Bitmine Immersion Technologies, Inc. (BMNR) · Oct 5, 2026 · Other events
4.9% ETH supply — 6.02M ETH, equal to 4.9% of total supply
Bitmine’s operations update shows its ETH treasury nearing the 5% goal, with 84% staked and projected annualized staking revenue reaching $363 million.
Bitmine is no longer primarily a mining story; it is building an Ethereum treasury and staking platform, with MAVAN intended to turn its large ETH holdings into recurring staking income and eventually serve outside institutions. That direction was already established in prior company updates, including the 5% ETH accumulation goal and MAVAN’s expansion beyond internal staking.
| Metric | October 4, 2026 | Comparison / context |
|---|---|---|
| ETH holdings | 6,016,414 ETH at $2,726 per ETH (Holdings summary) | 4.9% of 122.1M total ETH (Holdings summary) |
| Cash and marketable securities | $643M (Holdings summary) | Included in $17.4B total crypto, cash, securities and “moonshots” (Headline / holdings summary) |
| ETH acquired in past week | 15,112 ETH (Operations update) | Company says purchases have occurred every week since June 30, 2025 |
| ETH staked | 5,067,309 ETH, or 84% of holdings (Staking update) | $13.8B at $2,726 per ETH |
| Projected annualized staking revenue | $363M (Staking update) | $431M at full staking scale |
| Current 7-day staking yield | 2.63% annualized (Staking update) | Used for the staking projections |
The treasury build is still advancing, but not changing direction. Bitmine added 15,112 ETH over the past week and now holds 6,016,414 ETH, equivalent to 4.9% of total ETH supply. 〔0〕 〔1〕 The important point versus the standing expectation is continuity, not surprise: weekly accumulation and the 5% target were already the company’s established strategy. 〔2〕
The more meaningful operating update is the scale of staking conversion. Bitmine has staked 5.07 million ETH, or 84% of its holdings, and now projects $363 million of annualized staking revenue, rising to $431 million if the full treasury is staked. This strengthens the case that MAVAN is becoming an operating layer around the treasury rather than merely an internal tool, but the figures remain yield-based projections rather than reported revenue.
The headline asset value is mostly a market-value snapshot, not new business income. The $17.4 billion total rises with the size and quoted value of the ETH position, while the release also includes $643 million of cash and marketable securities and $297 million of “moonshot” investments. Those figures expand the reported asset base, but they do not by themselves demonstrate improved underlying profitability or reduce Bitmine’s exposure to ETH prices.
Bottom line: This is a steady execution update that brings Bitmine close to its 5% ETH objective and shows more of the treasury earning staking yield. It reinforces the existing story rather than materially changing it, so the filing is operationally constructive but broadly in line with the market’s established expectation.
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