Bitmine (NYSE: BMNR) outlines $13.4B ETH-heavy treasury and staking income
Rhea-AI Filing Summary
Bitmine Immersion Technologies released an investor presentation, video and press release detailing its Ethereum-focused treasury strategy and recent milestones. The company reported combined crypto, cash and “moonshot” investments of $13.4 billion, including 5.21 million ETH, 201 Bitcoin, stakes in Beast Industries and Eightco, and $775 million in cash.
Bitmine’s ETH position represents 4.31% of the 120.7 million ETH supply, with 4,712,917 ETH staked, valued at $11.1 billion at $2,366 per ETH. The MAVAN staking platform supports Bitmine’s own treasury and is intended to serve institutional clients, with annualized staking revenues of $319 million and projected rewards of $352 million at a 2.86% 7‑day yield.
The company highlighted its recent uplisting to the New York Stock Exchange and noted that BMNR is among the most actively traded U.S. stocks, with average daily dollar volume of $816 million. Management emphasized an Ethereum-centric strategy, targeting ownership of 5% of ETH supply and positioning Bitmine as a leading Ethereum treasury and staking operator.
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Insights
Bitmine outlines a large, ETH-heavy balance sheet and sizable staking income, but the long-term payoff depends on volatile crypto markets.
Bitmine reports $13.4 billion in combined crypto, cash and “moonshot” holdings, anchored by $11.1 billion of staked ETH. This scale makes Ethereum exposure central to the company’s value and risk profile. MAVAN turns that position into recurring staking revenues, which management annualizes at $319 million–$352 million based on recent yields.
These figures show meaningful cash‑flow potential if Ethereum prices and network economics remain supportive. However, the filing also includes extensive forward‑looking statements, underscoring sensitivity to ETH prices, regulatory changes, and broader crypto conditions. Subsequent SEC reports will be important for tracking how actual staking income, treasury composition and ETH ownership evolve relative to these stated targets.
8-K Event Classification
Key Figures
Key Terms
Regulation FD Disclosure regulatory
staking financial
Ethereum Treasury financial
tokenization financial
agentic AI technical
forward-looking statements regulatory
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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of Report (Date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
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Item 7.01 Regulation FD Disclosure.
On May 11, 2026, Bitmine Immersion Technologies, Inc. (the “Company”) published an investor presentation (the “Presentation”) given by Tom Lee, Executive Chairman of the Board of Directors of the Company, that it plans to use for investor relations and other purposes. A copy of the Presentation is attached as Exhibit 99.1 and is incorporated herein by reference.
On May 11, 2026, the Company released a video (the “Video”) of the Presentation. A copy of the transcript for the Video is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
On May 11 2026, the Company issued a press release (the “Press Release”) providing an update on the Company’s operations. A copy of the Press Release is attached as Exhibit 99.3 and is incorporated herein by reference.
The information under this Item 7.01, including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Presentation, dated May 11, 2026. | |
| 99.2 | Transcript of Video, dated May 11, 2026. | |
| 99.3 | Press Release, dated May 11, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Bitmine Immersion Technologies, Inc. | ||
| Dated: May 11, 2026 | By: | /s/ Chi Tsang |
| Name: | Chi Tsang | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
Exhibit 99.2
Bitmine Chairman’s Message — May 2026
Hi there, this is Tom Lee. I’m the Chairman of Bitmine Immersion Technologies, and this is our Chairman’s Message for the month of May 2026. I want to talk about Crypto Spring and why I believe Ethereum is the future of money. Here are some disclaimers.
Let’s start with why I believe Crypto Spring is here. I know that many of you believe we’re still in the fog of war, and it is indeed true the US is in the midst of a conflict with Iran. But what you have to focus on is that Ethereum has now risen for three months consecutively. In fact, if Ethereum closes May above $2,100, that would be the third consecutive month. As I’m highlighting here, there’s never been a crypto winter where Ethereum has closed up three consecutive months in a row. In other words, the fact that we’re up three months in a row means crypto winter is over.
Another way to think of this is to look at software stocks and Ethereum. Both have been highly correlated to each other, and as you can see, software stocks have risen along with Ethereum. In fact, at Fundstrat, software is now among our top sector picks as of May 1.
So that gets us to some facts: Ethereum is the best performing asset since the start of the Iran war. It’s performing as a wartime store of value. And here’s the thing — it’s been a great diversification tool since 2016. Take a look at this first column that’s highlighted. Let’s look at different allocations you could have done in terms of owning Ethereum on December 31, 2016, from 0% all the way to 33%. These are the starting dollar values. So if you had $100,000, for instance, and you put 5% into Ethereum, that was $5,000 invested. This highlighted column is what it would be worth today. Your $5,000 investment would have grown to $1.5 million.
If you compare that to having zero allocated to Ethereum and you look at your total portfolio today, it’s $230,000 if you had no exposure to Ethereum versus $1.7 million if you had 5% allocated to Ethereum. In other words, you had a 7x increase in your total portfolio with just a 5% exposure to Ethereum.
Another way to think of this is: how much of each asset would you need to own to protect yourself against a 50% decline in the S&P 500? This is the required hedge. You would need just 0.4% 10 years ago in Ethereum to protect yourself against basically a wipeout in the stock market. Gold, which is considered a store of value, you’d have to add 37% of your portfolio. So you can see the point here — you’d want to own just a small piece of Ethereum as a source of diversification and as a hedge.
Now, Ethereum does track Bitcoin, so I think you should look at the price ratio. The current price ratio is below not only the eight-year average, but the 2021 high of 0.087. And you’ve seen this chart from us before. If Bitcoin gets to $250,000 — which we think is fair value in the next 12 months — and Ethereum gets to its eight-year average of the price ratio, that’s $12,000 Ethereum. That’s a lot of upside from here. If it gets to the 2021 high, that’s $22,000 Ethereum. Keep in mind, those are two numbers to watch. And if ETH becomes the payment rails of the future, which we believe is the case, that would imply $62,000 Ethereum. So clearly a lot of upside from here.
Ethereum is exiting a long consolidation, something I’ve talked about before, and you can see this current consolidation is five years. But those other consolidations resulted in pretty explosive upside moves: 227x after the 2016 consolidation, and after the 2020 consolidation, a 54x for Ethereum. So I think this next upside is going to be led by tokenization and agentic AI.
So let’s talk about the future of money. Elon Musk said something pretty profound recently. He says that this future system won’t use dollars as currency, just mass and energy. What he’s really referring to is that compute and energy are the two scarce assets. In fact, Larry Fink of BlackRock believes that compute will actually become a new asset class, and that we’ll be buying futures of compute. And Reid Hoffman, the billionaire founder of LinkedIn, said that crypto will become critical in an AI world.
Let’s think about stablecoin transactions, which we said last year was the ChatGPT moment for crypto. You can see stablecoin volumes now exceed Visa payments. This is according to data from Bitwise. And Grayscale believes that the tokenized market is going to reach $300 trillion as we tokenize real estate, fixed income, equities, derivatives, commercial real estate — basically everything.
What does this mean for layer one blockchains? Well, this is Ethereum, which is in pink, and the total value locked of tokenized assets. You can see Ethereum moves pretty closely with that tokenization, meaning that, according to Grayscale, networks that host a large share of tokenized activities may capture a meaningful portion of economic value. In other words, if Ethereum is the leading tokenization platform, its price will go up a lot.
Marc Andreessen, who’s very visionary about the future, says the grand unification of AI and crypto are AI agents, because they’re going to need money. We’ve talked about this before — there are numerous reasons why blockchains are a better way for AI agents to use money. Ok lets put this all together.
If tokenization is the future of assets, money is becoming digital, and AI agents are going to use money, we should think about what it means for the most profitable banks in the future. Today, JP Morgan is the most profitable bank in the world with $59 billion of net income projected this year — almost $60 billion — and 300,000 employees.
But let’s mix in two new types of companies: Jane Street, which is a trading firm, and Tether. Jane Street’s on track to make $40 billion this year with 3,000 employees — 1/1000th the number of employees at JP Morgan. In fact, Jane Street in the first quarter of this year is reporting about $10 billion in net income. That means moving money, which is what Jane Street does, is starting to capture more value than the entire operations of a global bank. Going back to this chart, Jane Street makes more money than Bank of America, Wells Fargo, Citigroup, Morgan Stanley, and Goldman Sachs.
Then let’s look at Tether, the largest stablecoin operator in the world. It’s going to earn about $15 billion this year with 300 employees — 1/1000th the number of employees of JP Morgan. These are two new types of financial institutions that didn’t exist 20 years ago.
Keep in mind, that’s sort of the story — that technology, as it gets introduced to sectors, creates disruption and reduces the value of incumbency. I’m going to highlight a bunch here. Automobiles: we don’t remember any of the horse buggy makers; we only think of the new entrants. With mobile, all those old names really largely don’t exist — it’s mostly mobile today. In digital media, nobody really remembers names like Hearst, Viacom, News Corp as the giants; they were the giants in their day. Today, it’s more Google, Meta, and TikTok. Even more recently, cloud computing: before cloud computing, there were PC names — IBM, Compaq, Dell, Gateway. They’ve given way to Amazon, Microsoft Azure, Oracle, Google Cloud. And finally, in EVs, these traditional automakers are still around, but Tesla is far bigger.
So markets tend to overestimate the value of incumbency, and it’s really the new entrants that capture a lot of that value. What does that mean? I believe in the next 10 years, half of the largest financial institutions in the world are going to be native digital asset companies, many of them in crypto.
Finally, let’s talk about Bitmine. Bitmine has been building in the crypto winter. The first thing we did was invest in Eightco, which is an intersection of AI and identity. It’s a publicly traded company, ticker ORBS, and one of their biggest assets is their holdings of Worldcoin. Worldcoin is helping verify humans to prevent networks and systems that we use from being polluted by digital bots. Take a look today: basically everything from Polymarket to web traffic to emails, even to x.com and Reddit, is starting to see more of the volume come from non-humans. In fact, Reddit wants to consider using face ID for human verification. Eightco owns a stake in OpenAI, World Chain, and MrBeast. Think of it as very similar to a company called Fundrise, ticker VCX. Whereas Fundrise trades at six times NAV, Eightco is undervalued.
The second is Bitmine launched MAVAN, which is the largest single staking operator in the world. We launched commercial service at the end of March of this year. We have more than $14 billion of assets staked, and we’re staking about $2 billion of client assets currently, including other tokens — Hyperliquid, Solana, and Canton. As you can see, the staking operations are generating quite a lot of rewards for Bitmine — over $300 million today, but on track to be $363 million once we fully stake.
We also invested in MrBeast. I’ve talked about that before — he is the largest content creator in the world, but he also bought Step Financial to turn it into a financial services company. I think for Gen Z and Gen Alpha, he’s going to be the Robinhood, SoFi, and Chime combined. And of course, there’s a huge wealth transfer coming for Gen Z and Gen Alpha.
We up-listed to the NYSE big board — that’s a pretty big deal. And finally, we reached 4% of the Ethereum total coin supply. Bitmine was created on June 30th of 2025, and the first 1% of the Ethereum supply came in August. As you can see, the different milestones here: on April 10th, we reached 4%. At this pace, we could reach 5% very quickly, but we actually want to slow the pace of accumulation. We still expect to reach 5% of Ethereum sometime in 2026.
As far as price goes, keep in mind we’re a digital asset treasury, so we’re going to track the price of Ethereum, but we want to outperform Ethereum. For instance, in 2025 Ethereum was up 22%; from June 30th to year-end, Bitmine rose 500%, which means it outperformed by 48,000 basis points. So far this year, Ethereum’s down 18% and Bitmine’s down 15%, so it’s outperforming by 310 basis points. But of course, if Ethereum goes up, so should Bitmine’s price — the correlation is still around 90%.
Recall those price targets we had: $22,000 for Ethereum, $62,000 for payment rail, and $250,000 using both Joe Lubin’s price target for Ethereum and Securitize’s recent price target for Ethereum. That would value Bitmine’s shares at $500 at $22,000 ETH, $1,500 at $62,000 ETH, and $5,000 per share at $250,000 ETH. So you can see quite a lot of upside.
That’s it for now. Thanks for listening, and I’ll speak to you soon.
Exhibit 99.3
Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 5.21 Million Tokens, and Total Crypto and Total Cash Holdings of $13.4 Billion
Bitmine owns more than 4.31% of the total ETH coin supply of 120.7 million
Bitmine is 86% of the way to the ‘Alchemy of 5%’ in just 11 months
Crypto Spring has commenced and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen
As reflected in this edition of Tom Lee’s Chairman’s Message
Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains
Bitmine uplisted to the New York Stock Exchange (“NYSE”) from the NYSE American effective as of April 9, 2026
Bitmine has 4,712,917 staked ETH, representing $11.1 billion at $2,366 per ETH
MAVAN (Made in America VAlidator Network) is a premier Ethereum staking destination for BMNR and institutional investors, with a focus on security, performance, and resilience
Bitmine owns $88 million of Eightco (NASDAQ: ORBS), now one of the only publicly listed equities in the world to provide investors indirect exposure to OpenAI
Bitmine Crypto + Total Cash Holdings + “Moonshots” total $13.4 billion, including 5.21 million ETH tokens, total cash of $775 million, and other crypto holdings
Bitmine leads crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of BMNR stock
Bitmine is the 149th most traded stock in the US, trading $816 million per day (5-day avg)
Bitmine remains supported by a premier group of institutional investors including ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and personal investor Thomas “Tom” Lee to support Bitmine’s goal of acquiring 5% of ETH
NORWALK, CT, May 11, 2026 /PRNewswire/ — (NYSE: BMNR) Bitmine Immersion Technologies, Inc. (“Bitmine” or the “Company”) a Bitcoin and Ethereum Network company with a focus on the accumulation of crypto for long term investment, today announced Bitmine crypto + total cash + “moonshots” holdings totaling $13.4 billion.
The Company recently announced its uplisting to the New York Stock Exchange (“NYSE”) from the NYSE American on April 9, 2026. The Company’s common stock continues to trade under the symbol “BMNR”.
As of May 10, 2026 at 4:00pm ET, the Company’s crypto holdings are comprised of 5,206,790 ETH at $2,366 per ETH (Coinbase NASDAQ: COIN), 201 Bitcoin (BTC), $200 million stake in Beast Industries, $88 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and total cash of $775 million. Bitmine’s ETH holdings are 4.31% of the ETH supply (of 120.7 million ETH).
Bitmine released the latest Chairman’s Message (link here) for May 2026.
“‘Crypto spring’ has commenced and we wanted to highlight the importance of owning ETH as a source of diversification, and the likely drivers of this coming ‘crypto bull’ cycle,” stated Thomas “Tom” Lee, Chairman of Bitmine. “Among the key future drivers for Ethereum, the two primary are Wall Street’s move to tokenization and agentic AI. If ETH closes above $2,100 at the end of May 2026, this would be the third consecutive monthly gain – this has never been seen in a crypto bear market. Thus, a close above $2,100 would validate ‘crypto spring’ has arrived.”
“Since the start of 2026, Bitmine has acquired over 1 million ETH and has accumulated over 4.3% of the ETH supply. We intend to hold and stake our ETH holdings, which means our ETH holdings are essentially reducing available supply of ETH and removed 4.3% of ETH supply since June 30th, 2025. In other words, ETH supply has been disinflationary since June 2025.” stated Lee.
“We have decided to slow down our pace of weekly accumulation from >100,000 per week as we originally targeted reaching the ‘alchemy of 5%’ target in late 2026. Our previous pace of >100k weekly buys would have us reach 5% by mid-July.” stated Lee.
“ETH prices have been correlated with software stocks (software ETF ticker: $IGV) and as shown on the chart below, both have been moving higher together in the past few months. The recovery in software in 2026 is further evidence ‘crypto spring’ has commenced,” said Lee.
Bitmine recently launched MAVAN (the Made in American VAlidator Network), the institutional grade staking platform. While MAVAN was originally developed to support Bitmine’s own Ethereum treasury, MAVAN intends to expand to serve institutional investors, custodians, and ecosystem partners seeking best-in-class staking infrastructure. A portion of Bitmine’s ETH is already staked on the MAVAN platform.
As of May 10, 2026, Bitmine total staked ETH stands at 4,712,917 ($11.1 billion at $2,366 per ETH). “Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine’s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $352 million annually (using 2.86% 7-day BMNR yield),” stated Lee.
“Annualized staking revenues are now $319 million. And this 4.7 million ETH is over 90% of the 5.21 million ETH held by Bitmine. Bitmine’s own staking operations generated a 7-day yield of 2.86% (annualized),” continued Lee.
Bitmine crypto holding reigns as the #1 Ethereum treasury and #2 global treasury, behind Strategy Inc. (NASDAQ: MSTR), which reportedly owns 818,334 BTC valued at $66.6 billion. Bitmine remains the largest ETH treasury in the world.
Bitmine is one of the most widely traded stocks in the US. According to data from Fundstrat, the stock has traded average daily dollar volume of $816 million (5-day average, as of May 8, 2026), ranking #149 in the US, behind Carvana Co (rank #148) and ahead of Royal Caribbean Cruises (rank #150) among 5,704 US-listed stocks (statista.com and Fundstrat research).
The GENIUS Act and Securities and Exchange Commission’s (the “SEC”) Project Crypto are as transformational to financial services in 2025 as US action on August 15, 1971 ending Bretton Woods and the USD on the gold standard 54 years ago. This 1971 event was the catalyst for the modernization of Wall Street, creating the iconic Wall Street titans and financial and payment rails of today. These proved to be better investments than gold.
The Chairman’s message can be found here:
https://www.Bitminetech.io/chairmans-message
The Fiscal Full Year 2025 Earnings presentation and corporate presentation can be found here: https://Bitminetech.io/investor-relations/
To stay informed, please sign up at: https://Bitminetech.io/contact-us/
About Bitmine
Bitmine (NYSE: BMNR) is a Bitcoin miner with operations in the US. The company is deploying its excess capital to be the leading Ethereum Treasury company in the world, implementing an innovative digital asset strategy for institutional investors and public market participants. Guided by its philosophy of “the alchemy of 5%,” the Company is committed to ETH as its primary treasury reserve asset, leveraging native protocol-level activities including staking and decentralized finance mechanisms. The Company launched MAVAN (Made-in America VAlidator Network), a dedicated staking infrastructure for Bitmine assets, in 2026.
For additional details, follow on X:
https://x.com/bitmnr
https://x.com/fundstrat
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements.” The statements in this press release that are not purely historical are forward-looking statements which involve risks and uncertainties. This document specifically contains forward-looking statements regarding: (i) progress and achievement of the Company’s goals regarding ETH acquisition, including the ‘Alchemy of 5%’ initiative and the long-term value of Ethereum; (ii) the Company’s beliefs regarding Ethereum’s performance relative to other assets, including its characterization as a “wartime store of value” and its performance during geopolitical events; (iii) the Company’s expectations regarding the current state and future trajectory of the cryptocurrency market, including statements that ETH may be in the “final stages of the mini-crypto winter”; (iv) continued growth and advancement of the Company’s Ethereum treasury strategy and the applicable benefits to the Company; (v) the Company’s share repurchase program, including statements regarding shares trading below intrinsic value, the Company’s ability to accretively retire common shares, and the execution of repurchases through open market transactions; (vi) the Company’s digital asset accumulation strategy and staking operations, including MAVAN, its expansion to serve institutional investors, custodians, and ecosystem partners, and projected annual staking revenues and rewards; (vii) statements regarding the benefits of Wall Street tokenization on the blockchain and agentic AI systems utilizing public blockchains; (viii) expectations regarding the potential impact of regulatory developments, including the GENIUS Act and SEC Project Crypto, on financial services and digital assets; and (ix) the Company’s financial flexibility to support its treasury operations and expanded repurchase authorization. In evaluating these forward-looking statements, you should consider various factors, including: Bitmine’s ability to keep pace with new technology and changing market needs; Bitmine’s ability to finance its current business, Ethereum treasury operations, share repurchase program, and proposed future business; the competitive environment of Bitmine’s business; market conditions affecting the trading price of the Company’s common stock; regulatory developments affecting digital assets, including the ultimate enactment and implementation of pending legislation and SEC initiatives; geopolitical events and their impact on cryptocurrency markets; the volatility and unpredictability of digital asset prices; and the future value of Bitcoin and Ethereum. Actual future performance outcomes and results may differ materially from those expressed in forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond Bitmine’s control, including those set forth in the Risk Factors section of Bitmine’s Form 10-K filed with the SEC on November 21, 2025, as well as all other SEC filings, as amended or updated from time to time. Copies of Bitmine’s filings with the SEC are available on the SEC’s website at www.sec.gov. Bitmine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
SOURCE Bitmine Immersion Technologies, Inc.
MEDIA CONTACT:
Marcy Simon
Marcy@agentofchange.com
+19178333392
FAQ
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