BitMine Immersion Technologies said it held more than 6 million ETH as of Oct. 4, equal to 4.9% of Ethereum’s reported 122.1 million-token supply, placing the company’s treasury strategy among the largest concentrated corporate positions in the asset.
The company valued its combined cryptocurrency holdings, cash, marketable securities and two equity stakes it calls “moonshots” at $17.4 billion at 6:30 p.m. ET on Oct. 4. Its ETH holdings totaled 6,016,414 tokens, valued at $2,726 each using Coinbase pricing, according to BitMine’s announcement.
At that price, the ETH position alone was worth roughly $16.4 billion. BitMine also reported 214 BTC, $643 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $117 million stake in Eightco Holdings, whose shares trade on Nasdaq under the symbol ORBS.
Most of BitMine’s ETH is now staked
BitMine said 5,067,309 ETH, or 84% of its Ethereum holdings, had been committed to staking. The staked position was valued at about $13.8 billion using the same $2,726 ETH price.
Ethereum staking involves locking tokens into the network’s validator system, helping secure transaction processing in return for protocol rewards. Staked ETH is generally less immediately available for sale or transfer than unstaked holdings, although liquidity depends on the validator and withdrawal arrangements used by the holder.
The company reported a 2.63% annualized staking yield calculated over the preceding seven days. Applying that rate to its current staked balance produces projected annualized staking revenue of about $363 million, BitMine said.
It separately estimated annualized staking rewards of $431 million “at scale.” That larger figure corresponds to applying the 2.63% rate to its entire reported ETH position rather than only the 5.07 million ETH currently staked. The distinction shows how much additional recurring token income BitMine expects if it commits more of its holdings to validators.
BitMine added 15,112 ETH during the past week, it said, continuing purchases it has made every week since beginning its ETH treasury strategy on June 30, 2025. At the company’s stated reference price, the latest weekly purchase would be valued at about $41.2 million.
Treasury strategy ties corporate value more closely to Ethereum
The size of the ETH position means BitMine’s balance sheet has become heavily linked to Ethereum’s market price and staking economics. A change of $100 in ETH’s price would change the marked value of its 6.02 million-token holding by roughly $602 million before accounting for any hedging, operating costs, taxes, or changes in the value of its other assets.
Its reported 4.9% share of ETH supply also concentrates a substantial amount of the asset in one corporate treasury. While the company’s staked coins continue to participate in Ethereum’s validation system, the position could reduce the portion of BitMine’s holdings available for rapid sale compared with a fully liquid treasury.
That structure differs from holding ETH solely as a tradeable reserve. BitMine is seeking both price exposure and recurring staking income, so its results will depend on the ETH market, validator performance, network reward levels and the company’s ability to manage a large staking operation.
BitMine compared its crypto treasury with Strategy Inc., formerly MicroStrategy, which it said held 847,666 BTC worth about $78 billion. Strategy’s Bitcoin acquisitions helped establish the corporate digital-asset treasury model that BitMine is now adapting for Ethereum, though the assets have different network functions. Bitcoin does not provide native staking income, while ETH holders can earn validator rewards.
Stock performance and market activity
BitMine said ETH declined 10% during the first nine months of 2026, while its BMNR shares fell 3%. The company described that gap as 731 basis points of outperformance. Based on rounded figures, the difference between a 10% decline and a 3% decline is seven percentage points, although the company’s calculation may use more precise starting and ending prices.
The company also said ETH had outperformed the S&P 500 by 6,832 basis points in the third quarter of 2026, repeating the same figure for the quarter-to-date period.
BitMine said BMNR was added to the Russell 1000 large-cap index on June 26, 2026. Index inclusion can increase a stock’s visibility among funds that track or benchmark against Russell indexes, though it does not alter the company’s underlying exposure to ETH.
The company reported average daily dollar trading volume of $827 million over the five trading days ending Oct. 2. BitMine said this placed BMNR at No. 125 among 5,704 U.S.-listed stocks, citing Fundstrat and Statista, between Bristol-Myers Squibb and Schlumberger in its ranking. Its Series A Preferred Stock trades on the New York Stock Exchange under the symbol BMNP.
Lee set for Token2049 appearance
BitMine said Thomas “Tom” Lee, the company’s chairman, is scheduled to deliver a 20-minute keynote at Token2049 in Singapore on Oct. 7 at 10 a.m. local time. The presentation is set for Marina Bay Sands, the venue for the conference.
The appearance follows BitMine’s latest treasury update and gives Lee a platform to discuss a strategy that has shifted the company from a crypto infrastructure business toward a large, yield-generating Ethereum holder. Any new disclosure on additional ETH purchases, staking expansion, financing, or treasury management would be closely watched because the company now holds a volume of ETH large enough for its own buying and staking decisions to be material to its balance sheet.
Want deeper context on ETH’s role in BitMine’s strategy? Explore our guide on Ethereum fundamentals and staking dynamics.
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.
