Bitmine Immersion Technologies (NYSE: BMNR) announced that its crypto, cash and strategic equity holdings now total $12.6 billion, anchored by a 5.28 million ETH position and a growing institutional staking operation.
Key holdings and valuation
– Ethereum: 5,278,462 ETH, valued at $2,191 per ETH (Coinbase price as of May 17, 2026). Bitmine’s ETH represents roughly 4.37% of the circulating supply (120.7 million ETH).
– Staked ETH: 4,712,917 ETH are currently staked, equivalent to about $10.3 billion at the same price.
– Bitcoin and other assets: 202 BTC, a $200 million stake in Beast Industries, and an $83 million stake in Eightco Holdings (NASDAQ: ORBS).
– Cash: $685 million in total cash.
– Aggregate: crypto + cash + “moonshots” (strategic equity stakes) are reported at $12.6 billion.
Progress toward the “Alchemy of 5%”
Bitmine says it is approximately 87% of the way to its stated target of owning 5% of total ETH supply. The company reported acquiring 71,672 ETH during a recent pullback below $2,200, calling the dip an attractive buying opportunity and projecting that it will reach the 5% target sometime in 2026.
Staking, MAVAN and revenue outlook
Bitmine launched MAVAN (Made in America VAlidator Network), an institutional-grade Ethereum staking platform that initially supports Bitmine’s own treasury and is intended to expand to serve institutional customers, custodians and partners. A portion of the company’s ETH is already staked on MAVAN.
Bitmine reported a 7-day yield of 2.80% (annualized) from its staking operations. Using that yield, the company projects annual staking rewards of roughly $324 million at scale when all ETH holdings are fully staked; current annualized staking revenues are reported at $289 million.
Market profile and corporate developments
– Uplist: Bitmine uplisted from NYSE American to the New York Stock Exchange effective April 9, 2026; shares continue to trade under the BMNR ticker.
– Liquidity: Fundstrat data cited by the company show an average daily dollar trading volume of $857 million (5-day average as of May 15, 2026), ranking BMNR #133 among U.S.-listed stocks by dollar volume.
– Backing: Bitmine lists several prominent institutional and individual supporters, including ARK Invest’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, Bill Miller III, MOZAYYX and investor Thomas “Tom” Lee.
Policy context
Bitmine highlighted the CLARITY Act’s passage out of the Senate Banking Committee and noted other regulatory initiatives such as the GENIUS Act and the SEC’s Project Crypto as important industry developments that could shape tokenization and institutional adoption.
About Bitmine
Bitmine is a U.S.-based Bitcoin miner that has shifted significant capital toward building an Ethereum treasury and staking platform. The company says its treasury strategy emphasizes ETH as a primary reserve asset and leverages protocol-level activities such as staking and DeFi.
Forward-looking information
The announcement contains forward-looking statements about future ETH accumulation, staking yields, regulatory outcomes, revenue projections and related matters. Actual results could differ materially due to market volatility, regulatory changes, operational risks and other factors. Investors should review Bitmine’s SEC filings for additional risk disclosures.