--- title: "BitMine Immersion Emerges as Dominant Ethereum Treasury Proxy" type: "News" locale: "en" url: "https://longbridge.com/en/news/300317770.md" description: "BitMine Immersion Technologies (BMNR) holds $17.2B in assets, including 6M ETH and 213 BTC, controlling 4.9% of ETH supply. It is the largest Ethereum treasury proxy, with $358M projected staking revenue. The company joined the Russell 1000 index, listed Series A preferred shares on NYSE, and maintains weekly ETH purchases. Analysts rate BMNR a Buy with a $34 target, though AI analysis notes neutral sentiment due to weak financial performance despite bullish technicals." datetime: "2026-09-28T13:27:46.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/300317770.md) - [en](https://longbridge.com/en/news/300317770.md) - [zh-HK](https://longbridge.com/zh-HK/news/300317770.md) generator: "portal-rs" --- # BitMine Immersion Emerges as Dominant Ethereum Treasury Proxy BitMine Immersion Technologies ( (BMNR) ) has provided an update. On September 28, 2026, Bitmine Immersion Technologies reported that as of September 27 it held more than 6 million Ether, 213 Bitcoin, “moonshot” stakes in Beast Industries and Eightco, and $672 million in cash and marketable securities, for total crypto, cash and securities holdings of $17.2 billion. The company now controls about 4.9% of the total ETH supply, has staked over 5.0 million ETH on its MAVAN platform with projected annualized staking revenues of $358 million, and has become one of the most heavily traded U.S. stocks, underscoring its emergence as the largest Ethereum treasury globally and a key proxy for institutional exposure to ETH’s strong 2026 performance. Bitmine also highlighted growing institutional backing from high-profile investors, its June 26, 2026 addition to the Russell 1000 index, and the New York Stock Exchange listing of its Series A preferred shares under the BMNP ticker. Chairman Thomas “Tom” Lee emphasized the firm’s uninterrupted weekly ETH purchases since June 30, 2025 and its progress toward owning 5% of Ether’s supply, while his keynote appearance at Korea Blockchain Week on September 30, 2026 was positioned to reinforce Bitmine’s profile in the digital asset ecosystem and among global institutional stakeholders. The most recent analyst rating on (BMNR) stock is a Buy with a $34.00 price target. To see the full list of analyst forecasts on BitMine Immersion Technologies stock, see the BMNR Stock Forecast page. **Spark’s Take on BMNR Stock** According to Spark, TipRanks’ AI Analyst, BMNR is a Neutral. The score is held down primarily by weak financial performance—extreme profitability deterioration and heavy negative operating/free cash flow. Offsetting this, technicals are bullish (price above key moving averages with positive MACD) and corporate updates are positive around treasury/staking scale, index inclusion, and buybacks; valuation support is limited due to a negative P/E despite a ~3.9% yield. To see Spark’s full report on BMNR stock, click here. **More about BitMine Immersion Technologies** Bitmine Immersion Technologies, Inc. is a blockchain infrastructure company focused on institutional digital asset staking and validation services, bitcoin mining and strategic digital asset management. Positioned as the world’s leading Ethereum treasury company, it operates the MAVAN institutional staking platform and pursues yield generation, “moonshot” blockchain investments, and ancillary mining, hosting and consulting services. **Average Trading Volume:** 39,102,867 **Technical Sentiment Signal:** Buy **Current Market Cap:** $16.62B ### Related Stocks - [BMNR.US](https://longbridge.com/en/quote/BMNR.US.md) - [ETHE.US](https://longbridge.com/en/quote/ETHE.US.md) - [GBTC.US](https://longbridge.com/en/quote/GBTC.US.md) - [ARKB.US](https://longbridge.com/en/quote/ARKB.US.md) - [BITB.US](https://longbridge.com/en/quote/BITB.US.md) - [BITO.US](https://longbridge.com/en/quote/BITO.US.md) - [BMNG.US](https://longbridge.com/en/quote/BMNG.US.md) - [BMNU.US](https://longbridge.com/en/quote/BMNU.US.md) - [BMNZ.US](https://longbridge.com/en/quote/BMNZ.US.md) - [BRRR.US](https://longbridge.com/en/quote/BRRR.US.md) - [BTCO.US](https://longbridge.com/en/quote/BTCO.US.md) - [BTCW.US](https://longbridge.com/en/quote/BTCW.US.md) - [CETH.US](https://longbridge.com/en/quote/CETH.US.md) - [EETH.US](https://longbridge.com/en/quote/EETH.US.md) - [ETH.US](https://longbridge.com/en/quote/ETH.US.md) - [ETHA.US](https://longbridge.com/en/quote/ETHA.US.md) - [ETHD.US](https://longbridge.com/en/quote/ETHD.US.md) - [ETHT.US](https://longbridge.com/en/quote/ETHT.US.md) - [ETHU.US](https://longbridge.com/en/quote/ETHU.US.md) - [ETHV.US](https://longbridge.com/en/quote/ETHV.US.md) - [ETHW.US](https://longbridge.com/en/quote/ETHW.US.md) - [ETQ.US](https://longbridge.com/en/quote/ETQ.US.md) - [ETU.US](https://longbridge.com/en/quote/ETU.US.md) - [EZBC.US](https://longbridge.com/en/quote/EZBC.US.md) - [EZET.US](https://longbridge.com/en/quote/EZET.US.md) - [FBTC.US](https://longbridge.com/en/quote/FBTC.US.md) - [FETH.US](https://longbridge.com/en/quote/FETH.US.md) - [HODL.US](https://longbridge.com/en/quote/HODL.US.md) - [IBIT.US](https://longbridge.com/en/quote/IBIT.US.md) - [QETH.US](https://longbridge.com/en/quote/QETH.US.md) - [SETH.US](https://longbridge.com/en/quote/SETH.US.md) - [YBMN.US](https://longbridge.com/en/quote/YBMN.US.md) - [YETH.US](https://longbridge.com/en/quote/YETH.US.md) - [03008.HK](https://longbridge.com/en/quote/03008.HK.md) - [03042.HK](https://longbridge.com/en/quote/03042.HK.md) - [03430.HK](https://longbridge.com/en/quote/03430.HK.md) - [BTCE.DE](https://longbridge.com/en/quote/BTCE.DE.md) - [BMNP.US](https://longbridge.com/en/quote/BMNP.US.md) - [OCTO.US](https://longbridge.com/en/quote/OCTO.US.md) - [BMNRD.US](https://longbridge.com/en/quote/BMNRD.US.md) - [ORBS.US](https://longbridge.com/en/quote/ORBS.US.md) ## Related News & Research - [BitMine Showcases Strategy at Korea Blockchain Week](https://longbridge.com/en/news/300634312.md) - [Bitmine Buys 15,112 ETH as BMNR Hits a Make-Or-Break Level](https://longbridge.com/en/news/300947521.md) - [ETH on track to close the best September since 2016](https://longbridge.com/en/news/300413936.md) - [CLARITY Act Failure Spurs New CFTC Crypto Rules, Chairman Selig Says It's 'Just The Beginning'](https://longbridge.com/en/news/300966889.md) - [Bitcoin: CFTC lists BTC among digital commodity examples - 06 Oct 2026](https://longbridge.com/en/news/301061359.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**