Bitmine’s ETH holdings reached 6,041,481 tokens as of October 18, 2026, giving the company 4.9% of Ethereum’s total supply, according to its treasury update. Bitmine Immersion Technologies reported $15.1 billion across cryptocurrency, cash, marketable securities and “moonshot” investments, while continuing weekly Ethereum purchases through what its chairman described as a crypto bear market.
Key takeaways
- Bitmine reports ownership of nearly 5% of Ethereum’s supply.
- The company has committed more than 5 million ETH to staking.
- Full-scale staking rewards are projected at $369 million annually, subject to full deployment.
- Weekly ETH purchases have continued since June 30, 2025.
Bitmine’s ETH holdings anchor a $15.1 billion portfolio
Bitmine valued its Ethereum position using a Coinbase price of $2,365 per ETH at 3:00 p.m. ET on October 18, 2026. Its reported 4.9% share uses a total supply of 122.1 million ETH.
The broader $15.1 billion portfolio includes 215 Bitcoin, a $180 million stake in Beast Industries and a $74 million stake in Eightco Holdings. Cash and marketable securities account for another $582 million, the company said.
Bitmine groups the Beast Industries and Eightco Holdings stakes under its “moonshot” investments.
MAVAN staking supports treasury income and external clients
Bitmine reported 5,067,309 ETH staked as of October 18, 2026, valued at approximately $12 billion using the same ETH price. A portion of that position is staked through MAVAN, its institutional-grade platform launched earlier in 2026.
MAVAN, short for Made in America Validator Network, initially served Bitmine’s Ethereum treasury. It has since expanded to institutional investors, custodians and ecosystem partners.
Chairman Thomas “Tom” Lee projected $369 million in annualized staking rewards at full scale, assuming MAVAN and its staking partners stake all of Bitmine’s ETH. The calculation uses a 2.58% seven-day BMNR yield.
Lee compared that projection with approximately $309 million in annualized staking revenue based on the company’s rounded figure of 5.1 million staked ETH—84% of its rounded 6.04 million ETH holdings. Those figures describe annualized revenue, not income already earned over a full year.
Weekly purchases underpin Bitmine’s treasury ranking
Bitmine describes itself as the world’s largest Ethereum treasury and the second-largest global crypto treasury, behind Strategy Inc. Its update cited Strategy’s reported holdings of 848,250 BTC, valued at approximately $74 billion.
Lee said Bitmine added 12,535 ETH over the preceding week. Bitmine’s ETH holdings have grown through purchases every week since the treasury strategy began on June 30, 2025, he said.
“We believe Bitmine is positioned to outperform the crypto bull market that we expect to be coming,” Lee said, arguing that the company had strengthened its competitive position during the bear market.
Lee links market pressure to investor caution
Lee attributed weaker investor risk appetite to concerns about AI funding and model safety, escalating U.S.-Iran war activity, U.S. midterm elections and rising global bond yields. He said selling in AI, semiconductor and memory stocks had spread into Korean and Taiwanese markets, with de-risking creating spillover pressure on crypto.
He nevertheless described price declines alongside resilient fundamentals as attractive opportunities, citing crypto’s exposure to financial-system modernization and agentic AI.
Bitmine management also views the GENIUS Act and the SEC’s Project Crypto as transformational for financial services. It compared their potential significance in 2026 with the U.S. decision on August 15, 1971, that ended the Bretton Woods system and removed the dollar from the gold standard.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.