Bitmine Immersion Technologies ( NYSE : BMNR ) announced that its ETH holdings have reached 6.04 million, with total encrypted assets, cash, and tradable securities amounting to 15.1 billion US dollars.
As of 3:00 PM on October 18th (Eastern Time), the company stated that its crypto assets included 6,041,481 units of ETH, valued at $2,365 per unit; 215 bitcoins (BTC); holdings in Beast Industries worth $180 million; holdings in Eightco Holdings (NASDAQ : ORBS) worth $74 million; as well as a total of $582 million in cash and tradable securities.
Bitmine indicates that its ETH holdings account for 4.9% of the total supply of 122.1 million ETH. The company also stated that it purchased an additional 12,535 ETH in the past week, and has been buying ETH every week since the launch of the ETH treasury strategy on June 30, 2025.
Bitmine Chairman Thomas stated that " Tom " Lee indicates that investors' risk appetite has recently declined. The reasons include AI financing and AI model security issues, the escalating tensions between the United States and Iran, cautious sentiment ahead of the U.S. mid-term elections, as well as rising global bond yields. He said that this has led to the selling of AI stocks, semiconductors, and storage-related stocks, affecting markets in South Korea and Taiwan as well.
Lee also indicates that cryptocurrencies are widely held in the United States, South Korea, and Taiwan. Therefore, when investors in these regions reduce their risk exposure, it usually has a chain reaction on the crypto market. He believes that price declines that have occurred in the past when fundamentals were strong often presented attractive risk-return opportunities; considering the role of cryptocurrencies in the modernization of the global financial system infrastructure and in proxy AI, this situation may repeat in the future.
The company stated that it has pledged 5,067,309 ETH, which is valued at $12 billion at a price of $2,365 per coin. Lee indicates that the quantity of ETH pledged by Bitmine exceeds that of any other institution globally; if calculated based on a scaled scenario, and assuming that all of ETH of Bitmine is pledged by MAVAN and its pledging partners, the annual pledge rewards are expected to reach $369 million, calculated at a 7-day yield of 2.58% for BMNR; in contrast, based on 5.1 million pledged ETH, the annualized pledge income is approximately $309 million.
Bitmine indicates that its encrypted asset scale makes it the largest Ethereum treasury in the world, as well as the second-largest treasury globally, only behind Strategy Inc. The latter is reported to hold 848,250 BTC, valued at approximately 74 billion US dollars. Bitmine claims to still be the largest ETH treasury in the world.
The company's management believes that GENIUS Act and the 'Project Crypto' of the U.S. Securities and Exchange Commission (SEC) will have a transformative impact on the financial services industry in 2026, similar to the impact of the United States ending the Bretton Woods system on August 15, 1971, which led to the dollar's decoupling from the gold standard.
Bitmine also introduced its MAVAN ( Made in America VAlidator Network ) platform. Launched at the beginning of 2026, this platform was initially used to support the company's own Ethereum treasury and has now been extended to include institutional investors, custodian institutions, and ecosystem partners. The company stated that some ETH have already completed staking on the MAVAN platform.
Bitmine indicates that the company continues to receive support from a group of institutional investors, including ARK, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital under Cathie Wood, as well as retail investors Thomas, Tom, and Lee, in order to advance its goal of acquiring 5% of the ETH supply.
Bitmine Immersion Technologies and its subsidiaries are a blockchain technology infrastructure company, with business covering institutional staking and digital asset verification, Bitcoin mining, as well as strategic management of digital assets. The company stated that in addition to operating staking and verification infrastructure, they also hold digital assets and generate income from them. At the same time, they engage in early-stage blockchain project investments such as "Moonshot", as well as providing supplementary services such as mining, hosting, and consulting.
The press release also contains forward-looking statements regarding future targets, market conditions, staking rewards, regulatory changes, and investment risks, and warns that actual results may differ significantly from expectations.
