- Bitmine owns 5,390,404 ETH, representing 4.47% of Ethereum’s total supply.
- The company said it is 89% of the way toward its “Alchemy of 5%” target.
- Total crypto, cash, and “moonshot” holdings were reported at $12.3 billion.
- 4,712,917 ETH are currently staked through MAVAN operations.
- Bitmine reported annualized staking revenue of approximately $276 million.
- The company recently uplisted to the New York Stock Exchange (NYSE).
Bitmine Expands Ethereum Treasury
Bitmine Immersion Technologies (BMNR) announced that its Ethereum holdings reached 5,390,404 ETH as of May 25, 2026. According to the company, the holdings represent more than 4.47% of Ethereum’s circulating supply of 120.7 million ETH.
The company disclosed that it acquired an additional 111,942 ETH during the recent Ethereum market correction, with Chairman Thomas “Tom” Lee describing the price decline below $2,200 as an attractive accumulation opportunity.
Bitmine stated that it has now completed 89% of its stated “Alchemy of 5%” objective within 11 months. The company continues positioning Ethereum as its primary treasury reserve asset while expanding its staking infrastructure.
Staked ETH and MAVAN Operations
Bitmine reported that 4,712,917 ETH are currently staked through MAVAN, the company’s Made in America VAlidator Network. Based on an ETH price of $2,134, the staked holdings were valued at approximately $10.1 billion.
According to the company, MAVAN was initially developed to support Bitmine’s own Ethereum treasury operations but is expected to expand into an institutional-grade staking platform serving custodians, institutional investors, and ecosystem partners.
The company also stated that its staking operations generated a 7-day annualized yield of 2.75%. Based on current staking activity, Bitmine projected annualized staking revenues of approximately $276 million.
Total Holdings and “Moonshot” Investments
As of May 25, 2026, Bitmine reported total crypto, cash, and “moonshot” holdings of $12.3 billion. The holdings include:
- 5,390,404 ETH valued at $2,134 per ETH
- 203 Bitcoin (BTC)
- A $200 million stake in Beast Industries
- A $95 million stake in Eightco Holdings (NASDAQ: ORBS)
- Total cash holdings of $444 million
Bitmine stated that its investment in Eightco Holdings provides indirect exposure to OpenAI through a publicly listed equity structure.
Institutional Support and Market Position
The company said it remains supported by several institutional investors, including ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, Bill Miller III, and Thomas “Tom” Lee.
Bitmine also claimed that BMNR is among the most actively traded stocks in the United States. According to Fundstrat research cited by the company, BMNR recorded an average daily trading volume of $572 million over the past five trading days, ranking 193rd among US-listed stocks.
The company further stated that it remains the world’s largest Ethereum treasury and the second-largest crypto treasury globally behind Strategy Inc. (NASDAQ: MSTR).
Ethereum Market Context
Ethereum continued experiencing volatility during May 2026, with ETH prices remaining under pressure after falling below the key $2,200 level. Despite the pullback, institutional accumulation trends continued across the broader digital asset market.
Bitmine stated that Ethereum continues benefiting from two major long-term trends: increasing Wall Street tokenization activity and growing demand from agentic AI systems requiring public and neutral blockchain infrastructure.
The company also compared recent crypto regulatory developments, including the GENIUS Act and the SEC’s Project Crypto initiative, to the historic 1971 end of the Bretton Woods monetary system, arguing that the changes could significantly reshape financial markets over the coming years.
Compared with the previous week, Bitmine Immersion Technologies (BMNR) increased its Ethereum holdings from 5.28 million ETH to 5.39 million ETH after purchasing an additional 111,942 ETH, raising its share of Ethereum’s total supply from 4.37% to 4.47%. The company’s progress toward its “Alchemy of 5%” target also improved from 87% to 89%. Despite the increase in ETH holdings, Bitmine’s total crypto, cash, and “moonshot” holdings declined from $12.6 billion to $12.3 billion due to a lower ETH valuation price, which fell from $2,191 to $2,134 during the reporting period. Cash holdings also decreased from $685 million to $444 million as the company continued aggressively accumulating Ethereum.
