Bitmine Stakes 5,227,037 Ethereum From Holdings Exceeding 6 Million Units
Key Facts
Bitmine announced on November 2 that it bought 8,573 units of Ethereum during the previous week, bringing its total holdings to 6,060,506 units, of which 5,227,037 units were staked as of November 1. The company valued its staked Ethereum at about $11.8 billion, based on a price of $2,261 per unit on that date. Chairman Tom Lee said the company has bought Ethereum every week since launching its Ethereum treasury strategy on June 30, 2025. The statement thus distinguishes between the week's purchases, total holdings and the amount staked, figures that reflect different stages of the company's strategy. Bitmine also said its holdings represented 4.9% of the 122.2 million-unit Ethereum supply.
The company said about 86% of its total Ethereum holdings were staked, equivalent to nearly 5.2 million units. It estimated annual revenue from staking the staked amount at about $358 million. Its estimate of annual staking rewards if it staked all its holdings was $415 million, calculated using BMNR's seven-day yield of 3.03%. These are estimates provided by the company, and the $415 million figure remains contingent on staking all its Ethereum units through MAVAN and its partners. Bitmine said staking is conducted partly through its platform and partners, without equating the amount currently staked with its total holdings.
Bitmine set a target of owning 5% of the total Ethereum supply and said it had completed 99% of the way toward what it calls “Alchemy of 5%.” The 4.9% figure announced by the company means its holdings are nearing the stated target, but have not yet reached it. The comparison is based on a total supply of 122.2 million units, according to the company, and its holdings of 6,060,506 units. The company said its MAVAN platform was launched earlier in 2026 to support its Ethereum treasury. It added that it had expanded to serve institutional investors, custodians and ecosystem partners seeking staking infrastructure.
On the market, Lee said cryptocurrencies' reaction to the Binance hack was relatively limited, noting that Ethereum had fallen 4% since the breach was disclosed, according to the company's comparison. In a company filing, he said the incident involved the theft of $6.3 billion in customer funds in late October 2026. Lee compared it with the Bybit hack in February 2025, saying Ethereum fell 8% on the day the incident was announced and 20% over a week, compared with its 4% decline since the Binance hack was disclosed. The comparison was made by the company's chairman as part of his description of market moves following the two incidents. In daily price data, Ethereum stood at $2,245.45 on October 30, down 0.34%, then at $2,299.20 on November 2, up 1.04%.
BMNR shares closed at $20.18 on October 30, down 6.83% in the session, the latest completed trading session before the company's November 2 announcement. That closing price is from a date separate from the holdings figures, which Bitmine said were measured as of November 1 at 4:00 p.m. Eastern Time. In an earlier announcement dated October 26, the company said it had repurchased 2.04 million shares during the previous week, bringing total buybacks in 2026 through that announcement to 22.9 million shares. The November 2 statement did not link those earlier figures to the stock's movement or to Ethereum purchases during the week. The next step identified by the company remains continuing toward its target of holding 5% of the supply, with the expected $415 million in annual staking rewards contingent on staking all its holdings.