BitMine Immersion Technologies said it held 5.85 million ETH as of Aug. 23, placing the company’s treasury at roughly 4.8% of Ethereum’s reported 120.7 million-coin supply and making its balance sheet increasingly dependent on staking income as well as ETH’s market price.
The company valued its combined crypto holdings, cash, marketable securities and private-equity-style “moonshots” at $14.9 billion in a 2:00 p.m. ET snapshot. Its ETH reserve of 5,847,611 tokens was valued using a reference price of $2,440 per ETH, while BitMine also reported holding 210 Bitcoin and $308 million in cash and marketable securities.
BitMine’s update presents an unusually concentrated corporate Ethereum strategy. At the stated reference price, its ETH holdings alone were worth about $14.27 billion, accounting for the overwhelming majority of the company’s reported assets. The remaining valuation includes its cash position and stakes in Beast Industries and Eightco Holdings.
More than 5 million ETH is now staked
BitMine said 5,067,309 ETH, or about 87% of its total Ethereum position, had been staked. The company valued those staked tokens at approximately $12.4 billion using the same $2,440 ETH price.
Staking involves locking ETH into Ethereum’s validator system to help process and verify transactions. In return, validators receive protocol rewards, though returns can fluctuate with network activity, the total amount of ETH staked across the network, validator performance and other operating factors.
The company cited a 2.67% staking yield over the previous seven days. Applied to its full 5.85 million ETH reserve, that rate would produce an estimated $381 million in annualized rewards, according to BitMine. Applied only to the 5.07 million ETH that the company reported as staked, the same yield equates to about $330 million annually. BitMine separately listed projected annualized staking revenue of $330 million, reflecting its current staked balance rather than its entire ETH inventory.
That distinction places the company’s earnings model partly on the pace at which it can deploy the remaining ETH into validators. A larger staked share would raise token-denominated rewards, while also increasing exposure to Ethereum’s staking conditions and operational requirements.
MAVAN becomes the company’s institutional staking vehicle
BitMine said that a portion of its staked ETH is operating through MAVAN, its Made in America VAlidator Network. The platform is intended to provide institutional staking services for BitMine, which trades under the ticker BMNR, and other institutional participants.
The launch gives BitMine a route beyond simply holding ETH on its balance sheet. Running or coordinating validator infrastructure could allow the company to retain a greater role in the staking process, though the announcement did not break out how much ETH MAVAN currently manages or what share of staking rewards it receives.
For public-market shareholders, the strategy increasingly creates two forms of exposure: changes in the value of Ethereum and the recurring rewards generated by validators. The preferred stock, Series A Preferred Stock trading on the New York Stock Exchange under BMNP, is another part of the company’s capital structure, though BitMine’s update did not provide new details on its terms or performance.
Weekly purchases continue after sharp ETH move
BitMine said it acquired 32,447 ETH during the past week and has bought Ethereum every week since launching its ETH Treasury Strategy on June 30, 2025. The company described the effort as roughly 14 months old.
The latest purchase came during a week in which BitMine said ETH rose 30%. The company called the move Ethereum’s largest weekly gain since May 2025 and July 2021, adding that those earlier periods were followed by gains of 170% and 167%, respectively.
Those historical comparisons describe prior price cycles rather than a forecast. ETH’s previous moves occurred under different market, liquidity and macroeconomic conditions, while BitMine’s own holdings now represent a substantially larger pool of tokens than a typical corporate treasury. A 4.8% share of Ethereum supply means price changes have an outsized effect on the company’s stated net asset value, while its purchases and staking decisions can remove a meaningful quantity of ETH from readily transferable circulation.
Private stakes add smaller, separate exposures
Outside of cryptocurrency, BitMine reported a $180 million stake in Beast Industries and an $89 million stake in Eightco Holdings, a Nasdaq-listed company trading under ORBS. BitMine categorized both positions as “moonshots.”
The company described Eightco as providing indirect exposure to OpenAI. The two positions total $269 million, a relatively small component beside the Ethereum treasury but enough to introduce equity and venture-style risks that do not move in line with ETH.
BitMine also said it joined the Russell 1000 large-cap index on June 26, 2026. Index inclusion can place a stock in the benchmarks followed by certain funds and portfolio managers, potentially expanding its market visibility and trading activity.
The company’s reported asset base now rests overwhelmingly on Ethereum: 5.85 million ETH valued at a single reference price, a staking program targeting hundreds of millions of dollars in annualized token rewards, and a validator platform designed to deepen its role in the network. That structure gives BitMine considerable upside if ETH appreciates and staking conditions remain favorable, while tying its public-company valuation closely to Ethereum’s price, validator returns and the liquidity of an exceptionally large token reserve.
Want deeper insight into Ethereum’s role in portfolios like BitMine’s? Explore our guide on what is Ethereum today.
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