Bitmine Boosts Ethereum Holdings to 6.02M Tokens, Chairman Declares Bull Market Underway

Bitmine Immersion Technologies (NYSE: BMNR) added another 15,112 Ether to its treasury over the past week, bringing its total ETH holdings to 6.02 million tokens — equivalent to 4.9% of the 122.1 million Ether in circulation, the company announced Wednesday.

The purchase comes as Bitmine inches toward its stated goal of acquiring 5% of all Ethereum in circulation. The company is now 99% of the way to that "Alchemy of 5%" milestone, a target it set 15 months ago.

Chairman Thomas "Tom" Lee characterized the buying spree as evidence that crypto markets are entering a new bull phase.

"We believe that as crypto enters a cycle we view as a bull market, what is notable is Bitmine's share price outperformance of ETH during the bear market of 2025-2026," Lee said in a statement. "In our view, BMNR's share performance reflects the Company's commitment to optimize shareholder return."

Bitmine's total crypto holdings, cash, marketable securities, and "moonshots" — a category that includes stakes in private and public companies — now stand at $17.4 billion. That figure includes 6,016,414 ETH valued at $2,726 per token (based on Coinbase pricing), 214 Bitcoin, a $180 million stake in Beast Industries, a $117 million stake in Eightco Holdings (NASDAQ: ORBS), and cash and marketable securities of $643 million.

Bitmine remains the largest corporate Ethereum treasury in the world, trailing only Strategy Inc. (NASDAQ: MSTR) in overall crypto holdings. MSTR reportedly owns 847,666 Bitcoin valued at approximately $78 billion.

**Staking Revenue and Institutional Support**

Bitmine launched the institutional-grade staking platform MAVAN (Made in America VAlidator Network) earlier in 2026. As of October 4, the company had 5,067,309 ETH staked — 84% of its total Ethereum holdings — generating a projected annualized staking reward of $431 million, based on a 2.63% seven-day yield.

"Bitmine has staked more ETH than other entities in the world," Lee said. Annualized staking revenues are now projected at $363 million, according to the company.

Bitmine's stock has outperformed both Ether and broad equity benchmarks during a turbulent period for risk assets. During the first nine months of 2026, ETH fell 10% while BMNR declined only 3% — an outperformance of 731 basis points. In the third quarter alone, ETH outperformed the S&P 500 by 6,832 basis points, a gap Lee called "notable considering the substantial macro headwinds that emerged in the quarter," including a hawkish Federal Reserve, surging oil prices, rising global bond yields, and tightening financial conditions.

Bitmine is one of the most actively traded U.S. stocks. According to data from Fundstrat, BMNR has traded average daily dollar volume of $827 million over the past five days, ranking 125th among 5,704 U.S.-listed stocks — just behind Bristol-Myers Squibb and ahead of Schlumberger.

The company was added to the Russell 1000 Large-Cap Index on June 26, 2026. Its Series A Preferred Stock trades on the NYSE under the symbol BMNP.

**Institutional Backing and Bullish Outlook**

Bitmine is supported by a group of institutional investors including ARK's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and personal investor Tom Lee. Lee is scheduled to deliver the keynote address at the Token2049 conference in Singapore on October 7.

The company's buying strategy has been consistent since the inception of its ETH treasury program on June 30, 2025. "Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy," Lee said. "Bitmine's track record of consistent buying of crypto is unmatched by any public company in the world."

Bitmine said it would release its October 2026 Chairman's Message this week under the title "Crypto bull underway — this cycle likely the largest." The company's management views the GENIUS Act and the SEC's Project Crypto as "as transformational to financial services in 2026 as the US action on August 15, 1971, which ended the Bretton Woods system and took the U.S. dollar off the gold standard."

The company's total staked Ether of 5.07 million tokens is currently generating a 2.63% annualized yield on Bitmine's own operations. Bitmine expects that figure to rise as additional ETH is moved onto the MAVAN platform and its staking partners.