Bitmine’s Ethereum treasury now represents 4.9% of total ETH supply, while more than 5 million tokens are staked and the company puts annualized staking revenue at $363 million.
Key Investor Takeaways
- Bitmine Immersion Technologies (AMEX:BMNR) reported ETH holdings of 6,016,414 tokens, valued at roughly $16.4 billion using the stated ETH price of $2,726.
- The Ethereum treasury represents 4.9% of the reported 122.1 million ETH supply, putting BMNR close to its stated goal of acquiring 5%.
- Bitmine has staked 5,067,309 ETH, or about 84% of its holdings, with the company projecting $363 million in annualized staking revenue.
- Total crypto, cash, marketable securities and “moonshot” investments were valued at $17.4 billion as of October 4.
- Bitmine said it acquired another 15,112 ETH during the past week, continuing the accumulation strategy it began in June 2025.
Why BMNR Stock Is in Focus
Bitmine’s ETH holdings have reached 6.02 million tokens just 15 months after the company began its Ethereum treasury strategy, bringing its position to 4.9% of the cryptocurrency’s reported total supply.
As of October 4, the portfolio included 6,016,414 ETH valued using a price of $2,726 per token, 214 Bitcoin, $643 million in cash and marketable securities, a $180 million investment in Beast Industries and a $117 million stake in Eightco Holdings (NASDAQ:ORBS).
The latest update shows Bitmine continuing to buy Ethereum as it approaches its self-imposed 5% accumulation target. The company purchased 15,112 ETH during the latest week and said it has acquired ETH every week since launching the strategy on June 30, 2025.
Alongside accumulation, Bitmine is increasingly putting its treasury to work through staking. It reported 5,067,309 staked ETH worth approximately $13.8 billion, representing about 84% of its total ETH position.
The company said its staking operations produced a seven-day annualized yield of 2.63%, resulting in projected annualized staking revenue of $363 million.
Why This Matters for Investors
The update reinforces how closely Bitmine’s investment case is tied to Ethereum. With ETH accounting for the overwhelming majority of its reported holdings, changes in the cryptocurrency’s value may have a substantial effect on the value of the company’s treasury.
At the same time, staking introduces a recurring revenue component to the strategy. Rather than relying solely on appreciation in its ETH holdings, Bitmine is seeking to generate yield from a growing proportion of the portfolio.
Management estimates that staking revenue could reach $431 million annually if Bitmine’s ETH were fully staked through MAVAN and its staking partners, based on the stated 2.63% seven-day annualized yield. That figure is a company projection and will depend on the amount staked and the yield achieved.
MAVAN also represents a broader strategic development. Originally created for Bitmine’s own treasury, the validator network has expanded to target institutional investors, custodians and other ecosystem participants, potentially positioning the staking infrastructure as more than an internal treasury function.
For shareholders, the approaching 5% ETH target is another key consideration. Bitmine is now 0.1 percentage point below that objective based on the supply figure provided, meaning future treasury updates may increasingly shift attention from the pace of accumulation toward how the company manages and generates returns from its large ETH position.
What to Watch Next
The immediate milestone is whether Bitmine reaches its target of owning 5% of Ethereum’s supply and how much additional ETH is required as the reported circulating supply changes.
Investors can also watch the proportion of ETH moved into staking, realized staking yields and progress toward the company’s projected $431 million annualized reward level at full-scale staking.
Chairman Tom Lee is scheduled to deliver a keynote at Token2049 in Singapore on October 7, while Bitmine also plans to release its October 2026 Chairman’s Message this week.