Originally published by TechFlow on November 9, 2026, at 21:34:59 (UTC+8). Holdings figures are as of November 8, 2026, at 14:00 Eastern Time.
Holdings approach the company’s 5% target
BitMine Immersion Technologies (NYSE: BMNR) reported holdings of 6,070,092 ETH, valued at approximately $13.56 billion using an ETH price of $2,234, according to TechFlow’s November 9 report.
The company also disclosed 216 BTC, a $180 million equity investment in Beast Industries, $75 million in Eightco (NASDAQ: ORBS) shares, and $475 million in cash and securities. It put the combined value of its cryptoassets, cash and “moonshot” investments at approximately $14.3 billion.
Against a total ETH supply of 122.2 million, BitMine’s holdings represented 4.97%. The company described itself as 99% of the way toward its “5% alchemy” target. It added 9,587 ETH in the preceding week and said it had increased its holdings every week since launching its ETH treasury strategy on June 30, 2025.
Staking income: annualized figures, not guaranteed receipts
BitMine reported staking 5,227,037 ETH, worth approximately $11.7 billion and equivalent to 86% of its ETH holdings.
Using the 2.65% seven-day average yield reported for November 8, the company calculated annualized staking rewards of approximately $309 million. It projected that staking all its ETH through the MAVAN platform and its partners could bring annualized rewards to $359 million.
Those figures distinguish the current staking position from a full-deployment scenario: the larger estimate assumes all holdings are staked, while the current annualized calculation uses the cited yield rather than documenting a full year’s realized rewards.
The narrative extends beyond staking yield
Chairman Tom Lee cited Ethereum founder Vitalik Buterin’s remarks at Devcon 8 in Mumbai: “I have finally made up my mind: ETH is a store of value; ETH is money.” Lee called this a “seismic shift.”
Lee argued that ETH is not a cash-flow token like HYPE or LIT, but trusted, high-quality collateral. He also presented that role as the reason Ethereum is the preferred Layer 1 for most financial institutions moving on-chain. These are Lee’s characterizations; the supplied report does not provide supporting institutional-adoption data.
The distinction matters to the treasury thesis: the disclosed ETH balance and staking calculations describe the company’s position, while the store-of-value and collateral arguments express a broader valuation narrative. Nearing a self-defined ownership target does not, by itself, establish that narrative.
TechFlow described BitMine as the world’s largest ETH treasury and second-largest crypto treasury, behind Strategy, which held 849,327 BTC, valued at approximately $69 billion.