Bitmine Immersion Technologies put its total crypto, cash, marketable securities and speculative holdings at $15.1 billion as of October 18, according to the company's latest disclosure. The NYSE-listed firm (BMNR) now controls 6,041,481 ETH — 4.9% of the 122.1 million tokens in circulation — and says it's 99% of the way to a 5% supply target it calls the 'Alchemy of 5%.' It got there in 15 months.
The disclosure lands a day after a fresh weekly purchase of 12,535 ETH, keeping alive a buying streak that began when Bitmine launched its ETH Treasury Strategy on June 30, 2025. The company says it has bought ETH every week since.
Inside the $15.1 billion stack
The bulk of the balance sheet is Ethereum. Bitmine holds 6,041,481 ETH, valued at $2,365 per token in the company's own accounting, plus 215 Bitcoin. The rest of the mix is smaller but strategically pointed: a $180 million stake in Beast Industries, a $74 million position in Eightco Holdings (NASDAQ: ORBS), and $582 million in cash and marketable securities.
Most of the ETH is working. Bitmine has staked 5,067,309 tokens — roughly $12 billion at the stated price — through its own validator operation. At full staking scale, the company projects annualized rewards of $369 million based on a 2.58% seven-day yield, up from $309 million with 5.1 million ETH staked.
That staking platform is MAVAN, short for Made in America VAlidator Network, which Bitmine launched in early 2026. It was built for the company's own treasury but now takes in institutional investors, custodians and ecosystem partners.
The Eightco angle
The $74 million Eightco stake is the odd piece of the portfolio, and probably the most interesting to anyone outside crypto. Bitmine describes ORBS as one of the only publicly listed equities offering indirect exposure to OpenAI. It's a small line item against $15.1 billion in total holdings, but it puts a crypto treasury company in the same sentence as the most closely watched private AI lab in the world.
Why the buys keep coming
Bitmine chairman Thomas 'Tom' Lee tied recent market selloffs to a list of macro worries: AI funding and safety concerns, escalating US-Iran war activity, anxiety ahead of the US midterm elections, and rising global bond yields that spilled into crypto. The company's response to that backdrop has been to keep accumulating.
Lee made the bullish case in a Chairman's Message on October 7 titled 'Crypto Bull Underway — This Cycle Likely the Largest.' The framing fits the audience Bitmine has assembled: institutional backers include ARK's Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and Lee himself.
The company also has a broader market presence than most crypto treasuries. It was added to the Russell 1000 Large-cap index on June 26, 2026, and its Series A Preferred Stock trades on the NYSE under BMNP.
The Strategy comparison
Bitmine ranks as the No. 1 Ethereum treasury and No. 2 globally among crypto treasuries, behind Strategy Inc., which reportedly owns 848,250 BTC valued at roughly $74 billion. That gap is the next thing to watch. Bitmine's 5% ETH goal is nearly closed, and the company hasn't said publicly what the target becomes once it crosses the line — or whether the weekly buying cadence survives the milestone.
