026, partly because of the performance of AI stocks early in the year, and that Bitmine expects institutions to substantially increase their crypto exposure during the final three months of 2026.

“We believe this could add meaningful upside to the gains seen since June 30th,” Lee said.

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 keynote is part of the conference, which Bitmine described as one of Asia’s leading blockchain and digital asset events. Additional information is available at

Bitmine said it acquired 27,562 ETH during the week preceding the announcement. Lee said the company had purchased ETH every week since launching its ETH Treasury Strategy on June 30, 2025.

The company also said it 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.

Staking and MAVAN

Bitmine reported that 5,067,309 ETH was staked as of September 20, 2026, representing approximately $13.6 billion at a price of $2,688 per ETH. The 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 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.

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, the company projects annualized ETH staking rewards of $421 million, using a 2.62% seven-day BMNR yield.

“Annualized staking revenues are now projected at $357 million,” Lee said. “And this 5.1 million ETH is 85% of the 5.98 million ETH held by Bitmine. Bitmine’s own staking operations generated a 7-day yield of 2.62% (annualized).”

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

Trading activity and holdings

According to data from Fundstrat, Bitmine’s stock recorded average daily dollar volume of $1.2 billion based on a five-day average as of September 18, 2026. The company said that ranked it 100th among 5,704 U.S.-listed stocks, behind Eaton Corp. at rank 99 and ahead of Ciena Corp. at rank 101. The release cited Statista.com and Fundstrat research.

Bitmine said its holdings made it the number-one Ethereum treasury and the number-two global corporate treasury, behind Strategy Inc. (NASDAQ: MSTR). The release said Strategy reportedly owned 845,080 BTC valued at approximately $75 billion. Bitmine said it remained the largest ETH treasury in the world.

The company also said it owned $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 reported a separate $180 million stake in Beast Industries.

Bitmine said it continued to receive support from 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 those investors supported its goal of acquiring 5% of ETH.

Bitmine’s July 2026 Chairman’s Message, titled “ETH is the cure for the Uncanny Valley of Wealth,” was released on July 16, 2026. The company’s Chairman’s Message is available at

Bitmine said its Fiscal Full Year 2025 earnings presentation and corporate presentation are available at

Regulatory and market outlook

Bitmine management said it believes 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 it viewed the 1971 event as a catalyst for the modernization of Wall Street, leading to the development of major financial institutions and financial and payment rails. It also said those developments proved to be better investments than gold.

About Bitmine

Bitmine Immersion Technologies, Inc. (NYSE: BMNR), 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 says it is the world’s leading Ethereum Treasury company and implements a digital asset strategy for institutional investors and public-market participants. It provides institutional-grade staking and validation infrastructure through which it earns staking rewards and validation income, alongside 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 the development and deployment of MAVAN, its institutional staking and validation platform. Its activities also include investments in early-stage blockchain opportunities, which it calls “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

The company’s 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 and other comparable terminology.

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

Other forward-looking statements concern Bitmine’s staking operations, including projected annualized ETH staking rewards of approximately $421 million at scale, assuming that Bitmine’s ETH is fully staked by MAVAN and its staking partners using a 2.62% seven-day BMNR yield; projected annualized staking revenues of approximately $357 million; the 2.62% annualized seven-day yield; and the statement that 85% of Bitmine’s ETH holdings is currently staked.

The statements also include MAVAN’s expansion to institutional investors, custodians and ecosystem partners seeking staking infrastructure, and its intended position as a premier Ethereum staking destination for BMNR and institutional investors.

The company’s forward-looking statements include its belief that a crypto bull market is underway and began in late June, driven by a rotation from AI to crypto, strengthening crypto fundamentals centered on tokenization and AI, and the end of the four-year cycle. They also 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 6,519 basis points.

Further statements include the belief that ETH’s third-quarter outperformance could precede a stronger move in the fourth quarter of 2026, the expectation that institutions will substantially increase their crypto exposure during the final three months of 2026, and the belief that this could add meaningful upside to gains since June 30.

The release also includes management’s belief that 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. Other forward-looking statements concern Bitmine’s investments, including its assertion that its Eightco Holdings investment provides indirect exposure to OpenAI, its $180 million stake in Beast Industries, and the value of its crypto, cash, marketable securities and “moonshot” holdings, including the aggregate $17.1 billion figure 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. Those risks include the extreme volatility and unpredictability of digital asset prices, including ETH and Bitcoin, and the speculative nature of digital asset investments.

They also include the risk that historical ETH price movements, technical indicators and relative performance against other macro assets will not recur or will not indicate future performance; Bitmine’s reliance on third-party pricing sources, including Coinbase, and reported market values in calculating the value of its crypto, cash, marketable securities and “moonshot” holdings; and the risk that those values could change materially after the date and time referenced in the release.

Additional risks include market conditions affecting the trading price and volume of Bitmine’s common stock and Series A Preferred Stock, and the possibility that inclusion in the Russell 1000 index will not produce anticipated benefits. The company also cited risks related to its ability to execute its digital asset acquisition strategy, continue weekly ETH acquisitions and achieve its ETH accumulation targets, including the “Alchemy of 5%” goal.

The release cited Bitmine’s ability to finance its business operations, Ethereum treasury operations and MAVAN expansion; operational, security and technological risks associated with staking and validation, including network failures, slashing events, cybersecurity breaches and protocol changes; and the possibility that actual staking participation, yields, rewards and revenues could differ materially from projected amounts based on a seven-day yield and the assumption that ETH will be fully staked at scale.

Other risks concern the accuracy of beliefs about the existence, timing, duration and drivers of a crypto bull market, including the expected rotation from AI to crypto, strengthening crypto fundamentals and the timing of the four-year cycle. They also include the possibility that the anticipated stronger move in the fourth quarter of 2026 will not occur and that institutions will not increase their crypto exposure as expected.

The company cited 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 regulatory bodies.

Risks related to Bitmine’s early-stage blockchain investments include its investments in Eightco Holdings, including the nature and extent of any indirect exposure to OpenAI, and Beast Industries. Other 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.

The release also cited the unpredictability of cryptocurrency market cycles; 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; concentration of the company’s assets in digital currencies, particularly Ethereum; and other risk factors described in Bitmine’s SEC filings.

The forward-looking statements in the release are based on information available to management as of the release date and reflect management’s current expectations, estimates, forecasts, projections, views and beliefs concerning future events and circumstances. Actual results may vary materially from those expressed or implied based on factors described in the release 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, the company’s Quarterly Reports on Form 10-Q and its other SEC filings, as amended or updated from time to time.

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