Bitmine Immersion Technologies ( BMNR ) announced that its ETH holdings have increased to 6.03 million, with the total amount of crypto assets, cash, and tradable securities reaching 16.2 billion US dollars.
As of 1:30 p.m. Eastern Time on October 11, 2026, the company stated that its crypto assets included 6,028,946 units of ETH, valued at $2,544 per unit (according to Coinbase), 214 bitcoins (BTC), 180 million dollars' worth of equity in Beast Industries, and 85 million dollars' worth of equity in Eightco Holdings (Nasdaq ticker: ORBS), which the company referred to as its "moonshots" investments; in addition, the company also held 612 million dollars in cash and tradable securities. Bitmine indicated that its holdings of ETH accounted for 4.9% of the total supply of 122.1 million units of ETH.
The company stated that on October 7th, it released the latest chairman's speech titled "Crypto Bull Underway — This Cycle Likely the Largest". This presentation material can be viewed on the Bitmine website.
Bitmine Chairman Thomas “Tom” Lee states: “We believe that Bitmine has the potential to outperform our expectations for the upcoming crypto bull market, as the company has strengthened its competitive position over the past year, despite being in a crypto winter (bear market).”
Lee also indicates: 'Most of our 6 million ETH were purchased during the bear market in cryptocurrencies. As the company approaches its 5% ETH accumulation target, we believe the company is in an attractive position ahead of the upcoming bull market in cryptocurrencies.'
According to Lee, the company issued Bitmine 9.5% perpetual preferred stocks ( BMNP ) in June this year, which is one of the key strategic steps taken over the past year. The issue price of BMNP was $80, and the latest closing price was $99.53.
Lee indicates that: 'As a company's perpetual preferred stock, BMNP has appreciated by 24% since its issuance, outperforming the US Treasury bonds ETF ( TLT ), which fell by 8% during the same period.'
He also stated: “BMNP has established a benchmark yield for the credit of ETH, which is currently at 9.56%. This is 256 basis points lower than the comparable Bitcoin credit yield (STRC) and 515 basis points lower than the comparable Solana yield (CHAD). This reflects the superior yield and stability characteristics of ETH, and that’s my opinion.”
According to Lee, during the period from 2025 to 2026, ETH fell by 10%, while BMNR fell by 3%. In the first 9 months, it outperformed ETH by 731 basis points.
Lee also indicates that ETH outperformed the S&P 500 index by 6,832 basis points in the third quarter of 2026, despite macroeconomic headwinds such as a "hawkish" Federal Reserve, soaring oil prices, rising global bond yields, and tightening financial conditions during that period.
Lee says that the company believes this cycle could become "the largest crypto bull market ever," with driving factors including tokenization, wealth transfer, the digital asset treasury (DATS) absorbing supply, and crypto as a downstream narrative in AI.
Robinhood CEO Vlad Tenev recently stated on CNBC that "a trillion-dollar wealth transfer is underway." Lee noted that, according to data compiled by the U.S. Internal Revenue Service and Fundstrat, this wealth effect is expected to total between 1.5 trillion and 2 trillion dollars between 2026 and 2028.
Lee indicates that the ongoing wealth transfer is expected to support the upcoming crypto bull market, as the group inheriting the wealth is younger and may have a higher risk appetite for cryptocurrencies and stocks. He also stated that this effect could be more pronounced in the next bull market compared to the 2019 to 2021 cycle, as the amount of dollars expected to be transferred is anticipated to be larger.
Lee further indicates that the Digital Assets Treasury (DATS) has absorbed a larger proportion of the crypto supply, which means 'supply that is permanently removed from the crypto market.' This development is favorable for the upcoming bull market.
Lee stated: "Over the past week, we have increased our holdings of ETH by 12,532 units. Bitmine's continuous buying of crypto assets is unmatched among any listed companies globally. Since the launch of the ETH treasury strategy on June 30, 2025, Bitmine has been purchasing ETH every week."
The company also stated that earlier in 2026, they launched MAVAN (which includes Made, in, and America VAlidator Network), which is an institutional-level staking platform. MAVAN was initially developed to support Bitmine's own Ethereum treasury, but has now been expanded to provide staking infrastructure for institutional investors, custodian institutions, and ecosystem partners. It is mentioned that a portion of ETH has already been staked on the MAVAN platform.
As of October 11, 2026, the total stake of Bitmine is 5,067,309, which is valued at $12.9 billion at a price of $2,544 per coin. Lee indicates that: "The quantity of ETH staked by Bitmine exceeds that of any other entity globally. In a scaled-up scenario, when the ETH of Bitmine is fully staked through MAVAN and its staking partners, with a 7-day BMNR yield of 2.61%, the estimated annualized staking reward would reach $400 million. This compares to the annualized staking income of $336 million calculated based on the currently staked 5.1 million coins of ETH (which accounts for 84% of the 6.03 million ETH held by Bitmine)."
According to Bitmine, its encrypted asset scale ranks as the largest Ethereum treasury in the world and the second-largest treasury globally, only behind Strategy Inc. The latter is said to hold 848,000 BTC, valued at approximately $77 billion. Bitmine remains the world's largest ETH treasury.
The company's management believes that the GENIUS legislation and the Project Crypto measures of the U.S. Securities and Exchange Commission (SEC) in 2026 will be as transformative for the financial services industry as the U.S.'s decision to end the Bretton Woods system on August 15, 1971, and decouple the dollar from the gold standard. The company states that this event in 1971 spurred the modernization of Wall Street and shaped the current Wall Street giants as well as the financial and payment infrastructure we have today.
About Bitmine
Bitmine Immersion Technologies, Inc (New York Stock Exchange ticker: BMNR) and its subsidiaries are blockchain technology infrastructure companies that provide services in institutional digital asset pledging and verification, Bitcoin mining, and strategic digital asset management. As a global leader in Ethereum treasury services, the company implements digital asset strategies for institutional investors and public market participants. The company generates rewards from institutional-level pledging and verification infrastructure, as well as revenue from Bitcoin mining operations. Bitmine strategically holds digital assets and generates income from these holdings to support liquidity and capital formation. Since 2025, the company has expanded its blockchain infrastructure capabilities, including the development and deployment of its institutional pledging and verification platform MAVAN. The company's activities also include investments in early-stage blockchain opportunities ("moonshot investments"), as well as auxiliary mining, hosting, and consulting services.
Forward-looking Statements Warning
This press release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not purely historical in nature and can typically be identified by words such as “expected,” “planned,” “believed,” “anticipated,” “estimated,” “targeted,” “potential,” “possible,” “will,” “shall,” etc.This press release particularly contains forward-looking statements regarding the following matters: (i) the company's goal of acquiring 5% of the total ETH supply (“Alchemy of 5%” plan); (ii) the company's digital asset accumulation and treasury strategy, including the expected speed, scale, and sustainability of ETH acquisitions, as well as management's statement that the company has largely completed ETH purchases; (iii) the company's staking business, which is expected to generate approximately $400 million in annualized ETH staking rewards and about $336 million in annualized staking income on a scaled-up basis; these figures are based on a 7-day rolling yield rate that may not represent future earnings; (iv) the expansion of MAVAN to institutional investors, custodian institutions, and ecosystem partners; (v) management's views on the future state of the crypto market, including the ongoing or impending arrival of the largest crypto bull market in history, as well as the expected impacts of tokenization, wealth transfer, digital asset treasury absorption of supply, and artificial intelligence on the crypto market; (vi) management's belief that the company is poised to outperform in the future market environment and its view of the company's competitive position; (vii) management's views on the company's Series A perpetual preferred stocks (BMNP), including their role as a benchmark for ETH credit yield rates, as well as the characteristics of their returns and stability; (viii) estimates of the impact of future wealth transfer on demand for crypto and stocks; (ix) management's belief that GENIUS legislation and SEC Project Crypto will be having or will continue to have a transformative impact on financial services; and (x) statements regarding the future value of the company's crypto assets, cash, tradable securities, and “moonshot” holdings.
These forward-looking statements involve significant risks and uncertainties, which may lead to material differences between actual results and the content expressed explicitly or implicitly.Factors that may lead to or contribute to such differences include, but are not limited to: extreme volatility and unpredictability in the prices of digital assets, including ETH and Bitcoin; a high concentration of the company's assets in ETH; the crypto market may not enter a bull market, or any bull market that occurs may be shorter in duration and smaller in scale; the company's reliance on third-party pricing sources, public market values, and third-party data and estimates (including estimates of wealth transfers), which may fluctuate significantly or prove to be inaccurate; uncertainties regarding the valuation of illiquid and unlisted investments, including the company's holdings in Beast Industries; changes in market conditions that affect the trading prices and volumes of the company's securities, including the company's common stock and Series A perpetual preferred stock, as well as the relationship between the trading prices of the company's securities and the value of its digital asset holdings; the company's ability to pay dividends on Series A perpetual preferred stock; dilution resulting from future issuance of shares or stock-linked securities; changes in the company's ETH acquisition plan, including decisions to slow down, suspend, or resume purchases; the company's ability to successfully execute its digital asset acquisition strategy and achieve its ETH accumulation targets (including the “Alchemy of 5%” target); the company's ability to finance business operations and MAVAN expansion; operational, security, and technical risks related to the company's pledging and verification business, including network failures, cutbacks, cybersecurity vulnerabilities, and changes to protocols; the risk that actual pledged earnings, rewards, and revenues will differ significantly from expected amounts, including the possibility that short-term rolling yields may not be sustainable; competition in the digital asset treasury, pledging, and mining industries, as well as the risk that digital asset treasury companies may sell rather than hold their digital assets; the company's dependence on key personnel; regulatory developments that affect digital assets, blockchain technology, and pledging activities, including the implementation and interpretation of the GENIUS Act, SEC Project Crypto, and other pending legislation or regulatory measures;Actions by SEC, CFTC and other regulatory authorities; risks related to the company's investment in moonshot, including Eightco Holdings and Beast Industries; macroeconomic factors, including inflation, interest rates, monetary policy, oil prices, and overall economic conditions; changes to the Ethereum protocol; performance of third-party service providers, exchanges, custodian institutions, and staking partners; as well as other risk factors described in the documents submitted by the company to SEC.
The forward-looking statements in this press release are based on information available to management as of the date of issuance and reflect their current expectations, estimates, and judgments regarding future events. Actual results may differ significantly from those stated explicitly or implied due to the aforementioned factors, as well as the content described in the “Risk Factors” section of the company’s 10-K annual report for the fiscal year ending September 30, 2025, the quarterly 10-Q reports, and other SEC documents that may be revised or updated from time to time, which were submitted to SEC on November 21, 2025. These documents can be found at www.sec.gov and https :// Bitminetech.io / investor-relations. The company reminds readers not to rely excessively on any forward-looking statements, which are only valid as of the date they are made. Except as required by applicable laws, Bitmine explicitly does not assume any obligation to update or revise any forward-looking statements.
