On July 6, 2026, Bitmine Immersion Technologies (NYSE: BMNR) announced that its combined crypto, cash, marketable securities, and "moonshot" holdings reached $11.1 billion. As of 6:30 PM ET on June 28, the company held 5,742,237 ETH (valued at $1,800 each per Coinbase), 206 BTC, an $180 million stake in Beast Industries, a $71 million stake in Eightco Holdings (NASDAQ: ORBS), and $527 million in cash and marketable securities. Bitmine's ETH stash accounts for 4.8% of the total Ethereum supply of 120.7 million.
Russell 1000 Inclusion and Institutional Inflows
On June 26, Bitmine was added to the Russell 1000 Large-Cap Index during its annual reconstitution. Chairman Thomas "Tom" Lee stated that the inclusion is expected to bring "hundreds and possibly thousands" of new institutional equity holders. According to the Investment Company Institute (ICI), passive funds and ETFs typically own 18-20% of a company's shares, implying significant forced buying.
Ethereum Holdings and Staking Operations
Bitmine ranks as the world's largest Ethereum treasury, trailing only Strategy Inc. (MSTR) in overall crypto holdings. The company's proprietary institutional staking platform, MAVAN (Made in American VAlidator Network), is live. As of July 5, total staked ETH reached 4,879,157 (worth $8.8 billion at $1,800/ETH), representing 85% of its Ethereum holdings. Based on a 2.68% annualized 7-day yield (BMNR yield), fully staking all ETH through MAVAN and partners would generate an estimated $277 million in annualized staking rewards; current annualized staking revenue stands at $235 million.
Series A Perpetual Preferred Offering
On June 10, Bitmine closed the offering of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock at $80.00 per share, netting approximately $273.8 million after underwriting discounts and expenses. The preferred shares trade on the NYSE under ticker BMNP with weekly dividends.
Recent ETH Accumulation and Regulatory Outlook
Over the past week, Bitmine acquired 42,197 ETH, accelerating its buying pace. Lee reaffirmed the goal of reaching "the alchemy of 5%" (5% of total ETH supply) sometime in 2026. Regarding regulation, Lee noted that prediction markets now show roughly 50% probability for the Clarity Act's passage, the highest in two weeks. He argued regulatory clarity would benefit smart contract platforms like Ethereum, citing Ethereum L2 processing USDC transactions for Shopify and Visa in the background.
Liquidity and Historical Parallels
According to Fundstrat, BMNR's average daily dollar volume was $543 million (4-day average as of July 2), ranking 233rd among 5,704 US-listed stocks. Management compared the GENIUS Act and SEC's Project Crypto to the 1971 collapse of Bretton Woods, calling it an equally transformative shift for financial services.