Bitmine Immersion Technologies (NYSE: BMNR) disclosed on July 13, 2026 that it holds 5.77 million ETH tokens, representing 4.8% of the total Ethereum supply, alongside total crypto, cash and marketable securities worth $11.3 billion. The company's ETH position alone is valued at approximately $10.5 billion based on a price of $1,820 per token.
ETH Accumulation and Staking
Bitmine has acquired 27,801 ETH in the past week, accelerating its accumulation pace. The company now stakes 4,917,189 ETH — about 85% of its total ETH holdings — on its proprietary MAVAN (Made in America Validator Network) platform, generating an annualized staking yield of 2.70% over the past seven days. Chairman Thomas Lee projects annualized staking revenues of $242 million at current yields.
The company is nearing its stated goal of owning 5% of all ETH, a target it calls the "alchemy of 5%." Lee expects this milestone to be reached sometime in 2026, just 12 months after the company began its accumulation strategy. Bitmine now ranks as the world's largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Strategy Inc.'s Bitcoin holdings.
Robinhood Chain and Ethereum Utility
Lee highlighted the July 1 launch of Robinhood Chain, an Arbitrum-based L2 mainnet, as a major catalyst for Ethereum adoption. Robinhood Chain uses ETH as its native gas token, meaning transaction fees are denominated in ETH and settled on Ethereum. With Robinhood's 27 million users now paying fees in ETH, Lee argues that everyday users are beginning to treat ETH as money. The chain has already surpassed $1 billion in trading volume, making it the most active decentralized exchange by volume.
Index Inclusion and Preferred Stock
On June 26, Bitmine was added to the Russell 1000 Large-cap Index, a move expected to attract hundreds of additional institutional investors through passive funds and ETFs. The Investment Company Institute estimates that passive funds typically hold 18-20% of a company's shares.
On June 10, Bitmine closed a public offering of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock at $80 per share, raising net proceeds of approximately $273.8 million. The preferred shares trade on the NYSE under the symbol BMNP, with weekly dividend payments.
Broader Holdings and Market Position
Beyond ETH, Bitmine holds 206 Bitcoin, a $180 million stake in Beast Industries, and $69 million in Eightco Holdings (NASDAQ: ORBS) — which provides indirect exposure to OpenAI. The company also holds $482 million in cash and marketable securities. Bitmine's stock has averaged $475 million in daily dollar volume over the past five trading days, ranking it among the most actively traded US equities.
Lee compared the current regulatory environment — citing the GENIUS Act and the SEC's Project Crypto — to the 1971 end of the Bretton Woods system, which he said catalyzed the modernization of Wall Street. He described the present moment as the "early stages of crypto spring."