Bitmine Immersion Technologies (NYSE: BMNR) reported crypto and cash holdings of $17.1 billion as of September 20, 2026. The disclosure, filed in an 8-K the same day, credits 5,983,940 ETH tokens valued at $2,688 each as the primary driver.
Key Takeaways
- Bitmine holds 5,983,940 ETH, equal to 4.9% of Ethereum’s total supply of 122.1 million tokens.
- The company has staked 5,067,309 ETH worth $13.6 billion through its MAVAN validator network.
- Bitmine bought 27,562 ETH over the past week, continuing a streak of weekly purchases dating to June 30, 2025.
- Chairman Tom Lee will deliver the keynote at Korea Blockchain Week on September 30, 2026, in Seoul.
- ETH outperformed the S&P 500 by 6,519 basis points in the third quarter of 2026 through the disclosure date.
What Happened?
Bitmine Immersion Technologies, Inc. (NYSE: BMNR), a company focused on accumulating Bitcoin and Ethereum for long-term investment, disclosed its latest treasury snapshot in a Form 8-K filed with the SEC on September 21, 2026. The filing lists 5,983,940 ETH priced at $2,688 per token via Coinbase, 212 Bitcoin, a $180 million stake in Beast Industries, a $105 million stake in Eightco Holdings (NASDAQ: ORBS), and $714 million in cash and marketable securities.
Bitmine’s ETH position represents 4.9% of the 122.1 million ETH in circulation. The company has added to that position every week since launching its Ethereum treasury strategy on June 30, 2025, and bought 27,562 ETH in the most recent week alone. Chairman Tom Lee called the run “unmatched by any public company in the world.“
Lee attributed the accumulation to a broader shift in capital flows. Lee said:
He pointed to ETH’s quarter-to-date outperformance of 6,519 basis points against the S&P 500 as evidence the trend has room to extend into the fourth quarter, given what he described as institutional underweighting of crypto through most of 2026.
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— Bitmine (NYSE-BMNR) $ETH $BMNP (@BitMNR) September 21, 2026
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BitMine provided its latest holdings update for September 21, 2026
$17.1 billion in total crypto + "moonshots":
– 5,983,940 ETH at $2,688 per ETH (per @coinbase)
– 212 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $105 million stake in Eightco Holdings…
Staking Scale Through MAVAN
Bitmine has staked 5,067,309 ETH, worth $13.6 billion at current prices, representing 85% of its total holdings. The staking runs through MAVAN, the Made in America VAlidator Network the company built initially for its own treasury and later opened to institutional investors, custodians, and ecosystem partners.
Bitmine’s staking operations generated a 7-day annualized yield of 2.62%, and the company projects $357 million in annualized staking revenue at the current pace. Lee said the figure would rise to a projected $421 million once the full 5.98 million ETH position is staked across MAVAN and its partners.
Where Bitmine Sits Among Crypto Treasuries?
Bitmine describes itself as the largest Ethereum treasury in the world and the second-largest crypto treasury overall, behind Strategy Inc. (NASDAQ: MSTR), which the company’s release credits with 845,080 Bitcoin worth roughly $75 billion. Strategy’s own recent disclosures put its holdings at approximately 845,050 BTC, a difference of a few dozen tokens likely reflecting the timing of each company’s snapshot.
Bitmine’s institutional investor base includes ARK Invest’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, alongside Lee’s personal investment. The company has framed its backing as support for a stated goal of acquiring 5% of the total ETH supply, a target it now describes as 98% complete after 15 months.
The Bottom Line
Bitmine’s disclosure reads as a continuation story rather than a pivot. The 27,562 ETH added over the past week is small next to the 5.98 million already held. The real signal sits in the staking math. Now 85% of the company’s ETH earns yield through MAVAN, generating $357 million in projected annualized income and turning a passive treasury position into a revenue-producing one.
The Eightco stake stands apart from that ETH story. A $105 million position carrying indirect OpenAI exposure through a Nasdaq-listed vehicle gives Bitmine a foothold in an asset class largely closed to public-market investors. The company keeps that position inside a “moonshots” bucket, outside its core treasury figures. Whether that framing holds if AI valuations move against crypto’s current rotation depends on a different set of variables than the ETH accumulation trade.
