Bitmine’s crypto holdings reached 6,060,506 ETH as of November 1, 2026, with the company reporting $14.5 billion across digital assets, cash, marketable securities and investment stakes. In its November 2 update, Bitmine Immersion Technologies (NYSE: BMNR) said it held 4.9% of Ethereum’s supply and had added another 8,573 ETH during the preceding week.
Key takeaways
- Bitmine reported 5,227,037 ETH staked, representing 86% of its Ethereum holdings.
- Annualized staking revenue was projected at $358 million, rising to $415 million at full deployment.
- Chairman Tom Lee contrasted ETH’s 4% decline after the Binance theft with its sharper ByBit-related losses.
Bitmine’s crypto holdings and staking position
Bitmine described itself as the world’s largest Ethereum treasury and the second-largest crypto treasury overall. It ranked behind Strategy Inc., which the release said held 848,517 BTC worth approximately $71 billion.
Beyond Ethereum, Bitmine’s crypto holdings included 216 Bitcoin. The portfolio also included a $180 million holding in Beast Industries, an $82 million holding in Eightco Holdings, plus $498 million held in cash and marketable securities.
Chairman Thomas “Tom” Lee said the company had purchased ETH every week since launching its Ethereum treasury strategy on June 30, 2025. The latest weekly purchase totaled 8,573 ETH.
Staking revenue: current deployment versus full scale
Bitmine reported 5,227,037 staked ETH, valued at $11.8 billion, as of November 1. That represented 86% of its Ethereum holdings and supported projected annualized staking revenue of $358 million.
The higher $415 million annualized reward projection applies when all of Bitmine’s ETH is staked through MAVAN and its staking partners. Lee said that estimate used a 3.03% seven-day BMNR yield.
MAVAN, short for Made in America VAlidator Network, launched earlier in 2026. Originally developed for Bitmine’s treasury, the institutional-grade platform now also serves institutional investors, custodians and ecosystem partners. Bitmine’s operations span digital asset staking, validation services, bitcoin mining and strategic asset management.
Lee compares Binance and ByBit market reactions
Lee said ETH fell 4% following disclosure of the late-October Binance theft, compared with an 8% decline on the day the ByBit hack was announced in February 2025. ETH’s losses after ByBit reached 20% within a week, he added.
According to Lee, the Binance incident involved $6.3 billion in stolen customer funds, versus $1.5 billion at ByBit. He said the FBI identified North Korea as responsible for the Binance theft and attributed the earlier ByBit attack to North Korea as well.
Citing Binance’s account, Lee described the latest exploit as contractor infiltration of the exchange’s corporate infrastructure rather than a blockchain vulnerability. He characterized the smaller price decline, despite the larger theft, as a constructive market response.
Industry resilience and Bitmine’s regulatory outlook
Lee attributed the muted Binance reaction to the exchange’s financial capacity to cover customer losses, the absence of cascading decentralized-finance protocol failures and rapid industry intervention. He said that intervention reduced potential losses by 50%.
He also cited the FBI’s identification of North Korea within two days, compared with attribution periods of up to 180 days in earlier thefts, and the corporate rather than blockchain nature of the breach. His sixth explanation was that limited price declines signaled a crypto bull market. These were Lee’s assessments of the market response.
Bitmine management also described the GENIUS Act and the SEC’s Project Crypto as transformational for financial services in 2026. It compared their significance with the United States’ August 15, 1971 decision to end dollar-gold convertibility and the Bretton Woods system.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
Powered by WPeMatico
