BitMine Immersion Technologies (NYSE: BMNR) opened its Sunday disclosure with a single number that rearranges the public-crypto-treasury leaderboard: $14.5 billion. The Norwalk, Connecticut company — a Bitcoin and Ethereum network operator chaired by Tom Lee — said its crypto holdings, cash, marketable securities, and a pair of equity stakes it labels its “moonshots” now total that figure, anchored by 6,060,506 ETH. At the $2,261-per-ETH price the company used for the filing, that ether position alone is worth roughly $13.7 billion, and it keeps BitMine as the largest Ethereum treasury on earth while lifting it to the number-two spot among all public crypto holders, behind only Strategy Inc.
The figures come from a press release BitMine issued on November 2, covering balances as of November 1 at 4:00 p.m. ET. The same release states BitMine’s ether stake now equals 4.9% of the 122.2 million ETH in circulation, and that the company is 99% of the way to the “Alchemy of 5%” — its stated goal of owning 5% of all ether — in just 15 months.
The last time BlockchainReporter tracked BitMine’s treasury, in late September, the company had just crossed the 6 million ETH threshold. Six weeks later the accumulation has continued, and this disclosure adds detail that was not previously public: a precise line-by-line breakdown of the $14.5 billion, a staking position that has grown to 5.2 million ETH, and a direct comparison of BitMine’s treasury to the market’s largest bitcoin holder.
A $14.5 Billion Treasury, Line by Line
The headline number is not a single asset. It is a stack. As of November 1, BitMine reported holding 6,060,506 ETH valued at $2,261 per token per Coinbase, plus 216 bitcoin, $498 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $82 million stake in Eightco Holdings (NASDAQ: ORBS).
Adding those pieces confirms the $14.5 billion total, and the arithmetic is worth walking through because BitMine did not spell it out itself. The ether position is the dominant line: 6,060,506 multiplied by $2,261 is about $13.70 billion. The 216 bitcoin add roughly $16.6 million at a bitcoin price near $76,900. The cash, Beast Industries, and Eightco stakes contribute another $760 million combined. The sum lands within rounding distance of the $14.5 billion the company cites.
The Eightco line carries a specific claim that stands out: BitMine describes the holding as “one of the only publicly listed equities in the world to provide investors indirect exposure to OpenAI.” Beast Industries is the creator-economy company backed by YouTuber MrBeast. Together these two stakes are what BitMine calls its moonshots, a category small enough relative to the ether position to read as optionality rather than core strategy.
The Weekly Buying Streak Has Not Stopped
BitMine’s accumulation did not pause after it crossed 6 million ETH. “Over the past week, we acquired 8,573 ETH. Bitmine’s track record of consistent buying of crypto is unmatched by any public company in the world. Bitmine has bought ETH each week since the inception of the ETH Treasury Strategy on June 30, 2025,” Lee said in the release.
At $2,261 per token, that single week of buying represents roughly $19.4 million in new ether exposure. The 8,573 ETH also shows how close the company is to its stated ceiling: 5% of 122.2 million ETH is 6,110,000 tokens, and BitMine holds 6,060,506 — a gap of 49,494 ETH, or about 0.1% of supply. At the pace of the past week, that remaining distance could close in under six weeks, assuming the company keeps buying and does not hit a deliberate pause first.
The release frames the position as 4.9% of supply and 99% of the way to 5%. That threshold has been the organizing idea of the treasury since its 2025 launch, and the institutional roster that has funded it — ARK Invest’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital — reflects how closely the strategy is watched. BitMine was added to the Russell 1000 large-cap index on June 26, 2026, and its Series A preferred stock trades on the NYSE under the symbol BMNP.
Staking 5.2 Million ETH Through MAVAN
More than four-fifths of BitMine’s ether is now working. As of November 1 the company reported 5,227,037 ETH staked — worth $11.8 billion at the $2,261 reference price, or about 86% of its total ether position. That is the highest share the company has disclosed, and it converts the treasury from a static holding into an income-producing one.
The staking runs through MAVAN, the Made in America VAlidator Network BitMine built for its own treasury and has since opened to institutional investors, custodians, and ecosystem partners. Lee put the economics this way: “Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine’s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward would be $415 million on an annualized basis (using 3.03% 7-day BMNR yield).” The release compares that to roughly $358 million in annualized staking revenue today, based on the 5.2 million ETH currently staked.
The gap between $358 million and $415 million is the point of the disclosure: BitMine is telling the market its staking revenue has room to grow by roughly 16% as the remaining 14% of its ether is deployed, without buying a single additional token.
The staking position also carries a network-level implication. Ethereum’s security is weighted by how much ether is staked, and a single entity staking 5.2 million ETH represents an unusually large share of a network whose validator economics were designed around broad distribution. BitMine has framed MAVAN as an attempt to make that concentration legible and institutionally safe rather than opaque, but the scale itself is the fact that will keep drawing scrutiny.
Second to Strategy, First in Ethereum
BitMine now frames its treasury directly against the largest bitcoin holder. The release states BitMine’s crypto holdings rank as the number-one Ethereum treasury and the number-two global treasury, behind “Strategy Inc., which reportedly owns 848,517 BTC valued at approximately $71 billion.” That puts the two companies on either side of the same trade: Strategy holding bitcoin, BitMine holding ether.
Both treasuries, however, have been marked down as crypto has pulled back. In late September, when ether traded near $3,000, BitMine’s position was reported above $17 billion. Today the company holds more ether — 6.06 million tokens against roughly 5.7 million then — yet the position is worth less in dollars because ether has fallen from about $3,000 to $2,261, a decline of roughly 25%. At September prices, today’s 6.06 million ETH would be worth about $18.2 billion. The $14.5 billion figure is a reminder that a treasury measured in dollars can shrink even while the token count grows.
The earlier mark-to-market pain at both Strategy and BitMine was the subject of prior BlockchainReporter coverage, and this disclosure extends the same thread: the two largest public crypto treasuries are both underwater on paper relative to their peak valuations, even as both keep accumulating.
Tom Lee’s Six Reasons the Binance Hack Reads as a Bull Signal
Lee used the disclosure to make a market argument as much as a treasury argument, tying BitMine’s accumulation to the resilience he sees after last week’s $6.3 billion Binance theft. “While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive, particularly compared to the market’s response to prior sizable crypto thefts,” he said.
The comparison he draws is precise: “In February 2025, ByBit was also hacked by DPRK (with a very different methodology) and $1.5 billion of customer crypto was stolen. The day the ByBit theft was announced, ETH fell 8% and was down 20% within a week. By contrast, since the Binance theft was disclosed, ETH went down 4%.” The theft was roughly four times larger, he notes, yet ether’s decline has been about half the one-day move that followed ByBit.
Lee lists six reasons for the muted response: Binance has the financial capacity to cover customer losses; there was no cascade of DeFi protocol failures as after ByBit; swift industry action cut the potential loss by half; the FBI named North Korea within two days, versus as long as 180 days in some prior cases; the exploit was a corporate infiltration rather than a blockchain-level flaw; and the limited price downside is, in his reading, a sign a bull market is underway. That last point is a forecast dressed as observation, and it is Lee’s interpretation rather than a settled fact — but it is the clearest articulation yet of why BitMine continues to accumulate ether through a drawdown.
The disclosure does not resolve what happens next. Whether BitMine keeps buying through the final 0.1% of supply to 5%, whether the staking expansion delivers the projected $415 million, and whether ether’s price recovers toward its September levels all remain open questions. What is no longer in question is the scale of the position: 6.06 million ETH, a $14.5 billion treasury, and a standing second only to Strategy.
Data: CoinGecko (live ether and bitcoin prices).
