Markets · Treasury companies
BitMine Says It Holds 4.9% of All Ether, 84% of It Staked
BitMine's weekly filing puts its ether at 6,028,946 tokens, which it says is 4.9% of supply, with 5,067,309 staked, the same staked figure it has reported in each of its last nine weekly filings.
BitMine Immersion Technologies says it owns 6,028,946 ether, which it puts at 4.9% of a total supply it gives as 122.1 million; the company does not say how it counts supply, and its own figure was 120.7 million in August. The figure, as of Oct. 11 at 1:30 p.m. ET, is in a press release the company filed with the SEC as an exhibit to an 8-K at 8:45 a.m. ET on Oct. 13.
The company also says 5,067,309 of those tokens are staked, meaning locked up to help run the Ethereum network in return for rewards. BitMine says "a portion" is staked on MAVAN, the validator network it built, and does not say how much. By our calculation the staked figure is 84% of its holdings; the company also says "84%".
That is why this is not another treasury buy. The week's purchase was small: BitMine says it "acquired 12,532 ETH." The news is that a single listed company now holds about one ether in 20 and runs part of its stake through its own infrastructure. The stock is no longer a plain wrapper for the token's price. It is also a wrapper for staking income and for the operational risk of its staking setup.
BitMine calls its target the "Alchemy of 5%" and says it is "99% of the way" there. In the forward-looking-statements section of the same exhibit it describes "management's statement that the Company is largely finished buying ETH."
Table 1. BitMine's reported ether holdings, 2026 (Source: BitMine 8-K Exhibits 99.1, sources 1 and 2.)
| As of (ET) | Ether held | Staked, as reported | Acquired in week, as reported |
|---|---|---|---|
| Aug. 16, 9:30 p.m. ET | 5,815,164 | 5,067,309 | 9,926 |
| Aug. 23, 2:00 p.m. ET | 5,847,611 | 5,067,309 | 32,447 |
| Aug. 30, 3:00 p.m. ET | 5,901,112 | 5,067,309 | 53,501 |
| Sept. 7, 2:00 p.m. ET | 5,929,198 | 5,067,309 | 28,086 |
| Sept. 13, 5:30 p.m. ET | 5,956,378 | 5,067,309 | 27,180 |
| Sept. 20, 9:00 p.m. ET | 5,983,940 | 5,067,309 | 27,562 |
| Sept. 27, 3:00 p.m. ET | 6,001,302 | 5,067,309 | 17,362 |
| Oct. 4, 6:30 p.m. ET | 6,016,414 | 5,067,309 | 15,112 |
| Oct. 11, 1:30 p.m. ET | 6,028,946 | 5,067,309 | 12,532 |
Beyond ether, BitMine says it holds 214 bitcoin, a $180 million stake in Beast Industries, an $85 million stake in Eightco Holdings, and $612 million in cash and marketable securities.
The mechanism is simple. Staked ether earns rewards paid in new ether. BitMine says that at full stake its rewards "would be $400 million on an annualized basis (using 2.61% 7-day BMNR yield)," against "$336 million" on what is staked now. Those are the company's own figures, at the price of $2,544 per ether that BitMine gives as of Oct. 11 at 1:30 p.m. ET and says is per Coinbase, and the exhibit warns that a seven-day yield "may not be representative of future yields." On the same basis, as of Oct. 11, the company values the staked tokens at $12.9 billion and its total crypto, cash and "moonshots" at $16.2 billion.
BitMine values its ether at a Coinbase price it restates each week: $1,893 in the Aug. 17 filing, a high of $2,726 in the Oct. 5 filing and $2,544 in the Oct. 13 filing (sources 1 and 2). Its supply basis moved too, from 120.7 million in the Aug. 17 to Aug. 31 filings to 122.0 million in early September and 122.1 million from the Sept. 21 filing on.
What the concentration means for staking cannot be measured from this filing alone. BitMine says it "has staked more ETH than other entities in the world," but the exhibit gives no share of all staked ether and no count of MAVAN validators. Le Coin has not yet checked that against network data, so we do not state a share here.
The objection: holding 4.9% of supply is a big number, but weekly buying has slowed, from 53,501 tokens in the Aug. 31 filing (holdings as of Aug. 30) to 12,532 now. The obvious reading is a buyer near the end of its program. That is true, and it sharpens the point. If buying is largely finished, what the stock offers from here is the token's price plus staking rewards, minus costs and any slashing, the penalty the network imposes on validators that misbehave. Holders take on BitMine's execution as a staking operator, not just its balance sheet.
The tell is in the table. BitMine has reported the same staked figure, 5,067,309, in all nine weekly exhibits from Aug. 16 to Oct. 11, while its reported holdings rose by 213,782 tokens, from 5,815,164 on Aug. 16 to 6,028,946 on Oct. 11. The filings do not say why the staked number has not changed. The next weekly 8-K may show whether it moves.
Sources
- BitMine Immersion Technologies, Form 8-K, Exhibit 99.1, filed Oct. 13, 2026, 8:45 a.m. ET, SEC EDGAR, accession 0001493152-26-046744. https://www.sec.gov/Archives/edgar/data/1829311/000149315226046744/0001493152-26-046744-index.htm (accessed Oct. 13, 2026, 1:28 p.m. ET)
- BitMine 8-K Exhibits 99.1, filed Aug. 17 to Oct. 5, 2026, SEC EDGAR: Aug. 17 (0001493152-26-038652) https://www.sec.gov/Archives/edgar/data/1829311/000149315226038652/0001493152-26-038652-index.htm, Aug. 24 (0001493152-26-039789) https://www.sec.gov/Archives/edgar/data/1829311/000149315226039789/0001493152-26-039789-index.htm, Aug. 31 (0001493152-26-040741) https://www.sec.gov/Archives/edgar/data/1829311/000149315226040741/0001493152-26-040741-index.htm, Sept. 8 (0001493152-26-041713) https://www.sec.gov/Archives/edgar/data/1829311/000149315226041713/0001493152-26-041713-index.htm, Sept. 14 (0001493152-26-042492) https://www.sec.gov/Archives/edgar/data/1829311/000149315226042492/0001493152-26-042492-index.htm, Sept. 21 (0001493152-26-043486) https://www.sec.gov/Archives/edgar/data/1829311/000149315226043486/0001493152-26-043486-index.htm, Sept. 28 (0001493152-26-044459) https://www.sec.gov/Archives/edgar/data/1829311/000149315226044459/0001493152-26-044459-index.htm, Oct. 5 (0001493152-26-045699) https://www.sec.gov/Archives/edgar/data/1829311/000149315226045699/0001493152-26-045699-index.htm. (accessed Oct. 13, 2026, 1:28 p.m. ET; Aug. 17 filing 1:31 p.m. ET)
- Le Coin data file, drafts/wip/markets-2026-10-13-bitmine-eth-share.fig-1-data-v4.csv.
Holding the Corner.
Not financial advice.