Bitmine Immersion Technologies said it held $11.4 billion in crypto, cash, marketable securities and other positions as of Aug. 16, led by 5.82 million ETH — a treasury the company says represents 4.8% of Ethereum’s 120.7 million-token supply.
The scale of the reported Ethereum position places Bitmine among the largest corporate holders of any digital asset, while also making the company’s balance sheet unusually sensitive to ETH’s market price and staking returns. Based on Bitmine’s stated valuation of $1,893 per ETH, its 5,815,164 ETH were worth about $11 billion at the reporting date.
Bitmine said it has bought ETH every week since launching its Ethereum treasury strategy on June 30, 2025. Thomas “Tom” Lee, chairman of Bitmine Immersion Technologies, said the company added 9,926 ETH during the latest week.
Most of Bitmine’s ETH is now staked
The company reported that 5,067,309 ETH, or 87% of its total ETH holdings, had been committed to staking as of Aug. 16. At Bitmine’s stated ETH price, that staked position was valued at approximately $9.6 billion.
Ethereum staking involves locking tokens to support transaction validation on the network in exchange for protocol rewards. For a large treasury holder, staking turns an otherwise passive token reserve into a source of recurring ETH-denominated income, though it also adds operational, custody and liquidity considerations.
Bitmine said it uses its Made in America VAlidator Network, or MAVAN, to stake a portion of its holdings. The company launched MAVAN in 2026 as infrastructure for its Ethereum treasury operation and said it intends to extend the service to institutions, custodians and other ecosystem partners.
Lee cited a 2.61% seven-day BMNR yield from the company’s staking operations and gave two annualized revenue projections: $287 million in ETH staking rewards “at scale” and $250 million in annualized staking revenue. Bitmine did not provide further calculation details in the announcement.
The figures show how Bitmine’s strategy has moved beyond simply accumulating ETH. With more than five million tokens staked, a change in Ethereum’s staking yield or in ETH’s dollar price can have a material effect on the company’s reported income potential, alongside the much larger effect of changes in the value of its token holdings.
Treasury includes Bitcoin, cash and equity stakes
Beyond Ethereum, Bitmine reported holding 210 Bitcoin, $78 million of cash and marketable securities, a $180 million investment in Beast Industries and a $73 million stake in Eightco Holdings.
The holdings produced the company’s stated $11.4 billion aggregate figure. Ethereum remains overwhelmingly dominant within that total, meaning the smaller Bitcoin position, cash reserve and equity investments offer limited diversification against a sharp ETH market move.
Bitmine also said Lee cited an ETH/BTC ratio of 0.02994. The ratio measures the price of Ether relative to Bitcoin and is commonly used by traders to assess the relative performance of the two largest cryptocurrencies. Bitmine separately said ETH outperformed the Nasdaq 100 by 2,500 basis points in July 2026, the largest monthly performance gap between the two since July 2025.
The company referenced Strategy Inc.’s reported 840,447 BTC holdings, valued at roughly $58 billion, in discussing global digital-asset treasury rankings. Bitmine’s disclosed ETH reserve is smaller in dollar terms, but its claim of controlling nearly one-twentieth of Ethereum’s supply illustrates the concentrated nature of its approach.
Buybacks reduce the public share count
Bitmine said it repurchased 1.7 million shares of common stock during the past week and more than 20.8 million shares since July 2026 under its previously announced $4 billion share repurchase authorization.
A buyback can reduce the number of shares available in the public market, which may increase each remaining share’s proportional claim on the company’s assets. In Bitmine’s case, that calculation depends heavily on the market value of its ETH treasury and on the prices paid for both ETH purchases and share repurchases.
The company was added to the Russell 1000 large-cap index on June 26, 2026, according to its statement. Inclusion in the index can bring the stock into the portfolios of funds designed to track or benchmark against the Russell 1000, though it does not change the economics of Bitmine’s treasury strategy.
Bitmine also said its Series A Preferred Stock trades on the New York Stock Exchange under the ticker BMNP.
Concentration creates a direct ETH market link
Bitmine’s reported purchases and staking activity remove a substantial number of ETH from the company’s immediately liquid balance sheet, but the announcement does not establish how its accumulation has affected exchange supply or ETH’s market price. ETH is held across exchanges, self-custody wallets, decentralized finance protocols, staking arrangements and institutional accounts, making available supply difficult to measure from one company’s balance sheet alone.
The company’s holdings nevertheless create a clear connection between its equity and Ethereum’s performance. A higher ETH price would increase the reported value of Bitmine’s principal asset, while a lower price would reduce it. Staking rewards may provide an additional source of ETH, but those rewards are also exposed to ETH’s price and changes in network yield.
With nearly $9.6 billion of ETH reported as staked, Bitmine has also tied much of its treasury to validator infrastructure and staking operations rather than maintaining all tokens in immediately transferable form. The strategy gives the company potential recurring yield, while placing execution, custody and validator performance at the center of how it manages one of the largest disclosed corporate Ethereum reserves.
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