BitMine's Ethereum Holdings Limited by High Correlation with ETH Prices
The large Ethereum treasury company BitMine Immersion Technologies (BMNR) has amassed an impressive total of approximately 5.81 million ETH, representing about 4.8 percent of the total circulating supply as of August 10, 2026.
This substantial holding is part of BMNR's total assets, which include cryptocurrency, cash, and related investments valued at nearly $11.6 billion.
BMNR has established a significant staking position by placing over 5.06 million ETH into the MAVAN platform and various partners, generating an annualized revenue of around $257 million based on recent yields hovering near 2.6 percent.
A key challenge facing BMNR is its high correlation with Ethereum price movements, which significantly limits the potential for generating excess returns or alpha when compared to simply holding ETH itself.