Bitmine Immersion Technologies says it now holds 6.04 million ether, placing the company within striking distance of its stated goal of controlling 5% of Ethereum’s supply. The company reported combined crypto holdings, cash, marketable securities and “moonshot” investments of $15.1 billion as of Oct. 18, with ETH accounting for nearly all of that total.
The reported ETH balance of 6,041,481 tokens equals about 4.9% of Ethereum’s stated 122.1 million ETH supply, according to Bitmine. Reaching a full 5% at that supply level would require roughly 6.105 million ETH, leaving the company about 63,500 ETH short if both figures remain unchanged. Bitmine said it was “99%” of the way toward its target, which it calls the “Alchemy of 5%.”
The pace of purchases has slowed relative to the scale of the existing treasury. Bitmine said it acquired 12,535 ETH during the past week and has added ETH every week since beginning its Ethereum Treasury Strategy on June 30, 2025. A final push toward the 5% threshold would make Bitmine one of the most concentrated corporate holders of a major smart-contract network’s native asset.
Most of Bitmine’s ETH is now staked
Bitmine reported that 5,067,309 ETH of its holdings were staked, equal to about 84% of its total ETH balance. Using the company’s stated ETH valuation of $2,365 per token, those staked holdings were worth about $12 billion.
Staking involves committing ETH to Ethereum’s validator system, which helps process transactions and secure the network in exchange for protocol rewards. For Bitmine, the arrangement changes the profile of an ETH treasury from a largely passive asset reserve into an operation designed to generate recurring token income.
The company estimated annualized staking revenue of $309 million based on 5.1 million staked ETH and a 2.58% seven-day BMNR yield. It separately projected annualized staking rewards of $369 million at full scale. Those figures are projections rather than fixed returns: validator rewards can change with Ethereum network activity, the number of staked tokens, protocol conditions and the company’s operating arrangements.
Bitmine said some of its ETH is staked through MAVAN, or Made in America VAlidator Network, an institutional staking platform it launched earlier in 2026. The company said MAVAN has expanded to serve institutional participants and partners. The platform gives Bitmine a more direct role in the infrastructure used to generate staking rewards, while also adding operational exposure to validator performance, cybersecurity and custody practices.
A treasury of this size also affects the liquidity discussion around ETH. Staked ETH remains economically owned by the staker and can eventually be withdrawn under Ethereum’s validator rules, meaning it is not permanently removed from circulation. Yet allocating more than five million ETH to staking reduces the portion of Bitmine’s own holdings readily available for a sale or transfer, while tying the company’s financial results more closely to Ethereum’s price and staking economics.
Treasury strategy extends beyond ETH
Alongside its Ethereum holdings, Bitmine reported owning 215 bitcoin and $582 million in cash and marketable securities. It also disclosed positions it classifies as “moonshots,” including a $180 million stake in Beast Industries and a $74 million stake in Eightco, which trades on Nasdaq under the symbol ORBS.
Bitmine described Eightco as a publicly traded equity offering indirect exposure to OpenAI. The inclusion of private-company-linked and public-equity positions makes the $15.1 billion aggregate figure broader than a straightforward cryptocurrency treasury calculation. ETH remains the dominant component, but the company’s stated portfolio value also depends on conventional securities valuations and the performance of higher-risk strategic holdings.
The company said its crypto holdings make it the world’s largest Ethereum treasury and the second-largest digital-asset treasury globally behind Strategy Inc. Bitmine cited Strategy’s reported bitcoin balance of 848,250 BTC, valued by Bitmine at approximately $74 billion. Those comparisons frame Bitmine as an Ethereum-focused counterpart to the corporate bitcoin accumulation model that Strategy has pursued for years.
Bitmine also said it joined the Russell 1000 large-cap index on June 26, 2026. Its Series A Preferred Stock trades on the New York Stock Exchange under the BMNP ticker.
Market outlook accompanies a concentrated balance sheet
Thomas “Tom” Lee, Bitmine’s chairman, linked recent market weakness to geopolitical and macroeconomic pressures in the company’s release. Lee cited escalating U.S.-Iran conflict activity, uncertainty ahead of U.S. midterm elections, rising global bond yields and concerns around artificial-intelligence funding and model safety.
He said those conditions had contributed to pressure on AI-related shares and on equity markets in South Korea and Taiwan, where semiconductor and memory-stock exposure is especially high. Bitmine’s own balance sheet leaves it exposed to similar risk-off episodes through the price of ETH, as well as its stakes in technology-linked businesses.
The company’s forward-looking disclosures acknowledged that exposure directly. Bitmine listed digital-asset volatility, staking risks, cybersecurity threats, protocol changes, regulatory developments and reliance on third-party exchanges, custodians and staking partners among the factors that could affect its strategy. It also cited macroeconomic conditions, elections and military conflicts.
Bitmine’s stated goal is now close enough that weekly purchase disclosures will show whether it intends to cross the 5% line quickly or continue accumulating more gradually. The outcome will determine whether the company treats 5% as a hard ceiling for its ETH treasury or merely as a milestone in a strategy increasingly built around staking income as well as token appreciation.
Curious about Ethereum’s dominance race? Discover how Bitmine’s 5% goal fits broader ETH dynamics in this analysis.
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