Bitmine Immersion Technologies (NYSE: BMNR) as of Oct. 11–12, 2026.
Key confirmed numbers
New purchase: +12,532 ETH over the past week (~$31.9–32M at the $2,544 reference price they used).
Total ETH holdings: 6,028,946 ETH → 4.9% of the ~122.1 million circulating supply.
ETH value: ≈ $15.3 billion at $2,544/ETH.
Staked portion: 5,067,309 ETH (84% of holdings) via their MAVAN platform and partners. Projected annualized staking revenue ≈ $336M at a 2.61% 7-day yield (rising toward ~$400M if fully staked).
Other holdings:
214 BTC
$180M stake in Beast Industries
$85M stake in Eightco Holdings
$612M cash + marketable securities
Grand total (crypto + cash + other investments): $16.2 billion.
This continues an unbroken weekly buying streak that started when they launched the ETH treasury strategy on June 30, 2025. They’re now ~99% of the way to their self-described “Alchemy of 5%” target and need only ~70k–100k more ETH to hit it. Tom Lee has publicly said they’ll be “done stacking” once they reach 5%.
Tom Lee’s comments
Lee highlighted that ETH outperformed the S&P 500 by 6,832 basis points in Q3 despite macro headwinds (hawkish Fed, higher yields, etc.). His broader bullish case for “the largest-ever crypto bull market” rests on:
Digital asset treasuries (DATs) permanently removing supply from the market
Tokenization
Generational wealth transfer
Crypto’s growing links to AI
This is consistent with remarks he made around Token2049 and recent company updates.
Bottom line: Bitmine remains the largest corporate ETH holder by a wide margin and one of the most aggressive consistent buyers in the space. They’re deliberately approaching the end of the accumulation phase right as Lee is calling for a major bull cycle.
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