Bitmine Immersion Technologies, Inc. (BMNR) · Oct 13, 2026 · Other events
ETH treasury update — 6.03M ETH, 4.9% of total supply
Bitmine’s ETH treasury update shows continued accumulation and staking, but mostly confirms the existing strategy rather than changing the story.
Bitmine is now primarily an Ethereum treasury and staking-infrastructure company, having shifted away from its earlier bitcoin-mining focus toward accumulating ETH and building MAVAN for institutional staking services.
Execution continues, but the strategic news is already known. The company added 12,532 ETH over the past week, bringing holdings to 6.03 million ETH, or 4.9% of total supply. 〔0〕 〔1〕 That is consistent with the weekly-buying pattern and the previously established “Alchemy of 5%” objective, rather than a new strategic step. The prior weekly update already showed 6.02 million ETH and 4.9% ownership.
Staking remains the operating monetization layer, but there is no fresh proof of commercial expansion here. Bitmine reports 5.07 million ETH staked and annualized staking revenue of $336 million based on the current 7-day yield, with $400 million projected once the entire treasury is staked. Those figures reinforce the existing treasury-plus-yield model; they do not demonstrate new third-party MAVAN volumes or contracted customer revenue.
The $16.2 billion headline is a valuation snapshot, not a new $16 billion business gain. It reflects 6.03 million ETH marked at $2,544, $612 million of cash and marketable securities, and the company’s private “moonshot” holdings. The prior October 4 update reported $17.4 billion at a higher ETH mark, so the lower total mainly reflects changing asset values rather than a reversal in accumulation.
Bottom line: Bitmine is still executing its established ETH accumulation and staking plan, but this filing adds scale more than surprise. It matters as confirmation of progress toward 5%, not as a material change to the business story.
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