Bitmine Immersion Technologies (NYSE: BMNR) announced on June 8 that its crypto, cash and “moonshots” holdings totaled $9.6 billion as of 3:00pm ET June 7. The company held 5,543,872 ETH (valued at ~$1,630/ETH per Coinbase), 204 Bitcoin, a $180 million stake in Beast Industries, an $88 million stake in Eightco Holdings (NASDAQ: ORBS), and $247 million in cash. Its ETH position represents 4.59% of Ethereum's total supply of 120.7 million coins.
Chairman on Buying Spree and Market View
Chairman Thomas “Tom” Lee said Bitmine acquired 126,971 ETH over the past week during a pullback. He dismissed the Zcash exploit-driven selloff: “AI systems will find flaws in centralized rails and weak decentralized protocols, which actually strengthens the use case for hardened blockchains like Ethereum.” Lee reiterated that the market is in “early stages of crypto spring” and expects Bitmine to reach its “alchemy of 5%” goal in 2026.
MAVAN Staking and Revenue
Bitmine launched MAVAN (Made in American VAlidator Network), an institutional-grade staking platform. As of June 7, 4,718,677 ETH (over 85% of its holdings) were already staked, generating an annualized staking revenue of $230 million based on a 2.99% 7-day yield. When fully staked, projected annualized rewards rise to $270 million. Lee noted Bitmine has “staked more ETH than any other entity in the world.”
Trading Liquidity and Institutional Backing
BMNR stock ranks 148th among all US-listed equities by average daily dollar volume, trading $829 million per day (5-day average), trailing Workday and ahead of Pfizer. Bitmine's crypto treasury is the largest ETH hoard globally and the second largest overall after MicroStrategy's 843,706 BTC. Key institutional investors include ARK's Cathie Wood, Mozayyx, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and Tom Lee personally.
Regulatory Tailwinds
Bitmine management likens the GENIUS Act and SEC's “Project Crypto” to the 1971 Nixon shock that ended Bretton Woods—arguing both will transform financial services and create opportunities analogous to the rise of Wall Street's modern infrastructure.