Bitmine’s Ethereum holdings have reached 6,070,092 ETH , or 4.97% of total ETH supply , the company said in its November 9, 2026 update. The treasury now sits alongside cash, marketable securities and other investments worth a combined $14.3 billion , while most of its ETH is already staked.
Key takeaways
Bitmine added 9,587 ETH during the latest reporting week.
The company reports 5,227,037 ETH staked, valued at $11.7 billion.
Full deployment through MAVAN and staking partners carries a $359 million annual rewards projection.
Bitmine Ethereum holdings pass 6 million tokens
Bitmine reported holding 6,070,092 ETH as of November 8, 2026, at 2 p.m. ET, against a total supply of 122.2 million ETH. Its valuation used a Coinbase reference price of $2,234 per ETH.
The portfolio also included 216 Bitcoin , a $180 million stake in Beast Industries and a $75 million stake in Eightco Holdings. Cash and marketable securities totaled $475 million. Bitmine classifies the Beast Industries and Eightco investments as “moonshots.”
Chairman Thomas “Tom” Lee said the company bought 9,587 ETH over the preceding week. Bitmine has purchased ETH every week since launching its Ethereum treasury strategy on June 30, 2025.
Bitmine described itself as the world’s largest Ethereum treasury and the second-largest crypto treasury overall. It placed Strategy Inc. first, citing reported holdings of 849,327 BTC valued at approximately $69 billion.
Staked ETH reaches $11.7 billion as MAVAN expands
Bitmine reported 5,227,037 ETH staked as of November 8, 2026, valued at $11.7 billion using the same ETH reference price. Lee said this represented about 86% of Bitmine’s Ethereum holdings and exceeded the amount staked by any other entity.
The company launched MAVAN , short for Made in America VAlidator Network, earlier in 2026. Initially built for Bitmine’s own treasury, the institutional staking platform has expanded to serve institutional investors, custodians and ecosystem partners. A portion of Bitmine’s ETH is already staked through MAVAN.
Lee projected $359 million in annualized ETH staking rewards once all of the company’s ETH is staked through MAVAN and its partners. That projection uses Bitmine’s trailing seven-day staking yield of 2.65% as of November 8, 2026.
For comparison, the company put projected annualized rewards from its currently staked ETH at $309 million. Both figures are projections rather than realized annual income.
Lee ties Ethereum’s store-of-value role to tokenization
Lee framed Ethereum as trusted collateral rather than a cash-flow token, linking that view to the movement of financial assets onto blockchains. He cited Ethereum founder Vitalik Buterin’s statement at Devcon 8 in Mumbai: “I’ve finally made up my mind, ETH is a store of value, ETH is money.”
In Lee’s reading, that position clarifies how ETH captures value during a tokenization and AI supercycle. He further contended that most financial institutions shifting assets onto blockchains have settled on Ethereum as their Layer 1 of choice.
Bitmine’s release summarized a subsequent Buterin post on X as giving three reasons for the store-of-value approach: fee-burning was less powerful than previously thought; optimizing for it does not necessarily support decentralization and resistance to capture; and a store-of-value focus aligns with Ethereum’s decentralization strengths and CROPS.
Management also compared the significance of the GENIUS Act and SEC Project Crypto for financial services in 2026 with the U.S. monetary shift on August 15, 1971. That action ended the Bretton Woods system and took the dollar off the gold standard.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
