BitMine (BMNR) Stock Drops 33% — But the ETH Buying Hasn’t Stopped

TLDR

• Bitmine holds 5.42 million ETH as of May 31, 2026 — equal to 4.49% of the total Ethereum supply.
• Total holdings including cash and other assets reach $11.6 billion.
• The company staked 4.72 million ETH worth $9.5 billion, mainly through its new MAVAN validator platform.
• Chairman Tom Lee said Bitmine acquired 26,497 ETH in the past week, with staking generating a 2.73% annualized yield and projected annual revenues of $258 million.
• Bitmine is targeting 5% of total ETH supply — a goal it expects to hit sometime in 2026.

Bitmine Immersion Technologies (BMNR) has grown its Ethereum treasury to 5.42 million ETH, representing 4.49% of the total circulating supply of 120.7 million tokens. ETH is currently valued at $2,003 per token, putting that position at roughly $10.8 billion.

Bitmine Immersion Technologies, Inc., BMNR

As of May 31, 2026, the company’s total holdings — including 203 Bitcoin, a $180 million stake in Beast Industries, $93 million in Eightco Holdings, and $446 million in cash — came to $11.6 billion.

The stock itself is trading at $19.27, down 33% over the past six months. It hit a 52-week high of $161. The company’s current market cap is $10.98 billion, and it’s averaging daily dollar volume of $628 million — ranking it 225th among all U.S.-listed stocks.

Chairman Thomas Lee confirmed the company picked up 26,497 ETH in the past week alone. That buying pace reflects how aggressively Bitmine is pursuing its stated goal: holding 5% of all Ethereum in existence, a target it’s calling the “alchemy of 5%.”

MAVAN: Bitmine’s Staking Engine

To put that ETH to work, Bitmine launched MAVAN — the Made in American VAlidator Network — its own staking platform initially built for internal use. Of its 5.42 million ETH, 4.72 million is currently staked through MAVAN, representing about 87% of its total holdings.

Staking is generating a 7-day annualized yield of 2.73%. The company projects annual staking revenues of $258 million, rising to $296 million once fully staked. Bitmine plans to open MAVAN to institutional investors, custodians, and ecosystem partners — positioning it as a standalone business.

Management says this makes Bitmine the world’s largest Ethereum treasury and one of the most prominent crypto treasury companies globally.

Who’s Backing It

Bitmine is not without heavyweight support. Institutional backers include Cathie Wood’s ARK, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital.

Analysts are projecting 261% revenue growth in the most recent period, and some expect the company to turn profitable this year. The most recent analyst rating on BMNR is a Buy with a $33.00 price target.

That said, the technical picture is bearish. The stock is trading below key moving averages, and TipRanks’ AI model rates it Neutral, flagging large trailing losses, negative operating cash flow, and a valuation that appears stretched relative to fair value estimates.

Bitmine was not profitable over the last twelve months, and InvestingPro flags the stock as overvalued at current prices.

In earlier filings, Bitmine reported holdings of $13.4 billion — a figure that included 5.21 million ETH and $775 million in cash — reflecting how rapidly both its treasury and reported figures have shifted week to week.

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