BitMine Immersion Technologies continued its weekly accumulation strategy by purchasing 17,362 ETH in the latest week, bringing its total Ethereum holdings to 6,001,302 ETH. Using the company’s $2,698 reference price, BitMine values that ETH position at roughly $16.2 billion and reports combined crypto, cash, marketable securities and other investments of $17.2 billion as of September 27. The firm says the balance equals about 4.9% of an estimated 122.1 million ETH supply and describes itself as approximately 98% of the way toward its stated target of holding 5% of Ethereum’s supply.
A central element of BitMine’s treasury model is staking: the company reports 5,067,309 staked ETH, roughly 84% of its total ETH holdings, primarily operated through its MAVAN (Made in America Validator Network) platform. BitMine reported a seven-day annualized yield of 2.62% and projected current annualized staking revenue of roughly $358 million, while suggesting potential annualized rewards of about $424 million if the position were fully staked through MAVAN and partners. Other coverage cites a broader staking revenue range of $211 million to $357 million, reflecting differences in how projections are framed.
BitMine’s transformation from a mining company into a treasury-focused public company listed as BMNR has created a notable link between institutional capital flows and ETH exposure. The accumulation has attracted institutional backers including ARK Invest and Founders Fund, and BMNR stock has developed correlation with ETH price movements. That feedback loop presents risks: a sharp ETH price drop could simultaneously impair the company’s treasury value, equity price and ability to raise capital to continue purchases. BitMine’s pace of weekly buying has slowed from prior peaks (when weekly additions exceeded 100,000 ETH) to recent additions in the tens of thousands, yet management says it has purchased ETH every week since launching the strategy on June 30, 2025. The company also notes that live market prices can materially change reported valuations.