Bitmine’s ETH holdings reached 6,051,933 tokens as of October 25, 2026, after another week of Ethereum purchases alongside share buybacks. Bitmine Immersion Technologies said its combined crypto, cash and marketable securities holdings totaled $15 billion, while it added 10,452 ETH and repurchased 2.04 million shares during the week.
Key takeaways
- Bitmine now owns 4.95% of Ethereum’s stated supply.
- Its staked Ethereum totaled 5,227,037 ETH on October 25, 2026.
- Full-scale staking rewards are projected at $368 million annually, subject to the company’s assumptions.
- Share repurchases reached $399.6 million in 2026.
Bitmine’s ETH holdings approach its 5% supply target
Bitmine’s ETH holdings represent 4.95% of the 122.2 million ETH supply, nearing its stated 5% ownership goal, known as the “Alchemy of 5%.” Its October 25 portfolio snapshot used a valuation of $2,356 per ETH, based on Coinbase pricing.
The portfolio also included 215 Bitcoin, a $180 million investment in Beast Industries, a $76 million investment in Eightco Holdings, and $514 million in cash and marketable securities. The two investments, described as “moonshots,” totaled $256 million.
Bitmine described itself as the world’s largest Ethereum treasury and the second-largest global crypto treasury, behind Strategy Inc. Its release cited Strategy’s reported holdings of 848,517 BTC, valued at approximately $74 billion.
MAVAN staking projection rests on full deployment
Bitmine had 5,227,037 ETH staked as of October 25, worth $12.3 billion at the valuation used in its update. Chairman Thomas “Tom” Lee put annualized staking revenue at $318 million, based on approximately 5.2 million staked ETH, or 86% of the company’s Ethereum holdings.
The higher $368 million annualized projection assumes all of Bitmine’s ETH is staked through MAVAN and its staking partners, using a 2.58% seven-day BMNR yield. That figure is a full-deployment estimate, not the revenue level reported for the existing staked balance.
Launched in 2026, MAVAN—the Made in America VAlidator Network—was initially built for Bitmine’s treasury. The institutional-grade staking platform now also serves institutional investors, custodians and ecosystem partners. A portion of Bitmine’s staked ETH runs on MAVAN.
Buybacks accompany weekly Ethereum purchases
Bitmine repurchased 22.9 million common shares for approximately $399.6 million in 2026, at an average price of $17.48. The latest weekly purchases covered 2.04 million shares at an average of $22.48 under its $4 billion repurchase authorization.
Lee said management intends to buy back shares when it considers them relatively undervalued, subject to market conditions and the existing authorization. He described the cumulative repurchases as the largest common-equity buyback executed by a crypto treasury company.
The stock purchases accompanied continued token accumulation. Lee said Bitmine had bought Ethereum every week since launching its ETH Treasury Strategy on June 30, 2025, including the latest 10,452 ETH addition.
He attributed the crypto decline to the same risk-off forces affecting AI-related stocks. ETH had fallen 13% from its recent peak, versus a 20% drop in US semiconductors, measured by SOXX, over the same period. Lee viewed the comparatively shallow crypto retreat as evidence supporting his expectation of a bull market.
Infrastructure expansion and regulatory ambitions
Bitmine’s strategy combines digital-asset accumulation with staking and validation infrastructure and investments in early-stage blockchain opportunities. Its activities also include Bitcoin mining, hosting and consulting services, with infrastructure expansion underway since 2025.
Management views the GENIUS Act and the SEC’s Project Crypto as transformational for financial services in 2026. It compared their potential significance with the US decision on August 15, 1971, to end dollar convertibility into gold and leave the Bretton Woods system.
Lee set out his bullish market position in a chairman’s message released on October 7, 2026, titled “Crypto Bull Underway — This Cycle Likely the Largest.”
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.