Bitmine Immersion Technologies, Inc. (BMNR) · Oct 19, 2026 · Other events
12,535 ETH added — 6.041M ETH, or 4.9% of supply; 12,535 added in one week
Bitmine’s ETH holdings rose again, but its total portfolio value and cash declined from the prior weekly update as crypto prices weakened.
Bitmine is no longer primarily a mining story: it is building the largest corporate Ethereum treasury while using MAVAN as institutional staking infrastructure. Its prior weekly update already showed 6.029 million ETH and 5.067 million ETH staked, so the accumulation-and-staking strategy is well established rather than newly revealed.
The operational progress is real but incremental. Bitmine bought another 12,535 ETH, lifting holdings to 6,041,481 tokens and keeping the company at 4.9% of total ETH supply. 〔0〕 The filing also says the company has bought ETH every week since launching its treasury strategy. 〔1〕
| Metric | October 18, 2026 update | Prior October 11 update |
|---|---|---|
| ETH holdings | 6,041,481 | 6,028,946 |
| ETH price used | $2,365 | $2,544 |
| Staked ETH | 5,067,309 | 5,067,309 |
| Cash and marketable securities | $582 million | $612 million |
| Total crypto, cash, securities and “moonshots” | $15.1 billion | $16.2 billion |
The headline portfolio value moved backward despite more ETH. The company’s combined holdings fell from $16.2 billion in the prior update to $15.1 billion, while cash declined by $30 million; the main explanation is the lower ETH reference price, not a reversal of the treasury strategy. The prior release used $2,544 per ETH, versus $2,365 in this filing.
Staking remains the business’s main monetization promise, but today’s filing adds no new realized revenue. Bitmine says 5.067 million ETH is already staked and projects $309 million of annualized staking revenue at its current scale, rising to $369 million if the full ETH treasury is staked. 〔2〕 Those are projections dependent on staking coverage and yield, not reported operating results.
The 5% ETH target is nearly complete, but the financing and execution burden remains. At 4.9% of supply, Bitmine is close to its stated goal, yet the filing provides no new financing terms, external MAVAN customer metrics, or evidence that staking revenue has reached the projected run rate. The next meaningful information would be whether weekly accumulation continues and whether MAVAN produces actual third-party or recurring revenue.
Bottom line: This update confirms steady execution of a strategy the market already knows, with modest additional ETH accumulation offset by lower marked portfolio value and cash. It advances the treasury story, but does not materially change its economics or risk profile yet.
Next weekly ETH holdings update
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