BitMine Immersion Technologies said it held 5.96 million ETH, or about 4.9% of the Ethereum supply figure it used, placing the company among the largest known corporate holders of the asset and making staking the center of its treasury strategy.
The company valued its crypto, cash, marketable securities and venture-style “moonshot” positions at $15.8 billion as of 5:30 p.m. Eastern Time on Sept. 13. Its ETH holdings were valued at $2,513 per token, implying a position worth nearly $15 billion before accounting for its Bitcoin, cash and other assets.
BitMine said it had accumulated 27,180 ETH during the preceding week and has purchased ETH every week since launching its Ethereum Treasury Strategy on June 30, 2025. The pace underscores how the company’s balance sheet has shifted from a conventional operating-company model toward a concentrated ETH reserve supplemented by income from validating the network.
Most of the ETH reserve is now staked
Of BitMine’s 5,956,378 ETH, the company said 5,067,309 ETH was staked, equal to roughly 85% of its total holdings. At the reported ETH price, that staked balance was worth about $12.7 billion.
Staking involves locking ETH into Ethereum’s proof-of-stake system to support transaction validation and network security in exchange for rewards. The approach gives BitMine a potential source of recurring ETH income, but it also means much of its reserve is committed to staking arrangements rather than held as immediately liquid inventory.
The company reported a 7-day annualized staking yield of 2.62%. Applying that rate to a fully scaled ETH staking operation, BitMine projected annualized staking rewards of $392 million. It separately reported projected annualized staking revenue of $334 million, without detailing the difference between the two figures in the supplied update.
The size of the staked allocation places BitMine’s performance heavily alongside Ethereum’s market price and staking economics. A higher ETH price would increase the dollar value of both the treasury and rewards earned in ETH, while a lower token price would have the opposite effect even if the number of tokens held remained unchanged.
BitMine used an Ethereum supply figure of 122.0 million ETH to calculate its 4.9% ownership claim. Ethereum does not operate with a fixed maximum supply in the way Bitcoin does; its supply changes over time through issuance and fee-burning mechanisms. The company’s calculation therefore reflects the supply level it cited at the time of its report rather than a permanent cap.
Cash, Bitcoin and private-company positions lift total assets
Alongside ETH, BitMine reported holding 212 Bitcoin and $549 million in cash and marketable securities. It also listed a $180 million stake in Beast Industries and a $98 million position in Eightco Holdings, traded on Nasdaq under the ticker ORBS, under its “moonshots” category.
The Eightco position was described by BitMine as offering indirect exposure to OpenAI. The update did not provide further detail on the structure of that exposure or explain how it is reflected in Eightco’s valuation.
These positions account for a comparatively small share of BitMine’s reported $15.8 billion total. ETH remains the company’s dominant financial exposure, while the cash balance gives it some capacity to meet corporate needs or pursue additional purchases without selling crypto assets.
BitMine compared its treasury with Strategy Inc., which it said held 845,080 BTC valued at about $71 billion. On its own comparison, BitMine described itself as the largest Ethereum treasury and the second-largest global crypto treasury behind Strategy’s Bitcoin reserve.
Trading activity brings greater market visibility
The company said its shares entered the Russell 1000 large-cap index on June 26, 2026. Inclusion in the index can place a stock in the portfolios of funds designed to track Russell benchmarks, though it does not alter the underlying concentration of BitMine’s balance sheet in ETH.
BitMine also reported average daily dollar trading volume of $924 million across the four days ending Sept. 11. It said that ranked the stock 98th among 5,704 U.S.-listed companies, between Intuit at No. 97 and Verizon Communications at No. 99 under the company’s ranking methodology.
Its Series A Preferred Stock trades on the New York Stock Exchange under the ticker BMNP, giving the company another listed security alongside its common shares.
The strategy resembles a publicly traded crypto treasury vehicle, but the large staked component adds an operating-income element absent from companies that simply hold tokens in custody. The model depends on BitMine continuing to manage validator and staking arrangements effectively while preserving access to sufficient liquidity for corporate obligations.
Ethereum performance and a bullish technical call
BitMine said ETH had been the best-performing macro asset in the third quarter through the previous Friday, outperforming the S&P 500 by 5,866 basis points. It also listed ETH, Solana’s SOL and Bitcoin as the three best-performing assets since the company began its ETH treasury strategy in June 2025.
Tom DeMark, founder of DeMark Analytics and a capital-markets adviser to BitMine, said he expects ETH to make a sharp upward move in coming weeks. He cited the expiry of a 12-day technical metric after August trading moved sideways, followed by a one-day rally late in the month.
Technical signals are commonly used by short-term market participants to identify potential shifts in momentum, but they do not establish a price outcome. BitMine’s treasury value remains exposed to large daily moves in ETH, particularly given the scale of its holdings relative to its cash reserves.
Thomas “Tom” Lee, BitMine’s chairman, is scheduled to deliver a 25-minute keynote at Korea Blockchain Week 2026 on Sept. 30 at 11:20 a.m. local time at Walkerhill Hotels & Resorts in Seoul. The appearance follows a period in which BitMine has tied its corporate identity increasingly closely to Ethereum accumulation, staking income and the market case for ETH as a treasury asset.
Want to understand Ethereum’s role in your portfolio? Read this Ethereum guide to dive deeper into ETH fundamentals.
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