BitMine Immersion Technologies said it held 6,028,946 ETH as of Oct. 11, equal to about 4.9% of Ethereum’s reported 122.1 million-token supply, placing the company among the largest disclosed corporate holders of the cryptocurrency. At the company’s stated ETH price of $2,544, the position was worth roughly $15.34 billion.
The company reported total holdings of cryptocurrency, cash, marketable securities and early-stage “moonshot” investments at $16.2 billion. Its scale means BitMine’s treasury strategy is becoming closely tied to Ethereum’s liquid supply and staking economy, though the company’s disclosed purchases alone do not establish how much ETH is actually available for trading across the market.
BitMine said it added 12,532 ETH during the previous week and has purchased ETH every week since launching its Ethereum treasury strategy on June 30, 2025. The latest weekly addition represented a modest increase beside its existing balance, but continued buying gives the company a recurring presence in the market rather than a treasury built through a single large acquisition.
More than 5 million ETH are staked
Of BitMine’s Ethereum balance, 5,067,309 ETH had been staked as of Oct. 11, according to the company. At $2,544 per ETH, that staked allocation was valued at approximately $12.9 billion.
Staking involves locking ETH into Ethereum’s proof-of-stake validator system in exchange for helping process and secure transactions. Validators can receive protocol rewards, although yields vary with network conditions, validator performance, fee activity and the overall quantity of ETH staked across Ethereum.
BitMine reported a 2.61% seven-day BMNR yield in connection with its staking projections. The company launched its made in America validator network, or MAVAN, earlier in 2026 to support its staking operations.
The size of BitMine’s staked position places its treasury beyond a passive balance-sheet allocation. More than four-fifths of its reported ETH is participating in Ethereum validation, which could generate recurring staking income while reducing the portion of the company’s holdings that can be quickly sold or moved without first going through validator exit procedures.
A corporate holder of 4.9% of total ETH supply does not control Ethereum’s protocol or its rewards. Ethereum’s validation system is operated by a large set of independent validators, and staking influence is distributed among entities that operate or delegate validator stakes. Yet BitMine’s disclosed holdings give it an unusually large economic exposure to changes in ETH’s price, staking returns and Ethereum’s network activity.
Treasury includes cash, Bitcoin and private investments
BitMine reported $612 million in cash and marketable securities, alongside 214 Bitcoin. It also listed $180 million invested in Beast Industries and $85 million in Eightco Holdings, the Nasdaq-listed company trading under the symbol ORBS, in its “moonshot” category.
Those non-ETH positions account for a relatively small share of the company’s reported $16.2 billion total. The treasury remains overwhelmingly driven by Ethereum, leaving BitMine’s financial results and market valuation highly sensitive to ETH price movements.
Using its stated valuation price, a 10% move in ETH would change the value of BitMine’s 6.03 million ETH balance by about $1.53 billion before accounting for staking rewards, Bitcoin holdings, cash, securities or other investments. That degree of exposure helps explain why the company’s stock performance is likely to be assessed by traders as a leveraged public-market proxy for Ethereum.
BitMine compared its crypto treasury with Strategy Inc., which it said held 848,000 Bitcoin valued at approximately $77 billion. The comparison reflects a growing corporate-treasury model in which public companies use equity, debt or preferred securities to accumulate major crypto assets, though BitMine has focused on ETH and staking rather than Bitcoin.
Preferred shares become part of financing strategy
The company also highlighted its series A perpetual preferred stock, which trades on the New York Stock Exchange under the ticker BMNP. BitMine said the shares were issued at $80 in June and last closed at $99.53, a 24% gain since issuance according to the company.
BitMine reported that BMNP had a 9.56% yield, which it said was 256 basis points below the yield of comparable Bitcoin-linked credit identified as STRC and 515 basis points below a comparable Solana-linked yield identified as CHAD. One basis point equals one-hundredth of a percentage point.
The preferred-stock structure gives BitMine another route to raise capital without issuing common shares directly, although preferred securities generally create fixed financial obligations and can add pressure if market conditions deteriorate. The company said it joined the Russell 1000 large-cap index on June 26, 2026, potentially making its shares more visible to index-following funds and institutional portfolio managers.
BitMine also said BMNR fell 3% during the first nine months of 2026, compared with a 10% decline in ETH over the same period. The company described that gap as 731 basis points of outperformance. Its comparison depends on the selected dates and does not account for the different risks attached to a corporate equity and the underlying cryptocurrency.
Company links strategy to U.S. policy changes
In an Oct. 7 chairman’s message titled “crypto bull underway — this cycle likely the largest,” BitMine connected its ETH strategy to U.S. cryptocurrency policy initiatives, including the GENIUS act and the Securities and Exchange Commission’s Project Crypto. The company compared the policy moment with the United States ending dollar convertibility into gold on Aug. 15, 1971.
The release also cited CNBC comments from Robinhood Markets Chief Executive Officer Vlad Tenev, who said a “$100 trillion wealth transfer is underway.” BitMine further referred to an estimate it attributed to IRS data and Fundstrat that put the related wealth effect between $1.5 trillion and $2 trillion from 2026 through 2028.
Those macroeconomic arguments remain separate from BitMine’s reported balance sheet. The immediate measurable development is the company’s consolidation of more than six million ETH, including more than five million tokens committed to staking. Its future results will depend largely on whether staking income, financing costs and ETH market performance justify the growing concentration of its corporate treasury in Ethereum.
Curious about BitMine’s massive ETH stake? Deepen your understanding of Ethereum’s core tech with this concise guide: learn how Ethereum works.
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