Bitmine Boosts ETH Holdings as Staking Yields Dip
The crypto infrastructure firm now holds 5.77 million ETH tokens, or 4.8% of total supply.
Bitmine Immersion Technologies (BMNR) expanded its Ethereum holdings to a record 5.77 million tokens in the latest quarter, even as projected staking revenues declined. The crypto infrastructure firm’s ETH accumulation reached 4.8% of total supply, up from 5.74 million tokens in the prior quarter.
The quarter marked a reversal in the company’s broader asset trajectory, with total crypto, cash, and marketable securities rising to $11.3 billion from $11.1 billion, halting a two-quarter decline. Staked ETH grew to 4.92 million tokens, valued at $9.0 billion at an average price of $1,820, up from $8.8 billion in the prior quarter.
Revenue from staking operations told a more mixed story. Projected annualized staking revenues fell to $242 million, down from $277 million in the first quarter of 2026, though yields ticked up to 2.70% from 2.68%. The company’s MAVAN staking platform reported a higher projected annualized reward of $284 million, though this figure diverged from the anchor quarter’s staking revenue disclosure.
Cash and marketable securities declined to $482 million from $527 million in the prior quarter, continuing a drawdown from a peak of $601 million in the third quarter of 2025. The company’s stake in Eightco (ORBS) also shrank to $69 million from $71 million, after reaching $104 million in the same period.
Bitmine’s stock trading volume continued to slide, with average daily volume dropping to $475 million from $543 million in the prior quarter. The company’s ETH accumulation pace slowed in the latest week, with 27,801 tokens added, down from 42,197 in the prior quarter’s week.
The company reiterated its inclusion in the Russell 1000 Large-cap Index, first disclosed in June 2026. Robinhood Chain’s trading volume exceeded $1 billion for the first time, a new operating metric disclosed in the quarter. Bitmine’s Series A Preferred Stock (BMNP) offering, which raised $273.8 million in net proceeds, remained active, with weekly dividends of $0.1847 a share declared in the prior quarter.