BitMine Stakes $13.8 Billion in ETH as Its Treasury Tops 6 Million Tokens

BitMine Immersion Technologies has grown its ether position past 6 million tokens and now stakes the large majority of it, the company said in an October 5 update. The BitMine ETH treasury reached 6,016,414 ether as of October 4, about 4.9% of the 122.1 million total supply, after the firm bought another 15,112 ether over the past week. At a reference price of $2,726, that treasury is worth about $16.4 billion.

Most of it is now working. BitMine has staked 5,067,309 ether, worth roughly $13.8 billion, or 84% of its holdings, through its MAVAN staking platform and partners. At an annualized yield of 2.63%, the company projects about $363 million in staking revenue a year, a figure it expects to reach $431 million once the entire treasury is staked. Including 214 bitcoin, $643 million in cash and marketable securities, and two equity “moonshots,” a $180 million stake in Beast Industries and a $117 million stake in Eightco Holdings, BitMine put its total crypto, cash, and investments at $17.4 billion.

The company is now 99% of the way to what Chairman Tom Lee calls the “alchemy of 5%,” its target of owning 5% of all ether. BitMine has bought ether every week since launching the strategy on June 30, 2025, remains the largest ether treasury in the world, and ranks second among all corporate crypto treasuries behind Michael Saylor’s Strategy. It joined the Russell 1000 in June, and Lee is due to keynote Token2049 in Singapore on October 7.

A buying spree across the whole sector

BitMine is not accumulating in isolation. Over the same first days of October, Strategy bought another 334 bitcoin and pushed its own hoard to 848,000 BTC, a reminder that the largest treasury companies kept stacking through a soft market. That softness is the backdrop here: ether fell about 10% over the first nine months of 2026, and Lee framed the period as a bear market in which, he said, BitMine’s shares held up better than ether itself.

The context matters because it has reshaped the whole digital asset treasury model. These companies, often called DATs, raise money by selling stock and use it to buy crypto. That works beautifully when the stock trades above the value of the crypto it holds, and painfully when it does not. Across 2026, the large premiums these stocks once commanded have compressed hard, and several ether treasuries, including SharpLink, have at times traded below the value of their own coins.

The number that actually matters

Here is the part the headline figures do not capture, and it is not a forecast, just how the model works. For a treasury company, the decisive metric is not how many tokens it holds but its mNAV, the ratio of its market value to the value of its crypto. Above 1.0, the company can issue shares and buy more ether than it dilutes, so holdings per share rise. Below 1.0, every share it prints to buy ether hands value away from existing shareholders, and the growth engine runs in reverse.

BitMine currently trades at roughly 1.0, near the value of its ether and well down from the premiums treasury stocks enjoyed in 2025. That single fact explains why staking has moved to the center of the story. At a 2.63% yield, staking is the one lever that compounds the ether pile without issuing a single new share or depending on a premium that may not return. When the stock market stops paying treasury companies to grow, the yield on the assets they already hold is what is left. BitMine racing to stake all 6 million of its ether is less a victory lap than a response to exactly that.

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