Bitmine Immersion Technologies says it held 6, 051, 933 ETH as of October 25, 2026, bringing it close to its stated goal of owning 5% of ETH supply. Its reported $15 billion in combined holdings makes a striking headline, but the disclosed figures do not fully add up, and its staking estimates and market forecasts remain projections.
- ETH held: 6, 051, 933, priced by Bitmine at $2, 356 each.
- Share of stated supply: 4.95% of 122.2 million ETH.
- ETH staked: 5, 227, 037, or about 86% of its ETH holdings.
- Reported aggregate holdings: $15 billion, including crypto, cash, securities and selected investments.
- Main caveat: Valuations, yield estimates and market predictions come from the company and carry risk.
Bitmine’s ETH position is close to its 5% target
In a release dated October 26, 2026, Bitmine said it held 6, 051, 933 ETH at 2:00 p.m. ET the previous day. It valued each token at $2, 356, citing Coinbase (NASDAQ: COIN). That works out to 4.95% of the 122.2 million ETH supply figure used in the release.
Bitmine calls its target the “Alchemy of 5%” and says it is 99% of the way there. Based on the company’s supply figure, 5% would equal 6.11 million ETH, leaving it about 58, 000 ETH short. The release does not say when or how the 122.2 million supply figure was measured.
This is a comparison with ETH supply, not with the amount of ETH staked, activity on the network or control over the protocol. Ethereum remains a decentralized network. Holding a large amount of ETH does not give a company authority over its rules.
Bitmine says its ETH Treasury Strategy began on June 30, 2025, and that it has bought ETH every week since. It acquired another 10, 452 ETH during the week covered by the release.
The $15 billion figure needs a closer look
Along with its ETH, Bitmine reported holding 215 BTC, $514 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $76 million stake in Eightco Holdings (NASDAQ: ORBS). The company calls the last two investments “moonshots, ” meaning selected holdings outside its core crypto assets.
Bitmine says its crypto, cash, marketable securities and moonshot holdings total $15 billion. The figures it disclosed do not provide a complete breakdown. At $2, 356 per ETH, its reported ETH balance is worth about $14.26 billion. Add the stated cash and securities and the two investments, and the subtotal comes to about $15.03 billion, before assigning any value to the 215 BTC.
The total may be rounded, but the release does not give a BTC valuation or explain how every asset was valued. It also does not say whether the $15 billion is a gross holdings figure or accounts for liabilities. Treat it as Bitmine’s reported aggregate value, not independently verified net asset value or cash the company could necessarily realize in a sale.
Staking could generate rewards, but the estimates are not guarantees
Bitmine reported that it had staked 5, 227, 037 ETH as of October 25, worth about $12.3 billion at the stated price of $2, 356 per ETH. Staking means participating in Ethereum’s proof-of-stake system by putting ETH to work to help secure the network. You can stake directly or through a provider. The arrangements, fees, withdrawal terms and risks vary.
Management estimates that staking all of Bitmine’s ETH through its own platform and partners could generate $368 million in annualized rewards. The estimate uses a 2.58% “7-day BMNR yield.” The release does not explain how that yield is calculated, whether it includes fees or whether a seven-day period is representative of future returns.
The release also cites $318 million in annualized staking revenue based on 5.2 million staked ETH. The estimates use different ETH amounts: the larger figure assumes the full 6.05 million ETH balance is staked, while the other uses 5.2 million. At the stated price and 2.58% yield, 5.2 million ETH would imply roughly $316 million a year. The disclosed inputs do not exactly reproduce the $318 million estimate. For broader context on ETH prices and staking levels, see record ETH staking.
Neither figure represents guaranteed income. They are annualized projections, and rewards can change with network conditions and the amount of ETH staked. Bitmine’s risk disclosures also cite slashing, security and network risks.
The company says MAVAN, short for Made in America VAlidator Network, launched earlier in 2026. Bitmine describes it as an institutional-grade staking and validation platform for its own treasury and outside institutions, custodians and ecosystem partners. The release does not say how much of its reported staked ETH runs through MAVAN rather than other providers or partners.
Share buybacks add another use for capital
Bitmine reported repurchasing 2.04 million shares during the past week at an average price of $22.48. For 2026, it said it had bought back 22.9 million common shares at an average price of $17.48, for a total of $399.6 million.
Chairman Thomas “Tom” Lee called the 2026 repurchases “the largest crypto treasury company common equity buyback ever executed.” That’s Bitmine’s characterization. The release provides no comparative data or definition of the peer group behind the ranking. Lee also said, “Optimizing shareholder value remains our top objective.”
Buybacks can reduce the number of shares outstanding, but they use capital that could otherwise go toward ETH purchases or other priorities. Bitmine says repurchases depend on market conditions and may be suspended or not happen. Its common stock trades on the NYSE under BMNR; the company says its Series A Preferred Stock trades under BMNP.
Management sees a bull market; the comparison is incomplete
Lee says recent market performance supports his view that a crypto bull market is underway. He said ETH had fallen 13% from its recent peak, while SOXX, a semiconductor-focused exchange-traded fund, was down 20% over the same period. “We believe this is further evidence that a crypto bull market is underway, ” he said.
The release does not specify the comparison dates or price basis, so it is difficult to assess the claim. Even with those details, comparing two assets over a selected period says little on its own about what comes next. Their volatility, market drivers and starting points differ. Bitmine’s October 7 chairman’s message was titled “Crypto Bull Underway, This Cycle Likely the Largest, ” and Lee said the company was positioned to outperform. Those are management’s views, not established outcomes.
Bitmine also points to the GENIUS Act and the SEC’s Project Crypto as potential catalysts for financial services. Management compares their possible significance to the United States ending the Bretton Woods system and taking the dollar off the gold standard on August 15, 1971. It’s an ambitious analogy, and the release does not explain how the initiatives would deliver specific benefits to Bitmine.
The company says it joined the Russell 1000 Large-cap index on June 26, 2026, and describes itself as the largest Ethereum treasury and the second-largest global crypto treasury. It places Strategy Inc. ahead of it, saying Strategy reportedly held 848, 517 BTC worth about $74 billion. The release gives no dated comparison data or criteria to verify those rankings independently.
Bitmine also names ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and Lee among institutional investors supporting the company. The release does not clarify the nature or current status of each relationship. Their inclusion should not be taken as an endorsement of Bitmine’s strategy.
Key questions and answers
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How much ETH does Bitmine report holding?
6, 051, 933 ETH as of October 25, 2026, at 2:00 p.m. ET.
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What does 4.95% of ETH supply mean?
It is Bitmine’s reported holdings divided by the 122.2 million ETH supply figure in its release. It does not represent control of Ethereum or a share of the network’s staked ETH.
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How much ETH does Bitmine say it has staked?
5, 227, 037 ETH, or about 86% of its reported holdings. The company does not say how much is staked specifically through MAVAN.
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Are the staking-revenue estimates guaranteed?
No. The $368 million and $318 million annualized figures are management estimates based on different staking amounts. The release does not fully explain the yield methodology, and actual rewards can vary.
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Can the $15 billion holdings figure be reconciled from the disclosed values?
Not precisely. The stated ETH, cash and securities, and two investment stakes add up to about $15.03 billion before valuing the reported BTC. The release does not provide a full valuation breakdown.
Bitmine’s reported ETH holdings and staking activity are substantial, but scale alone does not settle the investment case. The company remains exposed to ETH prices, staking conditions, regulation and execution. Its headline totals deserve the same scrutiny as its bullish forecasts.
