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Bitmine Immersion Technologies (NYSE:BMNR) has accumulated over 5.5 million ETH, now holding close to 5% of the Ethereum supply.
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The company recently completed a record single week Ethereum purchase, described as the largest ETH buy of 2026 so far.
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A $280 million preferred stock capital raise funded this ETH accumulation and the build out of a new institutional staking platform, MAVAN.
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The majority of Bitmine’s Ethereum is now staked through MAVAN, positioning the company as a large on chain ETH holder focused on staking yield for institutions.
Bitmine Immersion Technologies, trading at $16.85 per share, has become one of the most concentrated Ethereum holders in public markets by percentage of supply. The stock is down 10.6% over the past week, down 24.0% over the past month, and down 46.0% year to date, even after a very large 1 year gain of 144.6%. Over 3 and 5 years, the stock shows gains of 20.4% and 140.8% respectively, which illustrates how volatile the ride has been for NYSE:BMNR holders.
For investors watching NYSE:BMNR, the combination of large on chain Ethereum exposure and the MAVAN staking platform represents a meaningful shift in how the company is positioning itself within crypto infrastructure. The scale of recent ETH purchases and the decision to stake most of it through an institutional platform could influence how the market views Bitmine’s risk profile, revenue mix, and sensitivity to Ethereum price and staking economics in the future.
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See which insiders are buying and buying and selling Bitmine Immersion Technologies following this latest news.
The rapid jump to 5.54 million ETH, funded by a US$280 million 9.50% Series A perpetual preferred stock, effectively doubles down on Bitmine Immersion Technologies as an Ethereum treasury and staking vehicle. Most of that ETH is staked through MAVAN, which means investor outcomes are now closely tied to Ethereum price moves, staking yields and the platform’s ability to attract institutional clients. On one hand, Bitmine reports US$9.6b in crypto and cash, strong liquidity and projected annualized staking revenues of about US$230 million, which gives the treasury strategy clear scale. On the other hand, the stock has recently fallen sharply and the company is currently loss making, while existing shareholders have been substantially diluted over the past year. A 9.50% cumulative preferred coupon also creates a fixed capital charge that needs to be covered from staking income or other cash sources. For investors, this news reads as a high-conviction bet on Ethereum and institutional staking at a time when some market voices are questioning the resilience of crypto assets.
