BitMine Immersion Technologies (NYSE: BMNR) reported holding 6,070,092 ETH, or 4.97% of a stated 122.2 million ETH total supply, in a November 9, 2026 update reported by TechFlow. The holdings snapshot was taken at 2:00 p.m. U.S. Eastern time on November 8.
The update presents two distinct elements of BitMine’s ETH thesis: income from staking and Chairman Tom Lee’s argument that ETH derives value from its role as trusted collateral and money. The reported treasury figures do not, by themselves, establish a fair value for ETH or BitMine shares.
Treasury holdings and accumulation
At the reference price of $2,234 per ETH, BitMine’s ETH holdings were valued at approximately $13.56 billion. The company also reported:
- 216 BTC;
- $180 million in Beast Industries equity;
- $75 million in Eightco (NASDAQ: ORBS) shares;
- $475 million in cash and securities.
Its combined crypto assets, cash and “moonshot” investments totaled approximately $14.3 billion. The company said it had completed 99% of its “Alchemy of 5%” target for ETH ownership.
BitMine added 9,587 ETH in the preceding week. According to the report, it had increased its ETH holdings every week since launching its ETH treasury strategy on June 30, 2025.
Staking rewards: the yield assumption matters
BitMine reported staking 5,227,037 ETH, valued at approximately $11.7 billion and representing 86% of its ETH holdings.
Using the 2.65% seven-day average yield as of November 8, the company put its current annualized staking rewards at approximately $309 million. It estimated that annualized rewards could reach $359 million if all its ETH were staked through the MAVAN platform and its partners.
These figures are annualized estimates, not reported realized annual earnings. The higher estimate is conditional on staking the entire holding through MAVAN and its partners; the current estimate is tied to the stated yield observation.
Lee’s valuation argument goes beyond cash flow
Lee cited Ethereum founder Vitalik Buterin’s remarks at Devcon 8 in Mumbai: “I have finally made up my mind: ETH is a store of value; ETH is money.” Lee described the statement as a “seismic shift.”
In Lee’s view, ETH is not a cash-flow token like HYPE or LIT, but trusted, high-quality collateral. He argued that this explains why Ethereum is the preferred Layer 1 for most financial institutions moving onchain. These are Lee’s interpretations, rather than conclusions established by the holdings figures.
The distinction is important for valuation: the update quantifies BitMine’s ETH exposure and estimated staking rewards, while Lee’s broader thesis rests on ETH’s monetary and collateral role. It does not supply a valuation model that translates those roles into a token price or a value for BitMine equity.
According to the report, BitMine was the world’s largest ETH treasury and second-largest crypto treasury, behind Strategy, which held 849,327 BTC, valued at approximately $69 billion.
Original publication: November 9, 2026, at 21:34:59 (UTC+8). Source: TechFlow original article.