Bitmine Immersion Technologies (NYSE: BMNR) said its Ethereum holdings passed six million tokens as of September 27, 2026. In its September 28 release, the company valued its combined crypto assets, cash, marketable securities and selected investments at $17.2 billion.
Bitmine reported 6,001,302 ETH, using a Coinbase reference price of $2,698 per token at 3:00 p.m. ET on September 27. It said that position represented 4.9% of the reported 122.1 million ETH supply, or roughly 98% of its stated goal of owning 5%. The milestone follows the company’s previous update, when it reported 5.98 million ETH.
The company’s other reported holdings included 213 Bitcoin, a $180 million stake in Beast Industries, a $115 million stake in Eightco Holdings and $672 million in cash and marketable securities. These are Bitmine’s figures at the stated date and reference prices; market values can change.
Bitmine adds 17,362 ETH in one week
Chairman Thomas “Tom” Lee said Bitmine acquired 17,362 ETH during the latest week. According to Lee, the company has purchased ETH every week since beginning its Ethereum treasury strategy on June 30, 2025. He described reaching six million tokens in less than 15 months as an important step toward Bitmine’s 5% supply target.
Bitmine calls itself the largest corporate Ethereum treasury and the second-largest crypto treasury globally, behind Strategy. Those rankings and comparative values are claims in the company’s announcement.
More than five million ETH remains staked
As of September 27, Bitmine said it had staked 5,067,309 ETH, valued at about $13.7 billion at the release’s $2,698 reference price. That was approximately 84% of its total ETH position. The company’s own staking operations produced a seven-day annualized yield of 2.62%, according to Lee.
At the current staked amount, Bitmine projects $358 million in annualized staking revenue. If its entire ETH position were staked through its MAVAN platform and partners at the cited yield, it projects annualized rewards of $424 million. These are forward-looking estimates tied to yield and operating assumptions, not realized annual results.
MAVAN, the Made in America Validator Network, began as infrastructure for Bitmine’s treasury. The company said it has since expanded the platform for institutional investors, custodians and other partners seeking Ethereum staking and validation infrastructure. A portion of Bitmine’s ETH is already staked through MAVAN.
Market outlook and trading activity
Lee said Bitmine believes a crypto bull market began in late June and expects institutions to add to their exposure in the final months of 2026. The release also said ETH had outperformed the S&P 500 by 6,728 basis points in the third quarter through the period cited. These are the company’s market assessments and expectations, rather than independently verified forecasts.
Using Fundstrat data, Bitmine said BMNR shares averaged $1.1 billion in daily dollar trading volume over the five days through September 25, ranking 94th among 5,704 US-listed stocks in its comparison. Bitmine joined the Russell 1000 index on June 26, and its Series A preferred shares trade on the NYSE as BMNP.
Lee is scheduled to speak at Korea Blockchain Week on September 30 at 11:20 a.m. KST at Walkerhill Hotels & Resorts in Seoul. Bitmine also pointed to its $115 million Eightco position as an indirect route to OpenAI exposure, a characterization made by the company.
Company strategy and risks
Bitmine describes its wider business as digital-asset treasury management, Ethereum staking and validation, Bitcoin mining and selected early-stage investments. Management also sees potential effects from the GENIUS Act and the SEC’s Project Crypto, but those views are speculative.
The release warns that its accumulation target, staking revenue projections and market outlook may differ from actual outcomes. It identifies crypto price volatility, regulatory change, validator and security risks, financing needs and the valuation of its other investments among factors that could affect results.
