Monitor ETH price and accumulation pace as the company's valuation is highly correlated with its ETH treasury. The Russell 1000 inclusion may drive passive inflows, but the effect is already partially priced. The preferred stock dividend (9.50% Series A) adds a fixed cost, but the $273.8M net proceeds provide additional capital for ETH purchases.
Price Chart
Executive Summary
Bitmine Immersion Technologies disclosed updated crypto and cash holdings totaling $11.3 billion as of July 12, 2026, including 5.77 million ETH (4.8% of total supply) and $482 million in cash and marketable securities. The company also reported 4.92 million staked ETH generating projected annualized staking revenues of $242 million, and noted its recent inclusion in the Russell 1000 Index and the closing of a $273.8 million Series A Preferred Stock offering. The fiscal year-end change from August 31 to December 31 is administrative.
Key Facts
- ETH holdings: 5,770,038 tokens (4.8% of total ETH supply of 120.7 million)
- Total crypto + cash + moonshots: $11.3 billion, including $482 million cash & marketable securities
- Staked ETH: 4,917,189 tokens ($9.0 billion at $1,820/ETH); projected annualized staking revenue of $242 million (current) and $284 million when fully staked
- Added to Russell 1000 Large-cap Index on June 26, 2026
- Closed offering of 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock at $80/share, net proceeds ~$273.8 million (ticker BMNP)
- Average daily dollar volume: $475 million (5-day average as of July 10, 2026)
- Fiscal year-end changed from August 31 to December 31, effective after current fiscal year ending August 31, 2026
Financial Impact
Total crypto and cash holdings of $11.3 billion; projected annualized staking revenue of $242 million; net proceeds of $273.8 million from preferred stock offering
Risk Factors
- ETH price volatility directly impacts the value of the company's primary asset
- Regulatory uncertainty around digital assets (GENIUS Act, SEC Project Crypto)
- Dilution from the Series A Preferred Stock (3.5M shares) and potential future offerings
- Staking rewards are dependent on network conditions and ETH price
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-032951 |
| Exhibit: ex99-1.htm | 0001493152-26-032951 |
| Document: 0001493152-26-032951-index-headers.html | 0001493152-26-032951 |
| Document: 0001493152-26-032951-index.html | 0001493152-26-032951 |
| Document: 0001493152-26-032951.txt | 0001493152-26-032951 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $25.76 $23.60 | ▼ −8.39% | ▼ −7.93% | $26.73 (+3.77%) |
Aug 31, 2026 4w ago | 8-K | $25.32 $23.37 | ▼ −7.70% | ▼ −7.01% | $26.73 (+5.57%) |
Aug 24, 2026 5w ago | 8-K | $24.14 $24.82 | ▲ +2.82% | ▲ +2.50% | $26.73 (+10.73%) |
Aug 17, 2026 6w ago | 8-K | $18.73 $18.28 | ▼ −2.40% | ▼ −1.73% | $26.73 (+42.71%) |
Aug 14, 2026 7w ago | 8-K | $18.08 $18.73 | ▲ +3.60% | ▲ +4.07% | $26.73 (+47.84%) |
Aug 10, 2026 7w ago | 8-K | $18.10 $18.09 | ▼ −0.06% | ▲ +0.26% | $26.73 (+47.68%) |
Aug 3, 2026 8w ago | 8-K | $17.42 $18.10 | ▲ +3.90% | ▲ +2.10% | $26.73 (+53.44%) |
Jul 27, 2026 9w ago | 8-K | $17.92 $17.57 | ▼ −1.95% | ▼ −2.19% | $26.73 (+49.16%) |
Jul 20, 2026 10w ago | 8-K | $16.63 $17.23 | ▲ +3.61% | ▲ +2.77% | $26.73 (+60.73%) |
Jul 16, 2026 11w ago | 8-K | $15.44 $15.69 | ▲ +1.62% | ▲ +2.61% | $26.73 (+73.12%) |
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