Bitmine's Ethereum Holdings Surge to $17.1 Billion, Chairman Cites Crypto Bull Market

Bitmine Immersion Technologies (NYSE: BMNR) has disclosed its latest treasury snapshot, revealing $17.1 billion in crypto and cash holdings as of September 20, 2026. The company's primary driver is a 5.98 million ETH token position valued at $2,688 each.

Bitmine holds 4.9% of Ethereum's total supply of 122.1 million tokens, with 85% of its ETH staked through the MAVAN validator network. Chairman Tom Lee attributes the accumulation to a broader shift in capital flows and a crypto bull market that started in late June.

Lee pointed to ETH's outperformance against the S&P 500 by 6,519 basis points in the third quarter of 2026 as evidence the trend has room to extend into the fourth quarter. Bitmine's staking operations generated a 7-day annualized yield of 2.62%, with the company projecting $357 million in annualized staking revenue at the current pace.