Bitmine Immersion Technologies (NYSE: BMNR) did not close a 5% Ethereum (ETH) treasury in its 19 October 2026 current report. The company filed a Form 8-K that carries Item 7.01 (Regulation FD disclosure) and Item 9.01. Exhibit 99.1, dated 19 October 2026, marks 6,041,481 ETH as of 18 October 2026 at 3:00pm ET, priced at $2,365 per ETH on Coinbase. That stack is 4.9% of the 122.1 million ETH supply cited in the same exhibit. Five percent of 122.1 million is 6,105,000 ETH. The print is 63,519 ETH short of that line.
The exhibit also lists 215 bitcoin (BTC), 5,067,309 staked ETH, $582 million of cash and marketable securities, and a $15.1 billion bundle that mixes crypto, cash, and “moonshots.” Item 7.01 says that package is not deemed “filed” for Section 18 of the Exchange Act. I treat it as a marked book, not as a finished 5% campaign, and not as 10-K-grade math.
What happened
EDGAR indexes the report as accession 0001493152-26-047517. The HTML index carries Last-Modified 19 October 2026 at 12:45:44 GMT. The 8-K date of earliest event is 19 October 2026. Bitmine Immersion Technologies, Inc. is a Delaware issuer, Commission File 001-42675, IRS 84-3986354, with principal offices at 800 Connecticut Avenue, Norwalk, Connecticut 06854. Common stock trades on the New York Stock Exchange as BMNR. 9.50% Series A perpetual preferred stock trades as BMNP. Young Kim, chief financial officer and chief operating officer, signed the report on 19 October 2026.
Item 7.01 is one paragraph. On 19 October 2026 the company issued a press release “announcing an update on the Company’s operations.” A copy is Exhibit 99.1. The item then states that the 7.01 information, including the exhibit, shall not be deemed “filed” for Section 18, and shall not be incorporated by reference into Securities Act or Exchange Act filings unless a later filing says so by specific reference. That is the legal wrapper. The numbers live in the exhibit.
Exhibit 99.1’s as-of stamp is 18 October 2026 at 3:00pm ET. Holdings listed there:
- 6,041,481 ETH at $2,365 per ETH (Coinbase).
- 215 BTC, with no separate BTC mark in the same sentence.
- $180 million stake in Beast Industries.
- $74 million stake in Eightco Holdings (NASDAQ: ORBS), grouped with Beast as “moonshots.”
- $582 million of cash and marketable securities.
- Crypto plus cash and marketable securities plus moonshots totaling $15.1 billion.
- ETH equal to 4.9% of a 122.1 million ETH supply.
- 12,535 ETH acquired “over the past week.”
- 5,067,309 staked ETH, called $12 billion at the same $2,365 mark.
6,041,481 × $2,365 is about $14.29 billion. 5,067,309 × $2,365 is about $11.98 billion, which matches the exhibit’s $12 billion staking line. 6,041,481 / 122,100,000 is 4.95%, which they round to 4.9%. The 5% slogan in the same release (“Alchemy of 5%,” “99% of the way”) is marketing around that rounding, not a second measurement.
The exhibit also says Bitmine has bought ETH each week since the ETH treasury strategy started on 30 June 2025, and that 12,535 ETH is the latest weekly clip. It projects $369 million of annualized staking rewards if the book were fully staked at a 2.58% “7-day BMNR yield.” That is the company’s forward arithmetic, not an on-chain receipt in this 8-K.
Context
This desk’s CoinGecko snapshot at fetched_at 2026-10-19T16:03:55+00:00 printed Ethereum at $2,392.87 (24 hours +0.89%) and Bitcoin at $81,897 (24 hours +1.05%). Solana was $104.10 (+2.12%). Coinbase ETH-USD last was $2,395.10 on the 24-hour stats endpoint, with ticker last $2,394.72 at 2026-10-19T16:09:25Z (session high $2,443.86, low $2,325.48). Coinbase BTC-USD last was $81,802.25, ticker $81,844.20 at 2026-10-19T16:09:29Z (high $83,076.23, low $80,564.57). I am not using snapshot volume_24h. The exhibit’s ETH mark is $2,365, taken as of Saturday 18 October 3:00pm ET. Monday’s Coinbase last sits a little above that mark. The range is the story, not a breakout.
Read the tape with how to read a crypto market snapshot. Bitmine’s book is mostly ETH, with a thin BTC sleeve. For the asset itself, see Ethereum history and Bitcoin history. Staking 5,067,309 of 6,041,481 ETH is about 83.9% of the marked stack. That is a proof-of-stake lock, not a sale. The glossary entry on proof of stake is the mechanic. The exhibit names MAVAN (Made in America VAlidator Network) as Bitmine’s staking platform and says a portion of the ETH is already staked there, plus “staking partners.” It does not split the 5,067,309 figure between MAVAN and those partners.
DefiLlama’s Ethereum fees overview printed about $8.49 million of 24-hour fee revenue when this desk pulled api.llama.fi/overview/fees/ethereum at 2026-10-19T16:12:09Z (seven-day total about $75.2 million). That is chain-wide fee revenue, not Bitmine’s staking check. Coinbase’s ETH-USD 24-hour stats are at api.exchange.coinbase.com/products/ETH-USD/stats.
This desk last logged Bitmine near 5.82 million ETH in an August 2026 brief. Today’s accession is a new 8-K, not that item. Weekly 12,535 ETH is the fresh clip, not a 5% crossing. The exhibit also cites Strategy Inc. as “reportedly” holding 848,250 BTC. That figure is Bitmine’s comparison, not Strategy’s filing in this report.
Because this is Item 7.01, the holdings table is furnished, not filed. Traders who treat EX-99.1 like a 10-Q line item are ahead of the wrapper. The press release still has a chairman quote on de-risking, AI stocks, and a coming crypto bull. That is speech. The desk’s job is the 6,041,481, the 4.9%, and the 7.01 label. Category reading for the same tape lives under Ethereum news.
Our read
I read this as a large ETH book that is still 4.9% of the supply figure Bitmine chose, wrapped in Regulation FD. It is not a 5% close. It is not a Section 18 filed statement of holdings. The weekly 12,535 ETH clip is real in the exhibit. The “99% of the way” line is rounding theater around 6,105,000.
Falsifiable claim: if Bitmine’s next Item 7.01 / Exhibit 99.1 dated on or before 27 October 2026, 23:59 UTC, reports ETH holdings of 6,105,000 or more against the same 122.1 million supply figure, this 4.9%-not-5% read is wrong. If that next exhibit prints ETH below 6,041,481 without restating the 18 October 2026 3:00pm ET mark, the “weekly buy still on” half is wrong too. I am not taking the $369 million staking projection as a 2026 cash number.
What to watch next
- The next weekly EX-99.1 ETH count versus 6,041,481, and versus 6,105,000 (5% of 122.1 million).
- Staked ETH versus 5,067,309, and any split between MAVAN and other validators.
- Whether a later 8-K moves this holdings table out of Item 7.01 into an item that is actually filed.
- Coinbase ETH-USD versus the $2,365 mark used on 18 October 2026 at 3:00pm ET. A decisive break of the 19 October Coinbase session low at $2,325.48 would change the tape around the book. A reclaim of the session high at $2,443.86 would do the same in the other direction. Until then, the range still holds.