Bitmine Immersion Technologies announced on November 9, 2026, that its Ethereum holdings reached 6,070,092 ETH as of 2 p.m. ET on November 8. The position equals 4.97% of the reported 122.2 million ETH total supply and places the company 99% of the way toward its self-described “Alchemy of 5%” target.

The latest weekly purchase of 9,587 ETH continues an unbroken streak of buying that began when the firm launched its Ethereum treasury strategy on June 30, 2025. Using a Coinbase reference price of $2,234 per ETH, the company valued the full stack at more than $13.5 billion. Combined with other assets, total crypto holdings, cash, marketable securities and designated “moonshot” investments stood at $14.3 billion.

Breakdown of Holdings and Staking Activity

Beyond Ethereum, Bitmine reported 216 Bitcoin, a $180 million stake in Beast Industries and a $75 million position in Eightco Holdings. Cash and marketable securities totaled $475 million. The company classifies the equity stakes as moonshot investments.

Of the ETH position, 5,227,037 tokens—or roughly 86%—were already staked as of the reporting date. At the same reference price those staked tokens were valued at $11.7 billion. Bitmine stated that the staked amount exceeds the Ethereum holdings of any other single entity.

Chairman Thomas “Tom” Lee projected annualized staking rewards of $309 million on the currently staked portion. Once the remaining ETH is staked through the company’s Made in America VAlidator Network (MAVAN) and partner platforms, the annualized figure would rise to $359 million. The calculation uses Bitmine’s trailing seven-day staking yield of 2.65% recorded on November 8.

MAVAN, launched earlier in 2026, began as internal infrastructure for Bitmine’s own treasury and has since expanded to institutional investors, custodians and ecosystem partners. A portion of the company’s ETH is already staked on the platform.

Lee on Ethereum’s Role in Tokenization

Lee tied the accumulation strategy to recent comments by Ethereum founder Vitalik Buterin at Devcon 8 in Mumbai. Buterin stated: “I’ve finally made up my mind, ETH is a store of value, ETH is money.” Lee described the remark as clarifying how ETH can capture value during what he called a supercycle of tokenization and artificial intelligence.

Lee further noted that Buterin later outlined three reasons favoring a store-of-value approach: fee-burning had proved less powerful than earlier assumed; optimizing solely for fee-burning may conflict with decentralization and capture resistance; and a store-of-value focus aligns with Ethereum’s strengths in decentralization.

Management compared the potential impact of the GENIUS Act and the Securities and Exchange Commission’s Project Crypto on financial services in 2026 to the U.S. decision on August 15, 1971, that ended the Bretton Woods system and removed the dollar from the gold standard.

Position Among Corporate Crypto Treasuries

Bitmine described itself as the largest corporate Ethereum treasury and the second-largest crypto treasury overall, behind Strategy Inc., which reportedly holds 849,327 Bitcoin valued at approximately $69 billion. The firm noted that its Series A Preferred Stock trades on the NYSE under the ticker BMNP and that it was added to the Russell 1000 Large-cap index in June 2026.

Institutional backers cited by the company include ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and Lee himself in a personal capacity. The firm has maintained weekly ETH purchases throughout the period since the treasury strategy began.

All figures are based on the company’s November 9 disclosure and the market data references it supplied. Actual staking yields and asset values remain subject to market and protocol conditions.