Bitmine owns over 4.31% of the total ETH supply of 120.7 million.
Bitmine is 86% of the way to “5% chemistry” in just 11 months
The crypto spring has begun, and as in previous cycles, investor sentiment and conviction are weak and bearish even as crypto prices rise.
As described in this edition of Chairman Tom Lee’s letter
Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and of proxy AI systems that increasingly need a public, neutral blockchain.
Bitmine was listed on the New York Stock Exchange (“NYSE”) of the US Stock Exchange as of April 9, 2026
Bitmine has 4,712,917 ETH, representing $11.1 billion at $2,366 per ETH.
MAVAN (Made in America VAlidator Network) is a leading Ethereum staking destination for BMNR and institutional investors, with a focus on security, performance, and flexibility.
Bitmine owns $88 million worth of Eightco (NASDAQ: ORBS), and is now one of the only publicly listed stocks in the world that provides investors with indirect exposure to OpenAI
Bitmine Crypto + Total Cash Holdings + “Moonshots” totaling $13.4 billion, including 5.21 million ETH tokens, $775 million total cash, and other cryptocurrency holdings
Bitmine outperforms its cryptocurrency treasury peers through the speed of raising its NAV per share and through the high trading liquidity of BMNR shares.
Bitmine is the 149th most traded stock in the US, trading $816 million per day (5-day average)
Bitmine remains backed by a leading group of institutional investors including ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and personal investor Thomas “Tom” Lee to support Bitmine’s goal of 5% ETH
NORWALK, Conn., May 11, 2026 /PRNewswire/ — (NYSE: BMNR) Bitmine Immersion Technologies, Inc. announced… (“Bitmine” or the “Company”), a Bitcoin and Ethereum network company with a focus on aggregating cryptocurrencies for long-term investment, today announced Bitmine’s cryptocurrency + cash + “Moonshots” holdings totaling $13.4 billion.
The Company recently announced its listing on the New York Stock Exchange (“NYSE”) of the New York Stock Exchange on April 9, 2026. The Company’s common stock continues to trade under the symbol “BMNR.”
As of May 10, 2026 at 4:00 PM ET, the Company’s cryptocurrency holdings consist of 5,206,790 Ethereum at $2,366 per ETH (Coinbase NASDAQ: COIN), 201 Bitcoin (BTC), a $200 million stake in Beast Industries, an $88 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and total funds $775 million. Bitmine’s holdings of ETH represent 4.31% of the ETH supply (of 120.7 million ETH).
Bitmine has released its latest CEO letter (Link here) for May 2026.
“The ‘crypto spring’ has begun and we wanted to highlight the importance of owning ETH as a source of diversification, and the potential drivers of the upcoming ‘crypto bull’ cycle,” said Thomas “Tom” Lee, Chairman of Bitmine. “Among the main future drivers for Ethereum, the two main ones are Wall Street’s move towards tokenization and proxy AI. If Ethereum closes above $2,100 at the end of May 2026, this will be the third consecutive monthly gain – and this is unprecedented in a crypto bear market. Thus, a close above $2,100 would confirm the arrival of a ‘crypto spring’.”
“Since the beginning of 2026, Bitmine has held over 1 million Ethereum and amassed over 4.3% of the Ethereum supply. We intend to retain our Ethereum holdings and stakes, meaning that our Ethereum holdings essentially reduce the available supply of Ethereum and remove 4.3% of the Ethereum supply since June 30, 2025. In other words, Ethereum supply has been deflationary since June 2025.” He told me.
“We have decided to slow our weekly backlog pace from >100,000 weekly as we originally targeted to reach the ‘5% chemistry’ target in late 2026. Our previous pace of >100,000 weekly purchases will see us reach 5% by mid-July.” He told me.
“ETH prices have correlated with software stocks (Software ETF: $IGV) and as shown in the chart below, both have moved higher together in the past few months. The recovery in software in 2026 is further evidence that the ‘crypto spring’ has begun,” Lee said.
Bitmine recently launched MAVAN (Made in America VAlidator Network), an enterprise signing platform. While MAVAN was originally developed to support Bitmine’s Ethereum treasury, MAVAN intends to expand to serve institutional investors, custodians, and ecosystem partners looking for best-in-class storage infrastructure. A portion of Bitmine’s ETH has already been staked on the MAVAN platform.
As of May 10, 2026, the total number of ETH accumulated at Bitmine is 4,712,917 ($11.1 billion at $2,366 per ETH). “Bitmine has bet more on ETH than other entities in the world. At scale (when MAVAN and its partners acquired all of ETH from Bitmine), the expected ETH staking reward is $352 million per year (using a 2.86% 7-day BMNR return),” Lee stated.
Lee continued: “Annual staking revenue is now $319 million. These 4.7 million ETH represent more than 90% of the 5.21 million ETH held by Bitmain. Bitmain’s staking operations generated a 7-day return of 2.86% (annual).”
Bitmine cryptocurrency ranks No. 1 on Ethereum and No. 2 global treasury, behind Strategy Inc. (NASDAQ: MSTR), which reportedly owns 818,334 bitcoins worth $66.6 billion. Bitmine remains the largest ETH treasury in the world.
Bitmine is one of the most widely traded stocks in the United States. According to data from Fundstrat, the stock’s average daily trading volume was $816 million (5-day average, as of May 8, 2026), ranking it #149 in the U.S., behind Carvana Co (ranked #148) and ahead of Royal Caribbean Cruises (ranked #150) out of 5,704 stocks listed in the U.S. (ranked #150).statista.com and Fundstrat research).
The GENIUS Act and the Securities and Exchange Commission (“SEC”) cryptocurrency project are as transformative for financial services in 2025 as the action taken by the United States on August 15, 1971 that ended Bretton Woods and the US dollar on the gold standard 54 years earlier. This event in 1971 served as the catalyst for the modernization of Wall Street, creating the iconic Wall Street giants and financial and payment bars of today. These investments have been proven to be better than gold.
The President’s message can be viewed here:
https://www.Bitminetech.io/chairmans-message
The full fiscal year 2025 earnings presentation and corporate presentation can be viewed here: https://Bitminetech.io/investor-relations/
To stay informed, please subscribe to: https://Bitminetech.io/contact-us/
About Bitmain
Bitmain (NYSE: BMNR) is a Bitcoin mining company with operations in the United States. The company is deploying its excess capital to become the world’s leading Ethereum treasury company, implementing an innovative digital asset strategy for institutional investors and public market participants. Guided by its philosophy of “5% chemistry,” the company is committed to ETH as a primary treasury reserve asset, leveraging activities at the native protocol level including DeFi and staking mechanisms. The company will launch MAVAN (Made in America VAlidator Network), a dedicated storage infrastructure for Bitmine assets, in 2026.
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Forward-looking statements
This press release contains statements that constitute “forward-looking statements.” Statements in this press release that are not purely historical are forward-looking statements that involve risks and uncertainties. Specifically, this document contains forward-looking statements regarding: (1) the progress and achievement of the Company’s objectives in connection with the acquisition of ETH, including the “Alchemy of 5%” initiative and the long-term value of Ethereum; (2) the Company’s beliefs regarding the performance of Ethereum compared to other assets, including its description as a “wartime store of value” and its performance during geopolitical events; (3) the Company’s expectations regarding the current state and future course of the cryptocurrency market, including statements that ETH may be in the “final stages of a mini-crypto winter”; (4) the continued growth and progress of the Company’s Ethereum treasury strategy and the benefits applicable to the Company; (5) the Company’s stock repurchase program, including data regarding shares trading below intrinsic value, the Company’s ability to cumulatively retire common stock, and effect repurchases through open market transactions; (6) the Company’s digital asset accumulation and staking strategy, including MAVAN, and its expansion to serve institutional investors, custodians, and ecosystem partners, and expected annual staking revenues and rewards; (7) statements regarding the benefits of Wall Street tokenization on blockchain systems and agent AI systems that use public blockchains; (8) expectations regarding the potential impact of regulatory developments, including the GENIUS Act and the SEC Crypto Project, on financial services and digital assets; (ix) the Company’s financial flexibility to support treasury operations and expand the scope of the repurchase license. In evaluating these forward-looking statements, you should consider various factors, including: Bitmine’s ability to keep pace with new technology and changing market needs; Bitmine’s ability to fund its current business, Ethereum treasury operations, stock repurchase program and proposed future business; the competitive environment for Bitmine’s business; Market conditions affecting the trading price of the Company’s common stock; regulatory developments affecting digital assets, including the enactment and implementation of pending legislation and SEC initiatives; Geopolitical events and their impact on cryptocurrency markets; the volatility and unpredictability of digital asset prices; The future value of Bitcoin and Ethereum. Actual future performance outcomes and results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond Bitmine’s control, including those set forth in the Risk Factors section of Bitmine’s Form 10-K filed with the SEC on November 21, 2025, as well as all other filings with the SEC, as amended or updated from time to time. Copies of Bitmine’s filings with the SEC are available on the SEC’s website at: www.sec.gov. Bitmine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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