BitMine Immersion Technologies (BMNR)
Operates an ETH treasury and blockchain validator infrastructure.
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Bitmine used to run bitcoin miners in cooling tanks. Now it does one thing: sell its own shares to investors, turn the cash into Ethereum, and pledge that Ethereum to help run the network, which pays it for the trouble. The coins are the company; the stock market is the fuel pump. Everything else is small beside the pile.
Item facts: 9M FY2026 · nine months ended May 31, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 7 more below
Ethereum Treasury
Close to six million Ethereum coins, worth around $16 billion — about one in every twenty that exist. Bitmine paid more for them than they are worth today, so the pile carries a very large paper loss.
Competes with Ethereum treasury (SharpLink) · Dedicated Ethereum vehicle (The Ether Machine) · Bitcoin treasury (Strategy)
In plain English
Most companies sell you something. Bitmine mostly buys something. It issues new shares to investors, takes the cash, and spends it on Ethereum — a digital coin whose network is kept running by the people who own it.
Coins sitting still earn nothing, so Bitmine hands them to the network to work with and the network pays it for that. The pile is therefore the raw material for everything else on this map. Management has said it wants about one twentieth of all the Ethereum in existence and then to stop buying, and it is now close to that line.
MAVAN
Bitmine's own staking operation, the largest run by any single company — about 5.1 million coins pledged. It produced almost all of the $59.9 million of revenue in the nine months to May, and the current rate points to roughly $357 million a year.
Competes with stETH pooled staking (Lido DAO) · Institutional staking (Coinbase) · rETH node-operator staking (Rocket Pool)
In plain English
The Ethereum network has no head office. It is kept honest by thousands of computers that each lock up a deposit as collateral and take turns checking transactions; do the job properly and the network pays you, go offline or misbehave and part of the deposit is taken away.
MAVAN is the operation Bitmine built to do that job with its own coins. There is no customer and no invoice — the network itself pays, in new coins and in tips from people sending transactions. Pledge every coin it owns and the yearly figure becomes about $421 million, but roughly fifteen percent of the pile is still unpledged and the reward rate has been drifting down.
Pier Two
The team and machinery that actually run the validating computers, bought in March 2026. It is also the one piece of Bitmine with paying customers of its own, though none of them have been named.
Competes with Institutional staking services (Coinbase) · Node operator network (Rocket Pool) · Exchange staking (Binance)
In plain English
Buying the crew, not just the boat. Bitmine's coins needed someone to run the computers that do the network's checking work, around the clock, because time offline costs money.
Rather than build a team from scratch, it bought a small firm already doing this for other people's coins. Those outside clients came with the purchase: they keep their own coins, let Pier Two do the validating, and pay for the service. It is the only place Bitmine earns from customers rather than from the network — and what those customers pay has not been disclosed.
ATM Equity Program
The money machine. Bitmine sold roughly $11.9 billion of new stock in nine months and turned it into coins, with permission on file to sell up to $24.5 billion. It works only while the shares trade above the coins they buy.
Competes with Daily share sales into the market (SharpLink) · Share sales funding a bitcoin pile (Strategy)
In plain English
A standing arrangement with brokers to dribble new shares into the market a bit at a time, whenever there are buyers, rather than doing one big offering. Almost every dollar raised goes straight into coins.
This is the reverse of a normal company. Operations bring in almost nothing and cash has gone out the door every year on record, so the stock market pays for everything; the share count has more than doubled in under a year. That arithmetic only holds up for existing owners while each new share brings in more than the Ethereum it buys, which is the whole model's weak point.
Series A Perpetual Preferred (BMNP)
A second class of stock sold in June 2026 to buyers who want income rather than upside: $273.8 million in, a fixed 9.5% paid out weekly. It is the company's only recurring bill.
Competes with Preferred stock funding a bitcoin pile (Strategy) · Equity raised for an Ethereum pile (SharpLink)
In plain English
Ordinary shareholders own the upside; these buyers just wanted the cheque. Bitmine sold a class of stock that promises a set payment for as long as it exists — 9.5% of face value a year, handed over in weekly instalments.
That brought in $273.8 million and created the only bill that arrives whether the coins go up or down: about $33 million a year, comfortably covered by the $714 million of cash and investments on hand. Buyers paid $80 for each $100 of face value, so they collect rather more than nine and a half cents on every dollar they put in.
Moonshots
A side pocket for bets outside Ethereum: $180 million in Beast Industries and $105 million in Eightco, a listed company that in turn owns a slice of OpenAI. About $285 million together, and already marked down once.
Competes with Listed proxy for OpenAI exposure (Eightco) · Venture stakes in the same round (ARK Invest) · Private allocations in crypto and AI (Payward)
In plain English
Not everything goes into coins. A sliver of the balance sheet buys pieces of young private companies — the unlisted artificial-intelligence and creator-economy sort — the kind of bet that either goes to nothing or goes very large.
There are two so far. The Beast Industries stake is carried at $180 million, announced back in January at $200 million. Eightco is a publicly traded company Bitmine backed with $75 million of a $125 million fundraising, alongside ARK Invest and Kraken's owner Payward; Eightco itself owns a stake in OpenAI, so this is a roundabout way for a stock-market buyer to touch it.
Ethereum Ecosystem Funding
Bitmine is a lead backer of three organisations launched around Ethereum in mid-2026 — a research lab, an outreach non-profit and a privacy engineering firm. None pays Bitmine anything; the payoff, if it comes, is a more-used network.
Competes with Ethereum protocol research (Ethereum Foundation) · Ecosystem funding from a rival treasury (SharpLink)
In plain English
Own a big slice of a network and you have a reason to make that network more useful. Within four weeks in mid-2026, three new outfits launched with Bitmine named as a lead funder: a research lab staffed by people who used to work on Ethereum itself, a non-profit whose job is getting banks and asset managers onto it, and an engineering firm building a way for those institutions to move money on Ethereum without revealing who they are or what they traded.
None of it comes back as revenue. It is spending on the ground the coins stand on, and the amounts have not been disclosed.
Ethereum TreasuryClose to six million Ethereum coins, worth around $16 billion — about one in every twenty that exist. Bitmine paid more for them than they are worth today, so the pile carries a very large paper loss.Close to six million Ethereum coins, worth around $16 billion — about one in every twenty that exist. Bitmine paid more for them than they are worth today, so the pile carries a very large paper loss.
In plain English
Most companies sell you something. Bitmine mostly buys something. It issues new shares to investors, takes the cash, and spends it on Ethereum — a digital coin whose network is kept running by the people who own it.
Coins sitting still earn nothing, so Bitmine hands them to the network to work with and the network pays it for that. The pile is therefore the raw material for everything else on this map. Management has said it wants about one twentieth of all the Ethereum in existence and then to stop buying, and it is now close to that line.
Competes with Ethereum treasury (SharpLink) · Dedicated Ethereum vehicle (The Ether Machine) · Bitcoin treasury (Strategy)
MAVANBitmine's own staking operation, the largest run by any single company — about 5.1 million coins pledged. It produced almost all of the $59.9 million of revenue in the nine months to May, and the current rate points to roughly $357 million a year.Bitmine's own staking operation, the largest run by any single company — about 5.1 million coins pledged. It produced almost all of the $59.9 million of revenue in the nine months to May, and the current rate points to roughly $357 million a year.
In plain English
The Ethereum network has no head office. It is kept honest by thousands of computers that each lock up a deposit as collateral and take turns checking transactions; do the job properly and the network pays you, go offline or misbehave and part of the deposit is taken away.
MAVAN is the operation Bitmine built to do that job with its own coins. There is no customer and no invoice — the network itself pays, in new coins and in tips from people sending transactions. Pledge every coin it owns and the yearly figure becomes about $421 million, but roughly fifteen percent of the pile is still unpledged and the reward rate has been drifting down.
Competes with stETH pooled staking (Lido DAO) · Institutional staking (Coinbase) · rETH node-operator staking (Rocket Pool)
Pier TwoThe team and machinery that actually run the validating computers, bought in March 2026. It is also the one piece of Bitmine with paying customers of its own, though none of them have been named.The team and machinery that actually run the validating computers, bought in March 2026. It is also the one piece of Bitmine with paying customers of its own, though none of them have been named.
In plain English
Buying the crew, not just the boat. Bitmine's coins needed someone to run the computers that do the network's checking work, around the clock, because time offline costs money.
Rather than build a team from scratch, it bought a small firm already doing this for other people's coins. Those outside clients came with the purchase: they keep their own coins, let Pier Two do the validating, and pay for the service. It is the only place Bitmine earns from customers rather than from the network — and what those customers pay has not been disclosed.
Competes with Institutional staking services (Coinbase) · Node operator network (Rocket Pool) · Exchange staking (Binance)
ATM Equity ProgramThe money machine. Bitmine sold roughly $11.9 billion of new stock in nine months and turned it into coins, with permission on file to sell up to $24.5 billion. It works only while the shares trade above the coins they buy.The money machine. Bitmine sold roughly $11.9 billion of new stock in nine months and turned it into coins, with permission on file to sell up to $24.5 billion. It works only while the shares trade above the coins they buy.
In plain English
A standing arrangement with brokers to dribble new shares into the market a bit at a time, whenever there are buyers, rather than doing one big offering. Almost every dollar raised goes straight into coins.
This is the reverse of a normal company. Operations bring in almost nothing and cash has gone out the door every year on record, so the stock market pays for everything; the share count has more than doubled in under a year. That arithmetic only holds up for existing owners while each new share brings in more than the Ethereum it buys, which is the whole model's weak point.
Competes with Daily share sales into the market (SharpLink) · Share sales funding a bitcoin pile (Strategy)
Series A Perpetual Preferred (BMNP)A second class of stock sold in June 2026 to buyers who want income rather than upside: $273.8 million in, a fixed 9.5% paid out weekly. It is the company's only recurring bill.A second class of stock sold in June 2026 to buyers who want income rather than upside: $273.8 million in, a fixed 9.5% paid out weekly. It is the company's only recurring bill.
In plain English
Ordinary shareholders own the upside; these buyers just wanted the cheque. Bitmine sold a class of stock that promises a set payment for as long as it exists — 9.5% of face value a year, handed over in weekly instalments.
That brought in $273.8 million and created the only bill that arrives whether the coins go up or down: about $33 million a year, comfortably covered by the $714 million of cash and investments on hand. Buyers paid $80 for each $100 of face value, so they collect rather more than nine and a half cents on every dollar they put in.
Competes with Preferred stock funding a bitcoin pile (Strategy) · Equity raised for an Ethereum pile (SharpLink)
MoonshotsA side pocket for bets outside Ethereum: $180 million in Beast Industries and $105 million in Eightco, a listed company that in turn owns a slice of OpenAI. About $285 million together, and already marked down once.A side pocket for bets outside Ethereum: $180 million in Beast Industries and $105 million in Eightco, a listed company that in turn owns a slice of OpenAI. About $285 million together, and already marked down once.
In plain English
Not everything goes into coins. A sliver of the balance sheet buys pieces of young private companies — the unlisted artificial-intelligence and creator-economy sort — the kind of bet that either goes to nothing or goes very large.
There are two so far. The Beast Industries stake is carried at $180 million, announced back in January at $200 million. Eightco is a publicly traded company Bitmine backed with $75 million of a $125 million fundraising, alongside ARK Invest and Kraken's owner Payward; Eightco itself owns a stake in OpenAI, so this is a roundabout way for a stock-market buyer to touch it.
Competes with Listed proxy for OpenAI exposure (Eightco) · Venture stakes in the same round (ARK Invest) · Private allocations in crypto and AI (Payward)
Ethereum Ecosystem FundingBitmine is a lead backer of three organisations launched around Ethereum in mid-2026 — a research lab, an outreach non-profit and a privacy engineering firm. None pays Bitmine anything; the payoff, if it comes, is a more-used network.Bitmine is a lead backer of three organisations launched around Ethereum in mid-2026 — a research lab, an outreach non-profit and a privacy engineering firm. None pays Bitmine anything; the payoff, if it comes, is a more-used network.
In plain English
Own a big slice of a network and you have a reason to make that network more useful. Within four weeks in mid-2026, three new outfits launched with Bitmine named as a lead funder: a research lab staffed by people who used to work on Ethereum itself, a non-profit whose job is getting banks and asset managers onto it, and an engineering firm building a way for those institutions to move money on Ethereum without revealing who they are or what they traded.
None of it comes back as revenue. It is spending on the ground the coins stand on, and the amounts have not been disclosed.
Competes with Ethereum protocol research (Ethereum Foundation) · Ecosystem funding from a rival treasury (SharpLink)
Named in filings, launches and programs
- $4.0 Billion Share Repurchase ProgramCustomer programExpanded from $1.0 billion in April 2026; about 20.8 million shares bought back since July — the mirror image of selling new ones.
- Bitcoin holdingsSegment212 bitcoin left over from the mining days, a rounding item beside the Ethereum pile.
- MAVAN Holdings LLCBrandThe vehicle that owns the staking network: 98% Bitmine, 2% a partner called Ethereum Tower.
- January 2026 warrantsCustomer programSold with a $365 million share placement: 10.4 million rights to buy stock at $87.50, worth cash to Bitmine only if the price gets there.
- Second preferred trancheCustomer program · AnnouncedAnother 3 million preferred shares offered in July 2026; if they all sell, the yearly dividend bill roughly doubles.
- Ethereum Tower LLCServiceMinority owner of the staking vehicle and, since the Pier Two purchase, supplier of management services under an agreement signed with it.
- A+Product · AnnouncedNamed on the investor page as another moonshot investment, with no amount, date or description disclosed.
$4.0 Billion Share Repurchase ProgramCustomer program
Expanded from $1.0 billion in April 2026; about 20.8 million shares bought back since July — the mirror image of selling new ones.
Bitcoin holdingsSegment
212 bitcoin left over from the mining days, a rounding item beside the Ethereum pile.
MAVAN Holdings LLCBrand
The vehicle that owns the staking network: 98% Bitmine, 2% a partner called Ethereum Tower.
January 2026 warrantsCustomer program
Sold with a $365 million share placement: 10.4 million rights to buy stock at $87.50, worth cash to Bitmine only if the price gets there.
Second preferred trancheCustomer program · Announced
Another 3 million preferred shares offered in July 2026; if they all sell, the yearly dividend bill roughly doubles.
Ethereum Tower LLCService
Minority owner of the staking vehicle and, since the Pier Two purchase, supplier of management services under an agreement signed with it.
A+Product · Announced
Named on the investor page as another moonshot investment, with no amount, date or description disclosed.