Bitmine Immersion Technologies (NYSE: BMNR) said on July 6, 2026 that its total holdings reached $11.1 billion, led by 5,742,237 ETH worth roughly $10.3 billion at the price the company cited.
Key Takeaways
- Bitmine’s crypto, cash, and “moonshot” holdings totaled $11.1 billion at the latest count, a buildup Chairman Tom Lee ties to rising prediction-market odds for the Clarity Act.
- The company’s 5,742,237 ETH position equals 4.8% of Ethereum’s 120.7 million-token supply, making it the largest corporate ETH holder.
- Bitmine staked 4,879,157 ETH as of July 5 through its in-house MAVAN platform, worth $8.8 billion, with a projected $277 million in annualized staking rewards once its ETH is fully staked.
- The company closed its June 10 preferred-stock offering with net proceeds of approximately $273.8 million, paying 9.50% weekly dividends under the NYSE ticker BMNP.
- Bitmine ranks #2 among global crypto treasuries behind Strategy (formerly MicroStrategy) (NASDAQ: MSTR), which holds an estimated 847,363 BTC.
What Happened?
The bulk of the balance sheet is Ethereum. Bitmine’s SEC filing states the company’s holdings, as of June 28 at 6:30 p.m. ET, comprised 5,742,237 ETH valued at $1,800 per token, priced against Coinbase exchange data.
Alongside the ETH sit 206 Bitcoin, a $180 million stake in Beast Industries, and a $71 million stake in Eightco Holdings. Cash and marketable securities added $527 million to the total.
The filing also confirms Bitmine was added to the Russell 1000 Large-cap Index on June 26 during the index’s annual reconstitution, a move that typically pulls in passive-fund ownership. It kept buying into that milestone, and acquired 42,197 ETH over the past week at a pace it called accelerating. What matters more than the raw tally is what Bitmine does with the tokens once they land: it stakes almost all of them.
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— Bitmine (NYSE-BMNR) $ETH (@BitMNR) July 6, 2026
BitMine provided its latest holdings update for July 6, 2026
$11.1 billion in total crypto + “moonshots”:
– 5,742,237 ETH at $1,800 per ETH per ETH (per @coinbase)
– 206 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $71 million stake in Eightco Holdings…
The Staking Machine Behind the Treasury
Bitmine runs its ETH accumulation through MAVAN (Made in American VAlidator Network), a staking platform the company launched earlier in 2026. The company says MAVAN is expanding to serve outside institutional clients across the broader decentralized finance market. Of the company’s total ETH position, 4,879,157 tokens were staked as of July 5, 85% of its total ETH holdings, generating a 2.68% seven-day annualized yield.
Bitmine has staked more ETH than other entities in the world. Chairman Thomas “Tom” Lee said the company’s annualized staking revenues are now projected at $235 million.
That yield stream is not incidental. Bitmine funds part of its ETH buildup through the $273.8 million in net proceeds it raised from the June 10 Series A Perpetual Preferred Stock offering, which pays holders a fixed 9.50% rate in weekly installments.
A preferred structure with weekly cash obligations puts a recurring bill on the balance sheet regardless of where ETH trades, and staking income is one of the few levers Bitmine has to cover it without selling the underlying tokens. A sustained drop in ETH price or staking yield would compress the same cash flow the preferred stock depends on. That staked position also carries a consequence beyond the balance sheet: it hands one company an unusual footprint inside Ethereum’s consensus layer.
Ethereum Concentration and the Regulatory Bet
A single company holding 4.8% of Ethereum’s circulating supply and staking most of it raises a governance question distinct from a typical Bitcoin treasury. Ethereum’s proof-of-stake consensus ties validator influence to staked token volume, so a concentrated staker accumulates a proportionally outsized role in network validation. Bitcoin’s proof-of-work consensus carries no equivalent mechanism, so Strategy’s comparable Bitcoin position doesn’t translate into the same protocol influence.
Bitmine’s leadership frames the buildup as a bet on a friendlier US crypto regulatory regime. The wager rests on pending federal legislation, not on law already in force. Lee said prediction markets now put the Clarity Act’s passage odds at approximately 50%, the highest in two weeks.
The filing also states Bitmine management believes the GENIUS Act and the SEC’s Project Crypto initiative are as transformational to financial services as the 1971 end of the Bretton Woods gold standard. That comparison sets a high bar: ending Bretton Woods reordered the global monetary system, while the Clarity Act and GENIUS Act would mainly settle which US regulator oversees which digital assets.
CoinLaw’s Takeaway
Bitmine’s $11.1 billion disclosure functions as a financing loop: preferred-stock proceeds fund ETH purchases, staked ETH generates yield, and that yield covers the preferred stock’s weekly dividend. The loop holds while ETH prices and staking yields stay near current levels, and tightens if either slips.
The Clarity Act framing deserves a measured read, since management leans on it as the thesis for the entire buildup while the legislation has not passed. Prediction-market odds are a sentiment gauge, not a regulatory outcome. Whether the staking-yield model outperforms Strategy’s non-yielding approach depends on staking economics holding up across both bullish and bearish ETH cycles, and on a regulatory bet that is still an open question.
