Bitmine Immersion Technologies (NYSE: BMNR) disclosed a dramatic expansion of its digital‑asset balance sheet on June 29, 2026, announcing total crypto‑related holdings of $9.8 billion. The company now controls 5,700,040 Ether—roughly 4.7 % of the global supply of 120.7 million ETH—alongside 206 Bitcoin, a $180 million stake in Beast Industries, a $74 million position in Eightco Holdings, and $555 million in cash and marketable securities.
The announcement also highlighted Bitmine’s recent inclusion in the Russell 1000 Large‑Cap Index, the closing of a $273.8 million Series A Preferred Stock offering, and the rollout of its proprietary staking infrastructure, MAVAN (Made‑in‑America Validator Network). Together, these moves signal a concerted effort to cement the firm’s status as the world’s largest publicly listed Ethereum treasury and a leading conduit for institutional investors seeking exposure to the crypto ecosystem.
A Deep Dive into the Treasury Composition
Bitmine’s crypto portfolio now totals 5.70 million ETH, valued at $1,569 per token, equating to $8.95 billion. In addition, the firm holds 206 BTC and a $180 million equity position in Beast Industries, a company focused on blockchain‑enabled logistics. The $74 million stake in Eightco Holdings provides indirect exposure to OpenAI, making it one of the few publicly traded equities tied to the AI pioneer.
Cash and marketable securities sit at $555 million, while “moonshot” investments—including the Eightco stake—contribute another $74 million. Altogether, the crypto‑centric assets represent $9.24 billion of the $9.8 billion total, with the remaining $560 million comprised of traditional liquidity.
“Bitmine’s ETH holdings are 4.7 % of the ETH supply (of 120.7 million ETH).”
These figures place Bitmine ahead of most corporate treasuries in the blockchain space, second only to Strategy Inc., which reportedly controls 847,363 BTC valued at $50 billion.
Russell 1000 Inclusion: A Catalyst for Passive Capital
On June 26, Bitmine earned a spot in the Russell 1000 Large‑Cap Index during the index’s annual reconstitution. The Investment Company Institute estimates that passive funds and ETFs own roughly 18‑20 % of a company’s outstanding shares, suggesting that Bitmine could see a substantial influx of institutional capital simply by virtue of index tracking.
“Being added to the Russell 1000 is expected to add hundreds and possibly thousands of additional institutional investors as equity owners of Bitmine,” said Thomas “Tom” Lee, Chairman.
The index inclusion aligns with Bitmine’s broader strategy of attracting non‑crypto‑native investors who rely on traditional fund structures for exposure to emerging asset classes.
Series A Preferred Stock Offering: Capital for Expansion
Bitmine closed a registered offering of 3.5 million shares of 9.50 % Series A Perpetual Preferred Stock on June 10, pricing each share at $80.00. After underwriting fees and related expenses, the net proceeds amounted to approximately $273.8 million. The preferred shares now trade on the NYSE under the ticker BMNP, with dividends payable on a weekly schedule as defined in the Certificate of Designations.
The capital raise is earmarked for further accumulation of Ethereum, expansion of the MAVAN staking platform, and strategic acquisitions that support the company’s “alchemy of 5 %” goal—acquiring a 5 % stake in the total ETH supply.
Institutional Backing and High‑Profile Endorsements
Bitmine’s shareholder base includes a roster of well‑known fintech and venture capital firms: ARK Invest (led by Cathie Wood), MOZAYYX, Founders Fund, Bill Miller III, Pantera Capital, Kraken, DCG, Galaxy Digital, and individual investor Thomas “Tom” Lee. This coalition underscores the growing confidence among traditional finance players in large‑scale, long‑term crypto exposure.
“The future roadmap for crypto remains positive as the dual drivers of Wall Street modernizing its legacy infrastructure on crypto rails and the future of agentic AI payment systems on crypto rails remain intact. Bitmine remains focused on the longer‑term horizon and continues to manage the company to be positively positioned for these exponential drivers,” Lee explained.
Lee also noted the volatility of the recent week, with ETH price dropping 8 % despite positive developments such as the launch of Ethlabs and a softened stance on stablecoins by the Bank of England.
“This past week was a challenging one for crypto investors as ETH fell by 8 %, even as Ethereum witnessed notable positive developments such as the creation of Ethlabs, and even the Bank of England softened its stance around stablecoins. We are nearing quarter‑end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months,” Lee added.
MAVAN: Institutional‑Grade Staking Infrastructure
In 2026, Bitmine launched MAVAN, a validator network built to meet institutional standards for security, compliance, and performance. While initially designed to stake Bitmine’s own ETH, MAVAN is now open to third‑party custodians, asset managers, and ecosystem partners seeking a regulated staking solution.
As of June 28, the platform holds 4,879,157 ETH—valued at $7.7 billion—representing more than 85 % of Bitmine’s total ETH treasury. Lee projected that fully staking all of Bitmine’s ETH through MAVAN and its partners could generate $246 million in annualized rewards, based on a 2.75 % seven‑day BMNR yield. Current annualized staking revenue stands at $211 million.
> “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 is $246 million on an annualized basis (using 2.75 % 7‑day BMNR yield),” Lee said.
> “Annualized staking revenues are now projected at $211 million. And this 4.9 million ETH is over 85 % of the 5.7 million ETH held by Bitmine. Bitmine’s own staking operations generated a 7‑day yield of 2.75 % (annualized),” he continued.
MAVAN’s launch positions Bitmine as a service provider in the burgeoning validator‑as‑service market, a segment that regulators are beginning to scrutinize for custody and consumer‑protection implications.
Market Impact and Trading Activity
Bitmine’s shares are among the most actively traded equities in the United States. Fundstrat data shows an average daily dollar volume of $643 million over a five‑day window ending June 26, ranking the stock #240 out of 5,704 listed companies. The high liquidity reflects both retail enthusiasm for crypto‑linked equities and growing institutional appetite.
The company’s market‑cap, driven largely by its crypto holdings, now exceeds $9 billion, situating it as a bellwether for how traditional capital markets price exposure to blockchain assets.
Regulatory Landscape and Legislative Outlook
Bitmine’s leadership believes that upcoming U.S. legislation—specifically the GENIUS Act and the SEC’s Project Crypto—could reshape the regulatory framework for digital assets as dramatically as the 1971 decision to end the gold standard. Lee likened the potential impact to the modernization of Wall Street that followed the abandonment of Bretton Woods, suggesting that a clear regulatory path could unlock further institutional inflows.
> “Bitmine management believes the GENIUS Act and Securities and Exchange Commission’s (the ‘SEC’) Project Crypto are as transformational to financial services in 2025 as US action on August 15, 1971 ending Bretton Woods and the USD on the gold standard 54 years ago.”
The company’s compliance posture includes regular SEC filings, with its most recent Form 10‑K filed on November 21, 2025.
Forward‑Looking Statements and Risk Factors
The press release contains forward‑looking statements regarding Bitmine’s ETH acquisition goals, staking revenue projections, and the anticipated impact of regulatory reforms. These statements are subject to risks such as market volatility, technology adoption rates, regulatory changes, and the performance of staking operations. Investors are directed to the company’s SEC filings for a full enumeration of risk factors.
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