Bitmine Immersion Technologies (NYSE AMERICAN: BMNR) has announced its total crypto and cash holdings have reached $9.9 billion, with its Ethereum (ETH) holdings now standing at 4.474 million tokens. This represents 3.71% of the total ETH supply, putting the company over 74% of the way toward its stated goal of acquiring 5% of all ETH—a strategy it calls "the alchemy of 5%."
As of March 1, 2026, the company's portfolio is comprised of 4,473,587 ETH (valued at $1,976 per token), 195 Bitcoin (BTC), a $200 million stake in Beast Industries, a $14 million stake in Eightco Holdings (NASDAQ: ORBS), and total cash reserves of $868 million. Bitmine's ETH holdings alone are valued at approximately $8.84 billion.
The company has staked 3,040,483 of its ETH, representing a $6.0 billion staked position. This staking activity currently generates annualized revenues of $172 million. Chairman Thomas "Tom" Lee stated that at full scale, when all ETH is staked via its upcoming MAVAN network, staking rewards could reach $253 million annually. Bitmine's current 7-day staking yield is 2.86%, slightly above the Composite Ethereum Staking Rate (CESR) of 2.83%.
Lee highlighted the company's continued accumulation, noting "In the past week, we acquired 50,928 ETH" and views the current market pullback as an attractive buying opportunity given Ethereum's strengthening fundamentals. He also commented on geopolitical uncertainty due to recent US combat operations against Iran, suggesting the impact on digital asset markets will be felt in coming weeks.
Bitmine is developing its own staking infrastructure called the Made in America Validator Network (MAVAN), which is on track to launch in Q1 2026. The company is currently working with three staking providers ahead of MAVAN's full deployment.
The announcement positions Bitmine as the #1 Ethereum treasury globally and the #2 largest crypto treasury overall, trailing only MicroStrategy Inc. (MSTR), which holds 717,722 BTC valued at $47 billion. Bitmine's stock (BMNR) is also highly liquid, ranking as the 145th most traded stock in the US with an average daily trading volume of $0.8 billion.
The company is backed by a notable group of institutional investors, including ARK Invest's Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera Capital, Kraken, Digital Currency Group (DCG), and Galaxy Digital.
