Bitmine Immersion Technologies (NYSE AMERICAN: BMNR) revealed that as of February 16, 2026, its combined crypto, cash, and “moonshots” investments totaled $9.6 billion. The company holds 4,371,497 ETH valued at roughly $8.73 billion (at $1,998 per ETH), representing 3.62% of the entire Ethereum supply. It also holds 193 Bitcoin, a $200 million stake in Beast Industries, $17 million in Eightco Holdings (NASDAQ: ORBS), and $670 million in cash. This makes Bitmine the second-largest corporate crypto treasury globally, trailing only Strategy Inc. (NASDAQ: MSTR), which owns 714,644 BTC worth $49 billion.
Staking Yield and MAVAN Infrastructure Progress
As of the announcement, Bitmine has staked roughly 3.04 million ETH (worth $6.1 billion), about 69% of its total ETH holdings. At an annualized 7-day staking yield of 2.89%, these staked assets generate around $176 million in annualized staking revenue. The company is developing its own staking infrastructure called MAVAN (Made-in America Validator Network), slated for deployment in Q1 2026 and designed to offer “best-in-class” secure staking services. Currently Bitmine works with three staking providers as it transitions to MAVAN.
Tom Lee: Strong ETH Fundamentals, Rock-Bottom Sentiment
Bitmine Chairman Thomas “Tom” Lee, speaking at Consensus Hong Kong, called 2026 a “defining year for Ethereum.” He cited three long-duration secular drivers: Wall Street via tokenization and privacy on Ethereum, AI and AI agents using ETH for payments and verification, and creators embracing “proof of human” standards on Ethereum L2 (e.g., Worldchain). Lee stressed Ethereum’s “neutrality, 100% uptime and reliability.” He noted that investor sentiment is “rock bottom,” reminiscent of the November 2022 lows and the 2018 crypto winter, but Bitmine continues buying ETH regardless of price trends. The firm acquired 45,759 ETH in the past week alone. Lee stated, “The price of ETH is not reflective of its high utility and its role as the future of finance.”
Institutional Backers and Stock Liquidity
Bitmine’s institutional investors include ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and personal investor Thomas Lee. The stock is one of the most liquid in the U.S., with a 5-day average daily trading volume of $0.9 billion, ranking #158 among 5,704 U.S.-listed stocks (between KKR at #157 and CBRE at #159).