Bitmine Immersion Technologies (NYSE: BMNR) reported that its combined crypto, cash and strategic investments total $11.6 billion as of May 31, 2026. The company holds 5,416,901 ETH (reported as 5.42 million) at an ETH valuation of $2,003 per token, representing 4.49% of the circulating supply of 120.7 million ETH.
Holdings breakdown
– Ethereum: 5,416,901 ETH (5.42M)
– Staked ETH: 4,718,677 ETH (approximately $9.5 billion at $2,003/ETH)
– Bitcoin: 203 BTC
– Strategic investments: $180 million stake in Beast Industries and $93 million stake in Eightco Holdings
– Cash: $446 million
Staking and MAVAN
Bitmine has launched MAVAN (Made in America VAlidator Network), an institutional-grade staking platform initially built to secure the company’s own ETH treasury and intended to expand to custodians and institutional clients. A majority of Bitmine’s ETH is already staked through MAVAN and other staking partners. The company reports a 7-day BMNR staking yield of 2.73% (annualized). Using that yield, projected annualized staking rewards when ETH is fully staked are estimated at $296 million; management also cites projected annualized staking revenues of $258 million under current assumptions. The 4.718 million staked ETH represents roughly 87% of Bitmine’s total ETH holdings.
Recent activity and strategy
Over the past week Bitmine added 26,497 ETH to its treasury. Chairman Thomas Tom Lee said the company is on pace to reach its strategic goal — the “alchemy of 5%” ETH treasury target — sometime in 2026. Bitmine emphasizes ETH as its primary treasury reserve asset and is deploying capital to build one of the world’s largest institutional ETH treasuries while pursuing native protocol activities including staking and DeFi participation.
Market position and liquidity
Bitmine claims the largest ETH treasury globally and ranks as the #2 crypto treasury overall behind Strategy Inc., which reportedly holds 843,738 BTC. The company is also among the most actively traded U.S. stocks: average daily dollar volume was $628 million (4-day average as of May 29, 2026), ranking it #225 by dollar volume among 5,704 U.S.-listed stocks. Institutional and strategic supporters named by management include ARK Invest, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and individual investor Tom Lee.
Management outlook and caution
Management highlights two long-term tailwinds for Ethereum: Wall Street tokenization on public blockchains and growing demand from agentic AI systems for neutral, public settlement layers. These views are forward-looking and involve risks and uncertainties; actual results may differ materially from expectations. Bitmine’s financial disclosures and SEC filings contain additional detail on risk factors and assumptions supporting these statements.