Bitmine Immersion Technologies Inc. reported that its Ethereum holdings reached 6,060,506 tokens as of 4:00 p.m. Eastern Time on November 1, 2026. The position, valued at $2,261 per ETH, represents approximately 4.9 percent of the network’s estimated 122.2 million token supply and places the company within striking distance of its publicly stated target of owning 5 percent of the circulating supply.

The latest increase followed the acquisition of 8,573 ETH during the preceding week. Company Chairman Thomas “Tom” Lee noted that Bitmine has purchased Ethereum every week since launching its ETH treasury strategy on June 30, 2025. Combined crypto holdings, cash, marketable securities and select equity positions, referred to by the firm as “moonshots,” totaled $14.5 billion.

Breakdown of Holdings and Staking Activity

In addition to the Ethereum position, Bitmine held 216 Bitcoin, a $180 million stake in Beast Industries, an $82 million stake in Eightco Holdings Inc., and $498 million in cash and marketable securities. The company described its Ethereum treasury as the largest in the world and ranked its overall digital-asset holdings second only to Strategy Inc.’s Bitcoin position.

Bitmine has staked 5,227,037 ETH, equal to roughly 86 percent of its total Ethereum holdings and valued at approximately $11.8 billion at the reference price. Using a reported seven-day yield of 3.03 percent, the firm projected annualized staking revenue of $358 million on the currently staked amount. Management estimated that full deployment of its ETH across its Made in America Validator Network (MAVAN) and partner platforms could raise annualized rewards to $415 million.

MAVAN, launched earlier in 2026, was initially developed to support Bitmine’s own treasury and has since expanded to serve institutional investors, custodians and ecosystem partners seeking staking infrastructure.

Chairman Comments on Market Reaction to Exchange Incident

Lee also addressed the recent security incident at Binance, in which approximately $6.3 billion of customer funds were reported stolen. The Federal Bureau of Investigation attributed the theft to North Korea. Lee compared the market response with the February 2025 Bybit incident, which involved $1.5 billion and saw Ethereum decline 8 percent on the day of the announcement and 20 percent within a week. Following disclosure of the Binance event, Ethereum declined about 4 percent.

Lee listed six factors that, in his view, contributed to the comparatively limited price movement: Binance’s capacity to cover customer losses, the absence of cascading failures among decentralized-finance protocols, rapid industry actions that reduced potential losses by half, the FBI’s identification of North Korea within two days, the characterization of the exploit as a corporate infrastructure infiltration rather than a blockchain vulnerability, and the limited downside itself as an indication of broader market resilience.

Progress Toward Ownership Target and Broader Context

Bitmine stated it is approximately 99 percent of the way toward its “Alchemy of 5 percent” objective. Reaching the full target would require ownership of roughly 6.11 million ETH based on the supply figure cited by the company, leaving a remaining gap of about 50,000 tokens.

The firm has also referenced regulatory developments, including the GENIUS Act and the Securities and Exchange Commission’s Project Crypto, as potentially significant for the digital-asset sector. Bitmine was added to the Russell 1000 Index in June 2026, and its Series A Preferred Stock trades on the New York Stock Exchange under the ticker BMNP.

Bitmine Immersion Technologies operates across institutional digital-asset staking and validation services, bitcoin mining and strategic asset management. The company continues to accumulate Ethereum on a weekly basis while expanding its staking infrastructure and related activities.