Bitmine Immersion Technologies, Inc. (BMNR) · Nov 2, 2026 · Other events
8,573 ETH added — 6.06M ETH vs 6.05M prior week
Bitmine’s crypto update shows continued ETH accumulation and more staking, but lower ETH prices cut total holdings to $14.5 billion.
Bitmine is now primarily an ETH treasury and staking platform, not simply a crypto-mining company: its recent operating cadence has been weekly ETH accumulation, with the company already near its 5% supply target and more than 5 million ETH staked.
The accumulation strategy continues to execute, but this was largely expected. Bitmine acquired 8,573 ETH during the latest week and lifted its holdings to 6.06 million tokens, or 4.9% of total ETH supply. 〔0〕 That is directionally positive for the treasury strategy, but the company has said it has bought ETH every week since June 30, 2025, so the surprise is limited. 〔1〕
Staking progress is the clearest operational improvement. Staked ETH rose to 5.23 million, or roughly 86% of the company’s 6.06 million ETH holdings, supporting management’s projected annualized staking revenue of $358 million at current scale and $415 million if the full treasury is eventually staked. Those figures are projections, not reported revenue, and the release provides no evidence that MAVAN has yet become a material external-staking business.
| Nov. 1, 2026 | Prior week | |
|---|---|---|
| ETH holdings (Financial data) | 6.06M | 6.05M |
| ETH acquired (Press release) | 8,573 | — |
| Staked ETH (Staking update) | 5.23M | 5.07M |
| Cash & marketable securities (Financial data) | $498M | $514M |
| Crypto, cash and moonshots (Financial data) | $14.5B | $15.0B |
Asset value fell even as the operating metrics improved. Total crypto, cash, securities and moonshots declined from $15.0 billion in the prior weekly update to $14.5 billion, while cash and marketable securities fell from $514 million to $498 million; the filing attributes no specific cause, but the ETH reference price was lower at $2,261 versus $2,356 the prior week. This is mainly a mark-to-market setback rather than evidence that the ETH accumulation plan stopped working.
Bottom line: Bitmine is still advancing the same ETH-and-staking strategy, with more tokens and more of them earning yield. But because weekly buying was already expected and asset values moved lower, this update modestly improves execution without changing the overall business story.
Next weekly ETH holdings update
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