Norwalk, Connecticut, November 3, 2026 / PRNewswire / — Bitmine Immersion Technologies, Inc. ( NYSE : BMNR, hereinafter referred to as “Bitmine” or “the Company”) is a company that focuses on the Bitcoin and Ethereum networks and accumulates cryptocurrencies for the purpose of long-term investment. The Company announced on Tuesday that the total value of its assets, which consist of cryptocurrencies, cash, securities, as well as high-risk, high-return investments (“moonshots”), has reached $14.5 billion.
The company stated that as of 16:00 Eastern Time on November 1, 2026, its cryptocurrency holdings included: 6,060,506 ETH coins valued at $2,261 each (according to Coinbase, NASDAQ: COIN), 216 Bitcoins (BTC), as well as a stake in Beast Industries worth $180 million and a stake in Eightco Holdings ($82 million according to NASDAQ: ORBS); in addition, the company also held a total of $498 million in cash and marketable securities. Bitmine mentioned that its ETH holdings represent 4.9% of the total supply of 122.2 million ETH coins.
The company stated that it recently increased its holdings by 8,573 ETH.
Bitmine Chairman Thomas “Tom” Lee states: “Last weekend, Binance suffered a cyberattack, and $6.3 billion in customer funds were stolen. According to Binance and other media reports, this incident stemmed from a contractor penetrating the company’s infrastructure on that platform. FBI has blamed North Korea for it. Although this is a terrible incident, in my opinion, the relatively mild reaction of the crypto market is very constructive, especially when compared to the market responses after other large-scale thefts in the past.”
Lee indicates that in February 2025, ByBit also suffered a hack attack by North Korean hackers (using a completely different method), resulting in the theft of $1.5 billion in customers' encrypted assets. On the day the ByBit theft was announced, ETH fell by 8%, and the cumulative decline within a week reached 20%. In contrast, since the exposure of the Binance theft, ETH has fallen by 4%. We believe that although the scale of this theft is about four times that of the previous one, the market reaction has been significantly milder.
According to Lee, Bitmine believes there are six reasons why the theft incident has triggered a relatively mild market reaction:
- Binance has sufficient financial resources to compensate customers for all their losses;
- There was no "chain reaction" of failures like the DeFi protocol failure that occurred after the ByBit incident;
- The industry quickly intervened, reducing potential losses by 50%;
- FBI pointed the finger at North Korea just two days after the theft occurred, whereas in previous incidents, it took up to 180 days to make such a determination;
- This attack is considered a "corporate-level penetration" of the infrastructure of Binance enterprise, and it is not due to any vulnerabilities in the blockchain itself;
- The limited decline in prices indicates that, despite the recent drop, the crypto market is still in a bull market phase.
Lee indicates: 'Overall, we believe this suggests that the crypto industry is becoming more resilient and better equipped to absorb attacks on financial infrastructure launched by state actors.'
He also stated: "Over the past week, we have purchased 8,573 ETH. Bitmine continues to set a record for continuous purchases of cryptocurrencies, unmatched among global listed companies. Since launching the ETH treasury strategy on June 30, 2025, Bitmine has been purchasing ETH every week."
The number of ETH in pledge has reached 5.227 million.
The company stated that in early 2026, Bitmine launched an institutional-level staking platform called MAVAN (which includes Made, in, and America VAlidator Network). This platform was initially designed to support Bitmine's own Ethereum treasury and has since been extended to serve institutional investors, custodians, and ecosystem partners, providing staking infrastructure. Bitmine mentioned that some of its ETH have already been staked through MAVAN.
As of November 1, 2026, the total number of ETH tokens used for staking with Bitmine is 5,227,037. Calculated at $2,261 per ETH, this is worth approximately $11.8 billion. Lee states: "The quantity of ETH tokens staked with Bitmine exceeds that of any other entity in the world. Once full scaling is achieved (that is, when all ETH have been staked through MAVAN and its staking partners), the annualized staking rewards are expected to reach $415 million (based on a 7-day yield of 3.03% as per BMNR)."
Lee added, "Based on the current estimate of about 5.2 million ETH in a staked state – which accounts for approximately 86% of the 6.06 million ETH held by Bitmine – the corresponding annualized staking income is about 358 million US dollars."
The company claims that the cryptocurrency reserves of Bitmine are the largest Ethereum treasury in the world and rank second among global crypto treasuries, only behind Strategy Inc. The latter is said to hold 848,517 BTC, worth approximately $71 billion.
The company claims to be close to achieving the "5% alchemy" goal
Bitmine indicates that the company has received support from a group of well-known institutional investors, including Cathie Wood ( ARK ), MOZAYYX , Founders Fund , Bill Miller III , Pantera , Kraken , DCG , Galaxy Digital , as well as individual investors Thomas “ Tom ” Lee to support its goal of acquiring 5% of the ETH supply. The company stated that it has completed 99% of the goal to achieve the “5% alchemy” ( Alchemy of 5%) within 15 months.
The company also stated that Bitmine was included in the large-cap stock index Russell 1000 on June 26, 2026, and its Series A preferred stocks are listed on the New York Stock Exchange under the code BMNP.
According to Bitmine, they hold 82 million US dollars' worth of shares in Eightco, and Eightco is "currently one of the few listed stocks in the world that provides investors with an indirect exposure to OpenAI."
On October 7th, Bitmine released the latest chairman's letter titled "The Crypto Bull Market is in Progress: This Cycle Could Be the Largest Yet."
Bitmine Management stated that the "Crypto Project" of GENIUS Act and the U.S. Securities and Exchange Commission (SEC) could be likened to the significance of the changes in the financial services industry in 2026 to the action taken by the United States on August 15, 1971, when it ended the Bretton Woods system and decoupled the dollar from gold. The company noted that that event in 1971 propelled the modernization of Wall Street and gave rise to today's financial and payment infrastructure.
About Bitmine
Bitmine Immersion Technologies, Inc and its subsidiaries are a blockchain technology infrastructure company, with business covering institutional-level collateralization and verification services for digital assets, Bitcoin mining, as well as strategic management of digital assets. The company states that, as a global leader in Ethereum treasury management, it implements innovative digital asset strategies for institutional investors and public market participants. The company generates collateralization rewards and verification income through its institutional-level collateralization and verification infrastructure, while also engaging in Bitcoin mining operations. Since 2025, the company has expanded its blockchain infrastructure capabilities, including the development and deployment of its institutional-level collateralization and verification platform MAVAN. Its business also includes "moonshot" investments in early-stage blockchain opportunities, as well as related mining, hosting, and consulting services.
Forward-looking Statements
This press release contains forward-looking statements as defined by the revised version of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, the company's goal to acquire 5% of the total supply of ETH (“Alchemy of 5%”); the company's strategy for accumulating digital assets and treasury management, including the continuous weekly purchases of ETH and the aim to maintain the position of having the largest ETH reserves in the world; the company's staking business, including an estimated annualized staking reward of approximately $415 million after full scaling, as well as an estimated annualized staking income of approximately $358 million based on the current staking scale; the expansion of services to institutional investors, custodians, and ecosystem partners with MAVAN; management's views that the crypto market is in a bull phase, the market response to the Binance theft incident, and the resilience of the crypto industry; management's judgment regarding how GENIUS Act and SEC “Crypto Project” may affect the financial services industry; and statements regarding the investment value of the company's cryptocurrencies, cash, securities, and “moonshot”.
The company states that these forward-looking statements involve significant risks and uncertainties, which may lead to substantial differences between actual results and the explicitly or implicitly stated results. Relevant factors include, but are not limited to: extreme and unpredictable price fluctuations of digital assets, including ETH and Bitcoin; the company's dependence on third-party price sources and reported market values; changes in the market environment that affect the trading prices and volumes of the company's securities; the company's ability to implement its digital asset acquisition strategy and achieve the ETH accumulation targets; the ability to finance business and expansion through MAVAN; operational, security, and technical risks related to the pledging and verification business, including network failures, confiscation events, cybersecurity incidents, and changes in protocols; the risk of significant differences between actual pledged earnings, rewards, and revenues and forecasted values; competition in the areas of digital asset treasury management, pledging, and mining; dependence on key personnel; regulatory changes that affect digital assets, blockchain technology, and pledging activities; actions by SEC, CFTC and other regulatory authorities; the company's risks associated with investments in “moonshot” such as Eightco Holdings and Beast Industries; as well as macroeconomic factors such as inflation, interest rates, and the overall economic environment.
The company reminds readers not to rely excessively on these forward-looking statements. The relevant expressions only reflect the information, expectations, estimates, and opinions held by management as of the date of issuance. For more risk factors, please refer to the company's 10-K annual report for the fiscal year ending September 30, 2025 (submitted to SEC on November 21, 2025), subsequent 10-Q quarterly reports, and other SEC documents.
