Bitmine Immersion Technologies has amassed 5,416,901 ether — a 4.49% slice of the entire ETH supply — as of May 31, 2026. That makes the company the largest public Ethereum treasury on earth and the second-largest crypto treasury globally, trailing only Strategy Inc. and its 843,738 bitcoin. The holdings are part of a broader $11.6 billion war chest that includes cash, Bitcoin, and stakes in Beast Industries and Eightco Holdings.
The numbers behind Bitmine's ETH stash
Bitmine's crypto and cash position breaks down to $11.6 billion total, with $446 million in cash, 203 Bitcoin, a $180 million stake in Beast Industries, and $93 million in Eightco Holdings. But the centerpiece is the ether: 5,416,901 tokens. To put that in perspective, Bitmine now holds nearly one out of every 23 ether in circulation. The company's stock, BMNR, trades an average daily volume of $628 million — enough to rank 225th among all US-listed equities.
Staking revenue and the 'alchemy of 5%'
Bitmine has staked 4,718,677 of its ether, worth about $9.5 billion at current prices. That stake is generating an annualized staking revenue projection of $258 million, a figure that would rise to $296 million if all its ETH were staked. The company has set a goal of reaching 5% of the total ETH supply this year — something it calls the 'alchemy of 5%.' It's 90% of the way there, and it took just 11 months to get this close.
Institutional backers and MAVAN platform
Bitmine isn't flying solo. Its institutional investor list reads like a who's who of crypto: ARK's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and Tom Lee. The company also launched MAVAN — short for Made in America Validator Network — an institutional-grade Ethereum staking platform. That move positions Bitmine to capture demand from big money that wants staking exposure without running validators themselves.
Bitcoin mining on the side
For all the ether dominance, Bitmine remains a Bitcoin miner with operations in the US. The 203 BTC on its balance sheet is small next to its ETH pile, but the mining business gives the company another revenue stream and a foothold in the other major proof-of-work chain.
Next up: Bitmine needs to buy another 0.51% of all ether to hit that 5% target. With $446 million in cash and a stock that trades like a mid-cap, the company has the firepower to get there before 2027.
