LAS VEGAS, March 23, 2026, 05:38 PDT
Bitmine Immersion Technologies reported Monday that its ether balance climbed to 4,660,903 tokens as of March 22, nudging its supply share up to 3.86%. Still, the sum value of the firm’s crypto, cash, and equity stakes slipped to $11.0 billion, down from $11.5 billion a week before, as ether was marked at $2,072—lower than the $2,185 price given in the March 16 update.
These numbers are key. Public crypto treasury firms give stock investors exposure to digital assets—and for some, a stream of staking rewards. The latest Monday snapshot put the trade-off in black and white: Bitmine took in 65,341 more ETH over the week, yet the overall balance sheet still slipped as the token’s price sagged.
Sensitivity is clearly rattling the stock. Early Monday, BMNR slipped roughly 1% to $20.94. Ether hovered near $2,128. Back on March 16, BMNR surged nearly 14% after Bitmine’s weekly holdings update landed with investors, as noted by The Motley Fool.
Bitmine’s latest disclosures list 196 bitcoin, a $200 million position in Beast Industries, $95 million invested in Eightco Holdings, and cash holdings of $1.1 billion. But a recent SEC exhibit attached to last week’s update reflected the same bitcoin tally and Beast stake, while showing Eightco at $83 million and cash at $1.2 billion.
The company reported that 3,142,643 ETH—roughly 67% of its total holdings—was staked as of March 23. Staking, which involves locking up ETH to support transaction validation on the Ethereum network and earn rewards, is generating revenue. Chairman Tom Lee put annualized staking revenues at $184 million.
Lee noted Bitmine has kept up its accelerated ether purchases for a third week running, and described the current state of ether as a “mini-crypto winter.” He also said MAVAN—short for Made in America Validator Network—is still on track to launch early in calendar 2026 as Bitmine’s proprietary staking platform. PR Newswire
Bitmine called itself the largest Ethereum treasury among its peers, and still the No. 2 public crypto treasury globally—second only to Strategy, which it said holds 761,068 bitcoin. SharpLink, another competitor, announced back on March 9 it had switched to an ETH-focused treasury approach, making it the world’s second-biggest publicly traded ETH holder.
The numbers tell the story. Bitmine increased its ether holdings but ended up with a lower total treasury, a clear sign that price volatility can yank asset values lower fast—especially while MAVAN remains inactive. If ETH slips further, expect more pain in the portfolio.
Earlier this month, SharpLink posted a 2025 net loss of $734.6 million—mostly stemming from unrealized losses and ETH-related write-downs—while still pushing forward with its platform expansion. Chief executive Joseph Chalom at the time put it bluntly: “Crypto markets move in cycles.” Securities and Exchange Commission
