Bitmine holds over 4.31% of the total ETH coin supply of 120.7 million
Bitmine is 86% of the way to ‘5% Alchemy’ in just 11 months
Crypto Spring has begun and like previous cycles, investor sentiment and conviction are muted and bearish even as cryptocurrency prices strengthen.
As reflected in this edition of Tom Lee’s Message from the President
Ethereum continues to benefit from the two tailwinds of Wall Street tokenization on the blockchain and agent AI systems that increasingly need public, neutral blockchains.
Bitmine was listed on the New York Stock Exchange (“NYSE”) from the NYSE American effective April 9, 2026.
Bitmine has 4,712,917 ETH staked, representing $11.1 billion at $2,366 per ETH.
MAVAN (Made in America VAlidator Network) is a premier Ethereum staking destination for BMNR and institutional investors, with a focus on security, performance, and resilience.
Bitmine owns $88 million of Eightco (NASDAQ: ORBS), now one of the only publicly traded stocks in the world that provides investors with indirect exposure to OpenAI.
Bitmine Crypto + Total Cash Holdings + “Moonshots” total $13.4 billion, including 5.21 million ETH tokens, total cash of $775 million, and other cryptocurrency holdings.
Bitmine leads its crypto treasury peers in both the speed of increase in crypto net asset value per share and the high trading liquidity of BMNR shares.
Bitmine is the 149th most traded stock in the US, trading $816 million per day (5-day average)
Bitmine remains backed by a leading group of institutional investors including ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and personal investor Thomas “Tom” Lee to support Bitmine’s goal of acquiring 5% of ETH.
NORWALK, Conn., May 11, 2026 /PRNewswire/ — (NYSE: BMNR) Bitmine Immersion Technologies, Inc. (“Bitmine” or the “Company”), a Bitcoin and Ethereum Network company focused on accumulating cryptocurrencies for long-term investments, today announced Bitmine cryptocurrency holdings + total cash + “moonshots” totaling $13.4 billion.
The Company recently announced its addition to the New York Stock Exchange (“NYSE”) from the NYSE American on April 9, 2026. The Company’s common stock continues to trade under the symbol “BMNR.”
As of May 10, 2026 at 4:00 pm ET, the Company’s cryptocurrency holdings consist of 5,206,790 ETH at $2,366 per ETH (Coinbase NASDAQ: COIN), 201 Bitcoin (BTC), a $200 million stake in Beast Industries, an $88 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and total cash of 775 million dollars. Bitmine’s ETH holdings represent 4.31% of the ETH supply (of 120.7 million ETH).
Bitmine published the president’s last message (link here) by May 2026.
“The ‘crypto spring’ has begun and we wanted to highlight the importance of owning ETH as a source of diversification and the likely drivers of this next ‘crypto bull’ cycle,” said Thomas “Tom” Lee, President of Bitmine. “Among Ethereum’s main future drivers, the top two are Wall Street’s move towards tokenization and agent AI. If ETH closes above $2,100 at the end of May 2026, this would be the third consecutive monthly gain; this has never been seen in a cryptocurrency bear market. Therefore, a close above $2,100 would validate that ‘crypto spring’ has arrived.”
“Since the beginning of 2026, Bitmine has acquired over 1 million ETH and has accumulated over 4.3% of the ETH supply. We intend to hold and stake our ETH holdings, meaning that our ETH holdings are essentially reducing the available ETH supply and removing 4.3% of the ETH supply since June 30, 2025. In other words, the ETH supply has been disinflationary from June 2025”. Lee stated.
“We have decided to reduce our weekly build pace of >100,000 per week as we originally aimed to reach the ‘5% alchemy’ target by the end of 2026. Our previous pace of >100,000 weekly builds would allow us to reach 5% by mid-July.” Lee stated.
“ETH prices have been correlated with software stocks (software ETF ticker: $IGV) and, as shown in the chart below, both have risen together in recent months. Software’s rally in 2026 is further proof that the ‘crypto spring’ has begun,” Lee said.
Bitmine recently launched MAVAN (Made in American VAlidator Network), the institutional-grade staking platform. While MAVAN was originally developed to support Bitmine’s own Ethereum treasury, MAVAN intends to expand to serve institutional investors, custodians, and ecosystem partners seeking best-in-class staking infrastructure. A portion of Bitmine’s ETH is already staked on the MAVAN platform.
As of May 10, 2026, Bitmine’s total staked ETH stands at 4,712,917 ($11.1 billion at $2,366 per ETH). “Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine’s ETH is fully staked by MAVAN and its partners), the projected ETH staking reward is $352 million annually (using a 7-day BMNR yield of 2.86%),” Lee stated.
“Annualized staking revenue is now $319 million. And these 4.7 million ETH are more than 90% of the 5.21 million ETH held by Bitmine. Bitmine’s own staking trades generated a 7-day return of 2.86% (annualized),” Lee continued.
Cryptocurrency holding Bitmine reigns as the number one Ethereum treasury and the number two treasury globally, behind Strategy Inc. (NASDAQ: MSTR), which reportedly holds 818,334 BTC valued at $66.6 billion. Bitmine remains the largest ETH treasury in the world.
Bitmine is one of the most traded stocks in the United States. According to Fundstrat data, the stock has traded average daily dollar volume of $816 million (5-day average, as of May 8, 2026), ranking 149th in the US, behind Carvana Co (148th) and ahead of Royal Caribbean Cruises (150th) among 5,704 US-listed stocks (statistics.com and Fundstrat research).
The GENIUS Act and the Securities and Exchange Commission’s (the “SEC”) Project Crypto are as transformative for financial services in 2025 as the United States’ action on August 15, 1971 that ended Bretton Woods and the USD on the gold standard 54 years ago. This 1971 event was the catalyst for the modernization of Wall Street, creating the iconic titans of Wall Street and today’s financial and payments avenues. These turned out to be better investments than gold.
The president’s message can be found here:
https://www.Bitminetech.io/chairmans-message
The fiscal year 2025 results presentation and corporate presentation can be found here: https://Bitminetech.io/investor-relations/
To stay informed, register at: https://Bitminetech.io/contact-us/
About BitMine
Bitmine (NYSE: BMNR) is a Bitcoin miner with operations in the US. The company is deploying its excess capital to be the world’s leading Ethereum treasury company, implementing an innovative digital asset strategy for institutional investors and public market participants. Guided by its philosophy of “the alchemy of 5%”, the Company is committed to ETH as its primary treasury reserve asset, leveraging native protocol-level activities, including decentralized and staking financial mechanisms. The Company launched MAVAN (Made-in America VAlidator Network), a dedicated staking infrastructure for Bitmine assets, in 2026.
For additional details, follow X:
Forward-looking statements
This press release contains statements that constitute “forward-looking statements.” Statements contained in this press release that are not purely historical are forward-looking statements that involve risks and uncertainties. This document specifically contains forward-looking statements regarding: (i) the progress and achievement of the Company’s objectives with respect to the acquisition of ETH, including the ‘5% Alchemy’ initiative and the long-term value of Ethereum; (ii) the Company’s beliefs regarding the performance of Ethereum relative to other assets, including its characterization as a “wartime store of value” and its performance during geopolitical events; (iii) the Company’s expectations regarding the current state and future trajectory of the cryptocurrency market, including statements that ETH may be in the “final stages of the cryptocurrency mini-winter”; (iv) continued growth and advancement of the Company’s Ethereum treasury strategy and the benefits applicable to the Company; (v) the Company’s share repurchase program, including statements regarding shares trading below intrinsic value, the Company’s ability to retire common shares on a cumulative basis and the execution of repurchases through open market transactions; (vi) the Company’s digital asset accumulation strategy and staking operations, including MAVAN, its expansion to serve institutional investors, custodians and ecosystem partners, and projected annual staking revenue and rewards; (vii) statements regarding the benefits of Wall Street tokenization on the blockchain and agent AI systems using public blockchains; (viii) expectations regarding the potential impact of regulatory developments, including the GENIUS Act and the SEC’s Project Crypto, on financial services and digital assets; and (ix) the Company’s financial flexibility to support its treasury operations and expanded repurchase authorization. In evaluating these forward-looking statements, you should consider several factors, including: Bitmine’s ability to keep up with new technologies and changing market needs; Bitmine’s ability to fund its current business, Ethereum treasury operations, share repurchase program and proposed future businesses; the competitive environment of Bitmine’s business; market conditions affecting the trading price of the Company’s common stock; regulatory developments affecting digital assets, including the final enactment and implementation of pending legislation and SEC initiatives; geopolitical events and their impact on cryptocurrency markets; the volatility and unpredictability of digital asset prices; and the future value of Bitcoin and Ethereum. Actual future performance outcomes and results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond Bitmine’s control, including those set forth in the Risk Factors section of Bitmine’s Form 10-K filed with the SEC on November 21, 2025, as well as all other filings with the SEC, as amended or updated from time to time. Copies of Bitmine’s SEC filings are available on the SEC website at www.sec.gov. Bitmine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
