Bitmine Immersion Technologies has disclosed combined crypto, cash, and other holdings of $12.6 billion as of May 17, 2026, underscoring its emergence as the world’s largest corporate Ethereum treasury and a major force in digital-asset markets.
Ethereum-heavy portfolio and staking income
The company holds 5.28 million Ethereum (ETH) tokens and 202 Bitcoin, alongside $685 million in cash, a $200 million stake in Beast Industries, and $83 million in Eightco Holdings.
Bitmine’s ETH position represents 4.37% of the total circulating supply of 120.7 million coins. Of this, 4.71 million ETH is staked, with a notional value of about $10.3 billion based on an ETH price of $2,191.
The company reports its staked ETH is generating an annualized yield of 2.8%, or roughly $289 million in staking revenue per year. If Bitmine’s ETH holdings become fully staked, projected annual rewards could rise to an estimated $324 million.
Leading Ethereum treasury, second-largest corporate crypto stack
By total ETH holdings, Bitmine is now the largest Ethereum treasury globally. Across all corporate crypto treasuries, it ranks second, behind Strategy Inc., which holds 818,869 Bitcoin valued at about $64.1 billion.
Bitmine’s comparatively small Bitcoin balance of 202 coins highlights a deliberate tilt toward Ethereum and its smart contract ecosystem, in contrast to Strategy Inc.’s Bitcoin-centric approach.
MAVAN staking platform and institutional strategy
The company operates the Made in America Validator Network (MAVAN), an institutional Ethereum staking platform launched in 2026. MAVAN is used to manage Bitmine’s own treasury and to provide staking infrastructure to other institutions and custodians.
This platform underpins Bitmine’s long-term strategy centered on crypto accumulation and Ethereum-based network operations, with a stated target of reaching 5% of the ETH supply. The firm says it is currently about 87% of the way to that goal.
NYSE uplisting and trading activity
Bitmine uplisted to the New York Stock Exchange on April 9, 2026, moving from the NYSE American. Its shares, trading under the ticker BMNR, have averaged $857 million in five-day daily trading volume, ranking 133rd among U.S.-listed equities by activity.
The elevated turnover places BMNR among the more actively traded names in the U.S. market, reflecting significant participation from short-term and long-term traders.
Backing from high-profile market participants
Major stakeholders in Bitmine include ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and individual backer Thomas Lee.
This group has publicly aligned with Bitmine’s strategy of large-scale ETH accumulation and supports its ambition to reach 5% of the total Ethereum supply.
Regulatory backdrop: CLARITY Act advances
Bitmine has pointed to pending U.S. legislation, the CLARITY Act, as an important backdrop for its operations. The bill, which recently advanced through the Senate Banking Committee, aims to define a clearer regulatory framework for digital assets.
Key provisions include improved definitions of decentralization and stronger anti-money-laundering safeguards. Market participants are watching the bill closely, as it could shape standards for digital-asset custody, staking, and corporate treasury management.
Corporate guidance and outlook
Bitmine’s full fiscal year 2025 earnings presentation and latest corporate updates are available on its investor relations website.
The company says it will continue to prioritize crypto accumulation, with a heavy focus on Ethereum exposure and network participation via MAVAN, as the core of its long-term strategy.
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