Bitmine Immersion Technologies said it held $14.5 billion in cryptocurrency, cash, marketable securities and venture-style positions as of Nov. 1, placing its Ethereum treasury among the largest publicly disclosed corporate crypto holdings. The company reported owning 6,060,506 ETH, or 4.9% of Ethereum's cited 122.2 million-token supply, with 5,227,037 ETH committed to staking.
Using an ETH price of $2,261, Bitmine valued its Ethereum holdings at roughly $13.7 billion. The company also reported 216 Bitcoin, $498 million in cash and marketable securities, a $180 million holding in Beast Industries and an $82 million stake in Eightco Holdings, which trades on Nasdaq under the ticker ORBS.
The disclosure shows how Bitmine's balance sheet has become overwhelmingly tied to Ethereum's price and staking economics. At the company's stated valuation, a 10% move in ETH would change the marked value of its 6.06 million-token position by about $1.37 billion before accounting for Bitcoin, cash, securities or its other investments.
More than 5.2 million ETH is staked
Bitmine said 5,227,037 ETH, equal to about 86% of its total Ethereum position, was staked as of Nov. 1. At the stated ETH price, the staked tokens were worth approximately $11.8 billion.
Staking involves locking ETH to help operate Ethereum's proof-of-stake network in return for protocol rewards. Bitmine projected annualized staking rewards of $415 million using a 3.03% seven-day BMNR yield, a company metric. Using the 5.2 million ETH reported as staked, it separately estimated annualized staking revenue of $358 million.
The gap between the two projected figures appears to reflect differing assumptions about the amount of ETH that could eventually be staked or the reward rate used. Neither projection represents guaranteed revenue: validator rewards can vary with network conditions, while staking operations carry technical, liquidity and slashing risks.
Bitmine said it bought 8,573 ETH during the previous week and has acquired ETH every week since launching its Ethereum treasury strategy on June 30, 2025. That recurring purchase program has helped build a position large enough to make the company's treasury strategy a meaningful source of demand in the market for ETH.
The company also said it joined the Russell 1000 large-cap index on June 26, 2026, a move that can increase exposure to index-tracking funds required to hold constituent shares. Its Series A preferred stock trades on the New York Stock Exchange under BMNP.
Lee cites Binance attack in assessing market reaction
Thomas "Tom" Lee, Bitmine's chairman, linked the latest market conditions to a reported attack on Binance late last week. Lee said $6.3 billion in customer funds was stolen after attackers allegedly infiltrated a contractor connected to Binance's corporate infrastructure, and said the FBI identified North Korea, formally the Democratic People's Republic of Korea, as responsible.
Those claims were presented by Lee in Bitmine's statement. He described the event as a corporate-infrastructure compromise rather than an exploit of a blockchain's underlying code.
Lee compared the reported incident with the February 2025 attack on ByBit, which he said involved about $1.5 billion in stolen customer cryptocurrency and was also attributed to North Korea. According to Lee, ETH fell 8% on the day of the ByBit disclosure and 20% over the following week. Following the reported Binance theft, ETH was down 4%, he said.
Bitmine attributed the smaller initial move to six factors: Binance's claimed capacity to make customers whole, an absence of failures spreading through decentralized-finance protocols, industry action that reportedly reduced the prospective loss by half, faster attribution of the attack, the alleged corporate nature of the breach and limited immediate price declines.
Treasury companies concentrate Ethereum exposure
The company's scale places it behind Strategy Inc. among publicly discussed digital-asset treasuries by total dollar value, according to Bitmine. It cited Strategy's reported holdings of 848,517 BTC, valued at about $71 billion.
The comparison also illustrates the differing risk profiles of corporate Bitcoin and Ethereum treasuries. Bitcoin holdings primarily expose a company to the token's price, while a large Ethereum treasury can add staking income but also requires decisions around validator operations, custody, liquidity and the portion of tokens left unstaked.
Bitmine's reported 4.9% share of ETH supply is substantial, although its ability to sell or redeploy that inventory quickly would be limited by the amount staked and the mechanics of validator exits. Staking can generate yield, but it also means a sizeable part of the treasury is not immediately available for transfer or sale.
Claims that corporate buying has created a permanent floor under crypto prices go beyond the information in Bitmine's disclosure. Large treasury companies can add recurring demand and remove tokens from immediate circulation, yet their buying programs remain subject to financing conditions, board decisions, share-price performance and changes in cryptocurrency markets.
A major platform breach can also affect prices through confidence, forced liquidations and changes in trading liquidity even when a platform says customer losses will be covered. The limited decline cited by Lee may indicate a more contained response than the February 2025 ByBit episode, but a single price reaction does not establish that future attacks will produce the same outcome.
For Bitmine, the immediate test will be whether staking rewards and continued ETH accumulation offset the concentration risk created by a treasury valued largely on one asset. Its reported holdings have turned the company into a highly leveraged public-market proxy for Ethereum's price, network reward rate and operational resilience.
For deeper insight into Ethereum’s role in crypto portfolios, explore Toobit Academy’s analysis in today-eth-hoarders-bulk-up now.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
