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About BitMine
BitMine (NASDAQ: BMNR) is a company that started in Bitcoin mining using immersion cooling, but has since pivoted to a treasury strategy centered on Ethereum (ETH). Its core business now involves continuously buying and holding ETH, with the stated goal of accumulating 5% of the total ETH supply. The company also runs its own staking platform called MAVAN, where it stakes the majority of its ETH holdings to generate yield.
The main narrative is 'the Alchemy of 5%' — becoming the largest public company holder of ETH. Its competitive edge lies in scale: as of late August 2026, it held roughly 5.85 million ETH (about 4.84% of supply) and staked ~87% of that, representing around 12% of all staked ETH on the network. This gives it significant influence in the staking ecosystem.
The market pain point it addresses is the declining profitability of traditional Bitcoin mining after halvings and rising energy costs. By shifting to an ETH treasury model, BitMine aims to offer shareholders a regulated, liquid, and yield-generating way to gain exposure to Ethereum, while using staking rewards as a cash flow floor.
In the past six months (March to August 2026), BitMine continued its weekly ETH purchases without interruption, closing the gap to its 5% target to under 190,000 ETH. It also expanded its staking operations, with annualized staking income reaching around $287 million. However, the company has faced significant headwinds: it reported a large unrealized loss on its ETH holdings due to price declines, and it carries preferred shares with a 9.5% dividend, creating financial pressure. The stock remains highly volatile and closely tied to ETH price movements.
BitMine (NASDAQ: BMNR) has evolved from a Bitcoin miner into one of the largest Ethereum treasuries globally. Key milestones include: launching its ETH treasury strategy on June 30, 2025; becoming the world's largest ETH corporate holder with 5.848 million ETH (~4.8% of supply); building MAVAN, an institutional-grade staking platform, with total staked ETH exceeding 4.917 million; establishing a 17-distribution annual dividend plan for BMNP perpetual preferred stock (max $0.2639/share); achieving an 80% stock correlation with ETH while ETH outperforms BTC this cycle; and gaining institutional recognition as ARK Invest significantly increased its BitMine position in Q1. These steps mark BitMine's transition from mining to a diversified digital asset platform, reinforcing Ethereum's ecosystem through staking infrastructure and treasury accumulation, with long-term significance in institutional adoption and ETH-centric value creation.
BitMine's FY2026 Q3 (ending May 31) report shows revenue of $46.5M, with 98% ($45.7M) from staking/validation. Net loss widened to $83.6M, driven by $92.1M in ETH options losses and $37.3M in G&A expenses. It holds 5.42M ETH (market value $10.85B) with an unrealized loss of ~$8.2B. Nine-month net loss reached $9.1B, mainly from digital asset impairments. The staking business provides stable cash flow, but options losses and rising costs erode profits, while heavy share issuance (149% increase) dilutes shareholders. Sustainability depends on ETH price recovery and continued financing.
Over the past six months (March–September 2026), BitMine (NASDAQ: BMNR) achieved several major milestones:
Russell 1000 Inclusion (June 26): Added to the large-cap index, expected to attract hundreds of new institutional investors.
Accelerated ETH Treasury Strategy: Weekly ETH purchases continued throughout the period, with total holdings rising from ~5.67M ETH (June) to 5.90M ETH (August), representing ~4.9% of total ETH supply. The company also repurchased 16.1M shares under its $4B buyback program.
MAVAN Staking Platform Launch: The institutional-grade validator network scaled rapidly, with staked ETH growing from 4.72M to 5.07M (85%+ of holdings), generating ~$335M annualized staking revenue at a 2.63% 7-day yield.
Future Focus & Roadmap:
- Achieve the "Alchemy of 5%" target — accumulating 5% of all ETH supply during 2026.
- Expand MAVAN to serve institutional investors, custodians, and ecosystem partners.
- Capitalize on tokenization and AI-driven demand for blockchain infrastructure, positioning ETH as a core macro asset.
Co-founders and core executives of BitMine (NASDAQ:BMNR):
Chi Tsang (CEO, LinkedIn: chi-tsang-41700911) – former Wall Street veteran, leading strategy and execution.
Raymond Mow (CFO & Director) – oversees financials and board duties.
Young Kim (CFO & COO, LinkedIn: young-kim-349594) – manages finance and operations, with 20+ years in asset management.
Erik Nelson (President) – responsible for corporate governance and treasury, previously led company restructuring.
Ryan Ramnath (COO) – handles day-to-day operations.
Seamus McNab (SVP, MAVAN Technology, LinkedIn: seamusmcnab) – leads tech initiatives.
Board members: Thomas Lee (Chairman, Twitter: @fundstrat), Robert Sechan (Independent Director, Twitter: @RobSechan), Jason Edgeworth (Independent Director), Olivia Howe (Independent Director).
BitMine's team has recently welcomed a new member. Seamus McNab joined in June 2026 as SVP of Technology, MAVAN. MAVAN is the company's proprietary Ethereum staking platform. This appointment will strengthen the company's technical capabilities in the staking field. The addition of Seamus McNab will help drive the development of MAVAN and further consolidate BitMine's position in the digital asset reserve space.