Bitmine Immersion Technologies (NYSE: BMNR) reported $16.2 billion in combined cryptocurrency holdings, cash, marketable securities and selected private-company investments as of October 11, 2026. The company said it held approximately 6.03 million ether (ETH), representing about 4.9% of the reported circulating ETH supply, and had staked more than 5.06 million ETH through its staking operations. The figures highlight Bitmine’s strategy of accumulating Ethereum as a long-term treasury asset while expanding its institutional staking infrastructure.

Ethereum Treasury Reaches 6.03 Million ETH

Bitmine Immersion Technologies has reported a substantial Ethereum treasury as it continues to accumulate the cryptocurrency and develop staking services for institutional participants.

In its latest holdings update, the company reported 6,028,946 ETH valued at $2,544 per token as of October 11, 2026, at 1:30 p.m. Eastern Time. It also reported holdings of 214 bitcoin, $612 million in cash and marketable securities, a $180 million stake in Beast Industries and an $85 million stake in Eightco Holdings.

Bitmine grouped these assets into a reported total of $16.2 billion. The valuation reflects the company’s stated holdings and the cited ETH price at the reporting time; cryptocurrency prices can change significantly, so the figure should not be interpreted as a fixed or guaranteed asset value.

The company said its ETH holdings represented approximately 4.9% of a total supply of 122.1 million ETH. That concentration makes Ethereum’s market price, staking economics and network conditions particularly important to its treasury strategy.

Chairman Thomas “Tom” Lee said the company was approaching its stated target of accumulating 5% of the ETH supply. Bitmine said it purchased 12,532 ETH over the preceding week and has continued weekly acquisitions since beginning its Ethereum treasury strategy on June 30, 2025.

Staking Becomes a Core Part of the Strategy

Alongside accumulation, Bitmine is building its Ethereum staking operations through MAVAN, or the Made in America VAlidator Network. Originally developed to support the company’s own treasury, MAVAN has expanded to serve institutional investors, custodians and ecosystem partners, according to Bitmine.

As of October 11, the company reported 5,067,309 ETH staked, valued at approximately $12.9 billion using its cited ETH price. That represents roughly 84% of its reported 6.03 million ETH holdings.

Bitmine estimates that staking its full ETH position through MAVAN and its staking partners could generate $400 million in annualized rewards, using a stated seven-day yield of 2.61%. Based on its currently staked ETH, the company estimated annualized staking revenue of $336 million.

These are company projections rather than guaranteed income. Actual staking rewards can vary with network conditions, validator performance, operating costs and the amount of ETH participating in staking. The annualized estimates also assume that the stated yield remains applicable over the measurement period.

For institutional investors, the expansion of staking infrastructure illustrates how digital-asset treasury companies may seek to generate returns from holdings rather than relying entirely on price appreciation. Staking also introduces operational and network-related risks that differ from simply holding cryptocurrency.

Preferred Stock Adds Another Financing Layer

Bitmine also highlighted its BMNP perpetual preferred stock, issued in June 2026 at $80 per share and reported to have last closed at $99.53. The company describes the instrument as carrying a 9.5% stated rate and cited a 9.56% yield in its comparison with other crypto-linked credit instruments.

Chairman Lee said BMNP had gained 24% since issuance and compared its performance with Treasury-related and other crypto-linked instruments. Those comparisons reflect management’s selected benchmarks and periods; they do not establish that the preferred stock will outperform in the future.

The financing strategy is relevant because accumulating a large cryptocurrency treasury requires capital, and different funding instruments carry different costs and risks. Preferred stock may provide an alternative to issuing common equity or relying solely on operating cash, but its terms, market price and distributions should be evaluated separately from the value of Bitmine’s ETH holdings.

The announcement does not provide enough information to determine the full long-term cost of the company’s funding strategy or how future capital needs might affect shareholders.

Bitmine’s Bull-Market Thesis

Lee argued that the next crypto bull market could be supported by tokenization, intergenerational wealth transfers, digital-asset treasury companies absorbing available supply and the relationship between crypto and AI-related activity.

These are management’s market expectations, not established outcomes. The company also cited ETH’s relative performance against BMNR shares and the S&P 500 during selected periods in 2026. Such comparisons depend on the chosen dates and do not predict future returns.

Bitmine further pointed to the US GENIUS Act and the Securities and Exchange Commission’s Project Crypto as potential catalysts for changes in financial services and digital-asset markets. Regulatory developments can influence institutional participation, but their effects will depend on implementation, market adoption and the treatment of specific products and activities.

What the Holdings Update Signals

Bitmine’s latest figures show a strategy built around three connected elements: accumulating Ethereum, staking a large share of that treasury and using capital-market instruments to support the business. The company’s reported scale gives it significant exposure to ETH price movements and staking economics.

For the wider financial technology market, the development highlights the growing overlap between corporate treasury management, blockchain infrastructure and institutional staking services. The strategy’s durability, however, will depend on market volatility, financing costs, staking performance and the company’s ability to manage concentration risk.

The reported $16.2 billion total is a snapshot of Bitmine’s stated holdings at a specific time—not a measure of realized profit, available liquidity or guaranteed future value.

Market Landscape

Corporate digital-asset treasuries are developing beyond passive cryptocurrency ownership. Some companies combine accumulation strategies with staking, while others use equity or preferred securities to finance purchases. These models can increase exposure to cryptocurrency markets while creating additional operational and financing risks.

Bitmine’s approach combines a concentrated ETH position with staking infrastructure and capital-market funding. Its scale makes the business sensitive to ETH price movements, staking yields, financing costs and the liquidity of its other investments. The company’s projected staking income should therefore be assessed separately from potential changes in the market value of its holdings.

Top Insights

• ETH treasury: Bitmine reported 6.03 million ETH, valued at approximately $15.34 billion at its cited price of $2,544 per ETH.
• Staking scale: Approximately 5.07 million ETH was reported as staked, representing about 84% of its ETH holdings.
• Projected staking income: Bitmine estimates $336 million in annualized staking rewards at current reported levels, rising to $400 million if its ETH is fully staked under the assumptions it cited.
• Capital strategy: BMNP perpetual preferred stock is part of the company’s broader approach to financing its digital-asset strategy.
• Market outlook remains a company thesis: Bitmine expects further crypto-market growth, but its bullish scenarios and performance comparisons do not guarantee future returns.

Get in touch with our fintech expert