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BTC 
ETH Key facts
Bitmine Immersion Technologies said on Monday that as of October 4, its total holdings in cryptocurrencies, cash and "high-risk, high-return"(moonshot) assets had reached US$17.4 billion, including 6.02 million Ethereum (ETH) units. According to the company's filings with the U.S. Securities and Exchange Commission (SEC), this data reflects the company's strong presence in the crypto asset space.
As of 10:30 pm on October 4, the company held 6,016,414 ETH, 214 Bitcoin (BTC),$180 million worth of Beast Industries shares and $117 million worth of Eightco Holdings shares, as well as $643 million in cash and marketable securities. Bitmine's ETH holdings account for 4.9% of the token's 122.1 million circulation supply, putting it just one step away from its announced goal of acquiring 5% of circulation.
Chairman Tom Lee pointed out that as the crypto market enters what he views as a bull cycle, what is striking is that "Bitmine's share price outperformed ETH in the bear markets of 2025 and 2026." Lee said that during the first nine months of 2026, ETH fell 10%, while BMNR's share price fell only 3%, achieving an excess return of 731 basis points. He attributed part of the reason to the company's repurchase and cancellation of 21 million shares this year.
Pledge revenue is expected to reach US$363 million annually
Bitmine pledged 5,067,309 ETH units through its institutional verification platform MAVAN, accounting for 84% of its total positions. The company said its pledge business achieved an annualized rate of return of 2.63% in the past week and currently expects annualized pledge revenue of US$363 million. This figure is lower than the previous estimate of US$431 million that could be reached when all ETH pledges are completed.
In the past week, Bitmine has increased its holdings of 15,112 ETH units, continuing its uninterrupted weekly purchase record since the launch of the ETH treasury strategy on June 30, 2025. Bitmine said it is second only to Strategy Inc. in terms of the size of its crypto treasury holdings of approximately US$78 billion in Bitcoin (reportedly holding 847,666 BTC).
In addition, Lee said that in the third quarter, ETH outperformed the S & P 500 by 6,832 basis points. The quarter covered a macro background such as the Fed's hawkish stance, rising oil prices and rising global bond yields. According to Fundstrat research data, Bitmine has become one of the most actively traded stocks in U.S. stocks, with an average daily U.S. dollar trading volume of US$827 million for the five trading days ended October 2, ranking 125th among 5,704 U.S. stocks.
Lee will deliver a Token2049 keynote speech this week
Lee plans to deliver a keynote speech at the Token2049 conference in Singapore on October 7, which the company calls the world's largest crypto industry event. Bitmine also announced that it would release its October Chairman's Letter this week, in which Lee believes the current bull cycle may be the largest in history.
The company has received support from investors including ARK Invest's Cathie Wood, Pantera, Kraken and Galaxy Digital. Its Series A preferred shares are traded on the New York Stock Exchange under the symbol BMNP.
