BitMine Immersion Technologies Holds 6.02 Million ETH Worth $17.4 Billion, Just Shy of Its 5% Supply Target

BitMine Immersion Technologies (NYSE: BMNR) announced on October 5, 2026 that it has accumulated 6,016,414 ETH, equal to 4.9% of Ethereum's total circulating supply of 122.1 million tokens, putting the company 99% of the way to its self-described "Alchemy of 5%" goal in just 15 months. The latest purchase of 15,112 ETH triggered the update, with ETH priced at $2,726 per token at the time of reporting.

Of the 6.02 million ETH held, 5,067,309 tokens are staked through MAVAN, the company's Made in America VAlidator Network, representing 84% of holdings and generating a projected annualized staking revenue of $363 million. The staked position alone is valued at roughly $13.8 billion at current prices.

BitMine's combined crypto, cash, marketable securities and "moonshot" holdings total $17.4 billion, which includes $643 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $117 million stake in Eightco (NASDAQ: ORBS), described as one of the few public equities offering indirect exposure to OpenAI. Chairman Tom Lee called the current environment a "crypto bull underway, this cycle likely the largest," and is scheduled to deliver the keynote at Token2049 in Singapore on October 7, 2026. The company counts ARK's Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital, and DCG among its institutional backers. Ethereum was trading near $2,700 at the time, with market observers noting that a sustained move above $2,800 could put $3,000 in focus.