TLDR
- Bitmine now holds 5.93M ETH worth $14.8B, representing 4.9% of total ETH supply
- Total crypto, cash, and other holdings reached $15.7B as of September 7
- 5.07M ETH is currently staked, generating a projected $330M in annualized staking revenue
- BMNR stock is up 99% quarter to date, ranking fourth among Russell 1000 stocks
- Bitmine replaced its Ethereum Tower management deal with a simpler 1.5% fee advisory arrangement with American Validator LLC
Bitmine Immersion Technologies (BMNR) disclosed on September 8 that its total crypto, cash, and “moonshot” holdings stand at $15.7 billion as of September 7, with ETH trading at $2,495 per token.
Bitmine Immersion Technologies, Inc., BMNR
The company holds 5,929,198 ETH, valued at approximately $14.8 billion. That stake represents 4.9% of the total ETH supply of 122 million tokens, putting Bitmine just 97% of the way to its stated goal of owning 5% of all ETH.
Over the past week alone, Bitmine added 28,090 ETH to its treasury. The pace of accumulation underscores how aggressively the company has been building its position.
Of the total ETH held, 5,067,309 tokens are currently staked through its MAVAN platform, worth around $12.6 billion at current prices. That staking activity is generating projected annualized revenue of $330 million based on the current 7-day yield.
Beyond Ethereum, Bitmine holds 211 Bitcoin, $593 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $91 million stake in Eightco Holdings (ORBS). The company calls these equity positions its “moonshots.”
Management Change Streamlines Staking Operations
On September 3 and 4, Bitmine’s subsidiary terminated its long-term management services agreement with Ethereum Tower, which had been covering its staking operations.
It replaced that deal with a new advisory arrangement with American Validator LLC. The new structure simplifies fees to a flat 1.5% charge on staking rewards and avoids any material early-termination penalties. Prior accrued obligations under the old contract remain in place.
BMNR stock is up 99% quarter to date, making it the fourth best-performing stock in the Russell 1000 index during that period. Ethereum itself was the top-performing macro asset in Q3 to date, which has helped fuel interest in the stock.
Stock and Market Context
Average daily trading volume for BMNR sits at over 38 million shares. The company was recently added to the Russell 1000 index, which has contributed to elevated trading activity.
The most recent analyst rating on BMNR is a Buy with a $30.00 price target.
Bitmine currently holds a market cap of approximately $15.06 billion. The company positions itself as the world’s largest Ethereum treasury, and its MAVAN staking platform now serves both its own holdings and external institutional clients.
Annualized staking revenue of $330 million is projected based on the current 7-day yield from the 5.07 million ETH staked.
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