A year ago, BitMine Immersion Technologies [BMNR] held a modest pile of Ethereum [$ETH]. Today, that pile is the biggest anyone has.
Somewhere along the way, they also decided to make staking rewards a little simpler for everyone involved.
What’s going on?
A look back at July 2025…
At the time, BitMine’s stash barely registered, at just 163K tokens. Fast forward one year, and the same treasury holds 5,929,198 $ETH.
There’s been a near-vertical climb from under a million $ETH in late 2025, to almost 6 million by September 2026.
Source: X
Add in BitMine’s other crypto positions and “moonshot” bets. Now, the total treasury is now worth a mammoth $15.7 billion!
What you should be noticing
The headline is huge, sure. But the 8-K is where the real information is.
BitMine recently walked away from its staking deal with Ethereum Tower. This is a 10-year agreement that came with a revenue-sharing fee that has to do with net staking income.
In its place is a new contract with American Validator [an Ethereum Tower affiliate]. That strips the arrangement down to 1.50% of staking rewards on BitMine’s staked $ETH.
This may not be a big change on paper; but as the staking pile grows, revenue share fee becomes more consequential.
BMNR stock is slowing down, even if the pile isn’t
Price ran from around $18 in mid-August to a high near $27.50 by the end. At the time, RSI was in overbought territory.
Since then, it’s pulled back to $24.48, RSI come to near-neutral levels, and the MACD has flattened.
Source: TradingView
It seems like the market has already priced in a lot of BitMine’s $ETH buying and the staking cleanup.
We’re on a breather now.
Final Summary
- BitMine’s $ETH holdings went from 163K to 5.93 million in just one year, but at present, BMNR stock has slowed.
- BitMine simplified its staking deal, moving to a flat 1.5% fee on rewards.