Bitmine Immersion Technologies, Inc. (NYSE: BMNR) reported that its Ethereum holdings reached 5,983,940 tokens as of September 20, 2026, after acquiring an additional 27,562 ETH over the prior week. The position represents 4.9 percent of Ethereum’s stated supply of 122.1 million tokens and places the company 98 percent of the way toward its publicly stated goal of accumulating 5 percent of the network’s supply.

The latest purchase continues an unbroken weekly buying pattern that began on June 30, 2025, when the company launched its Ethereum treasury strategy. Management has described the consistent accumulation as unmatched among public companies.

Treasury Position and Broader Holdings

At a reference price of $2,688 per ETH, the Ethereum position forms the core of Bitmine’s balance sheet. Combined crypto holdings, cash, marketable securities and selected equity investments total $17.1 billion. That figure includes 212 bitcoin, $714 million in cash and marketable securities, a $180 million stake in Beast Industries and a $105 million position in Eightco Holdings (NASDAQ: ORBS).

Bitmine ranks as the largest Ethereum treasury among public companies and the second-largest digital-asset treasury overall, behind Strategy Inc., which holds a substantially larger bitcoin position.

Staking Operations and MAVAN Platform

More than 5.06 million ETH, or roughly 85 percent of the company’s holdings, is already staked. Bitmine operates MAVAN, the Made in America Validator Network, an institutional-grade staking platform originally built to support its own treasury. The platform has since expanded to serve external institutional investors, custodians and ecosystem partners.

Company figures show a recent seven-day annualized staking yield of 2.62 percent. At the current staked balance this generates projected annual revenues of approximately $357 million. If the entire ETH position were staked at the same rate, management projects annualized rewards near $421 million.

Management Outlook and Market Context

Chairman Thomas “Tom” Lee stated that a crypto bull market began in late June, driven by rotation from artificial-intelligence stocks back toward digital assets, improving fundamentals around tokenization and artificial intelligence, and the conclusion of the traditional four-year cycle.

Lee added that institutions have remained underweight crypto through much of 2026, partly because of the earlier strength in AI equities, and that the firm expects a meaningful increase in institutional exposure during the final three months of the year.

Lee is scheduled to deliver a keynote address at Korea Blockchain Week on September 30, 2026, in Seoul.

Corporate and Market Details

Bitmine was added to the Russell 1000 large-cap index on June 26, 2026. Its Series A Preferred Stock trades on the NYSE under the ticker BMNP. Recent trading data cited by the company show average daily dollar volume of approximately $1.2 billion over a five-day period, placing the shares among the more actively traded U.S.-listed equities.

The company continues to cite support from a group of institutional investors that includes ARK Investment Management, Founders Fund, Pantera, Galaxy Digital and others as it advances toward its 5 percent Ethereum accumulation target.