Bitmine Immersion Technologies ( BMNR ) indicates that its ETH holdings have increased to 6.03 million, with the total value of crypto assets, cash, and tradable securities reaching 16.2 billion US dollars.
The company stated that its holdings of ETH account for 4.9% of the total circulation, while the total circulation of ETH is 122.1 million coins. Bitmine also indicates that in just 15 months, the company has completed 99% of the journey towards the “5% alchemy” goal.
According to Bitmine, the company released the latest information on October 7th, with the chairman's statement titled "The Rise of Cryptocurrencies is in Progress – This Cycle Could Be the Biggest Yet." The company also mentioned that it was included in the Russell 1000 index on June 26, 2026.
As of 1:30 p.m. Eastern Time on October 11, 2026, Bitmine's portfolio included 6,028,946 units of ETH, valued at $2,544 per unit; 214 bitcoins (BTC); a stake of $180 million in Beast Industries; a stake of $85 million in Eightco Holdings (Nasdaq symbol: ORBS), which the company refers to as "moonshots"; as well as a total of $612 million in cash and tradable securities.
The company stated that its ETH holdings account for 4.9% of the total supply of ETH, with a total supply of ETH amounting to 122.1 million coins.
Bitmine Chairman Thomas " Tom " Lee indicates that the company believes it has a chance to outperform the market during the expected crypto bull market, as the company has strengthened its competitive position over the past year amidst the "crypto winter" in the market.
Lee indicates that most of the company's 6 million ETH were purchased during the downward phase of the crypto market. As the company approaches its goal of acquiring 5% of the total supply ETH, he believes that the company is now ready for the next round of crypto market upward trends.
Lee also mentioned that the company issued perpetual preferred stocks with an annual interest rate of 9.5% this June, namely the Bitmine A class preferred stocks (BMNP). He stated that the issue price of these preferred stocks was $80, and they closed at $99.53 on the most recent trading day.
According to Lee, since its issuance, BMNP has risen by 24%, outperforming fixed-income products, while during the same period, TLT has fallen by 8%.
He also stated that BMNP has established a benchmark for the credit of ETH: its level of 9.56% is 256 basis points lower than that of Bitcoin's comparable credit (STRC), and 515 basis points lower than that of Solana's comparable credit (CHAD). He believes that this reflects the advantages of ETH in terms of yield and stability.
Lee indicates that during the bear market from 2025 to 2026, Bitmine outperformed ETH in terms of stock price. In the past nine months, ETH has fallen by 10%, while BMNR has only fallen by 3%, which is equivalent to outperforming by 731 basis points.
Lee also mentioned that in the third quarter of 2026, ETH outperformed the S&P 500 index by 6,832 basis points. The reason for this was that it faced significant macroeconomic headwinds during that period, including a hawkish stance from the Federal Reserve, soaring oil prices, rising global bond yields, and tightening financial conditions overall.
He stated that factors such as Tokenization, wealth transfer, the absorption and supply of digital asset vaults, and cryptocurrencies serving as downstream industries for AI could potentially make this round of the crypto bull market the largest in history.
Lee quotes Robinhood CEO Vlad Tenev as recently stating on CNBC that "a trillion-dollar wealth transfer is underway." He mentioned that according to data compiled by IRS and Fundstrat, this wealth effect is expected to reach between 150 billion and 200 billion dollars between 2026 and 2028.
According to Lee, the ongoing wealth transfer should support the next round of crypto bull market, as the heirs are younger and may have a higher risk appetite for cryptocurrencies and stocks. He believes that this effect will be more pronounced in the next bull market compared to the previous cycle from 2019 to 2021, as the amount of wealth being transferred in US dollars will be much larger.
He also stated that the digital asset vault ( DATS ) has absorbed a larger proportion of the crypto supply, and this supply is essentially removed from the market permanently. This dynamic is conducive to the next round of crypto bull market, whereas this key factor was not present during the period from 2019 to 2021.
According to Lee, the company purchased another 12,532 units of ETH in the past week. The company stated that since launching the ETH vault strategy on June 30, 2025, Bitmine has been buying ETH every week.
Bitmine indicates that the company launched MAVAN (which includes Made, in, and America VAlidator Network) at the beginning of 2026. This is an institutional-level staking platform. Initially, it was used to support Bitmine's own ETH treasury, and later it was expanded to serve institutional investors, custodians, and ecosystem partners seeking top-tier staking infrastructure. The company stated that some ETH have already staked on the MAVAN platform.
As of October 11, 2026, the total amount of ETH pledged by 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 pledged by Bitmine exceeds that of any other entity in the world. If operating at full capacity, that is, if all of ETH of Bitmine is pledged through MAVAN and its pledging partners, the annualized pledge premium is expected to reach $400 million, based on a 7-day yield of 2.61% for BMNR.
Lee also mentioned that, based on the current ~5.1 million ETH pledged with BMNR, the annualized pledge income amounts to 336 million US dollars, which accounts for 84% of the ~6.03 million ETH held by Bitmine.
Bitmine ranks first among Ethereum wallets for its encrypted assets and second globally, only behind Strategy Inc. The latter is said to hold 848,000 BTC, valued at approximately 77 billion US dollars. Bitmine remains the largest ETH wallet in the world.
The company's management believes that the GENIUS legislation and the Crypto initiative of the U.S. Securities and Exchange Commission (SEC) will have a transformative impact on financial services in 2026, comparable to the significance of the United States' abandonment of the Bretton Woods system on August 15, 1971, which led to the dollar's decoupling from the gold standard. The company states that this event in 1971 spurred the modernization of Wall Street and gave rise to today's iconic financial giants and payment networks.
Bitmine included a speech from the chairman at the end of the article, a display of full-year performance for the fiscal year 2025, and a link to the investor relations page, and reminded readers to follow their X account.
In the "About Bitmine" section, the company states that Bitmine Immersion Technologies and its subsidiaries are engaged in blockchain technology infrastructure services, providing institutional-level digital asset pledging and verification, Bitcoin mining, as well as digital asset strategic management services. The company claims to be a leader in the field of Ethereum wallet management globally, implementing innovative digital asset strategies for institutional investors and public market participants. In addition to Bitcoin mining, the company also generates pledging premiums and verification revenues through institutional-level pledging and verification infrastructure, and holds digital assets to support liquidity and capital formation. Since 2025, the company has been continuously strengthening its blockchain infrastructure capabilities, including the development and deployment of its institutional pledging and verification platform MAVAN. The company's business also includes investments in early-stage blockchain projects ("Moonshot investments") as well as related mining, hosting, and consulting services.
The company also included a forward-looking statement disclaimer, stating that this press release contains certain forward-looking statements regarding its objectives for purchasing ETH, its digital asset accumulation strategy, staking business, expansion of MAVAN, judgments on the prospects of the crypto market, views related to BMNP, estimates of wealth transfer, the impact of GENIUS legislation and the SEC Crypto project, as well as the future value of the company's crypto assets, cash, tradable securities, and investments in “moonshot”. The company reminds that these statements carry significant risks and uncertainties, and actual results may differ substantially from expectations.
