An SEC 8-K filing accepted on 2026-02-23 08:45:36 (timezone not shown on the EDGAR index) includes an Exhibit 99.1 showing large Ethereum holdings for Bitmine Immersion Technologies, Inc. (NYSE American: BMNR).
The 8-K is filed under Item 7.01 (Regulation FD Disclosure) and explicitly treats the Exhibit 99.1 information as not deemed “filed” for Section 18 liability purposes, which is typical for furnished Reg FD updates. The full submission text that includes the 8-K and Exhibit 99.1 appears here.
The Exhibit 99.1 release headline frames the disclosure as “ETH Holdings Reach 4.423 Million Tokens” and “Total Crypto and Total Cash Holdings of $9.6 Billion.” The exhibit text is posted on the SEC archive here.
In the body, the release itemizes holdings as of February 22, 2026 at 6:00pm ET. It lists 4,422,659 ETH valued at $1,958 per ETH, 193 BTC, a $200 million stake in Beast Industries, a $17 million stake in Eightco Holdings, and total cash of $691 million. It also pegs total ETH supply at 120.7 million ETH and frames the ETH balance as 3.66% of supply.
The staking component is a central part of the narrative. The release lists 3,040,483 staked ETH, which it values at about $6.0 billion using the same $1,958 ETH reference price. It frames annualized staking revenues at $171 million, while also describing a longer-term “at scale” target for staking rewards once more ETH is fully staked.
In simple arithmetic terms, the staking figure implies roughly 69% of the stated ETH balance is staked, leaving a large remainder as liquid ETH or otherwise un-staked inventory. That mix matters because it influences potential sell pressure, collateral flexibility, and how quickly treasury balances can move.
If the balances are accurate and controlled by the entity, this is a concentration headline for Ethereum supply and a major claim for the “ETH treasury vehicle” narrative.
Treasury vehicles matter because public market participants often treat them as liquid proxies for crypto exposure, especially when spot access is constrained by mandates. A company claiming 3.66% of ETH supply pushes that proxy narrative to an extreme. It can intensify debates about supply concentration, governance influence perceptions, and whether large staked treasuries change the dynamics of liquidity during drawdowns.
The disclosure also lands in a fragile liquidity environment. Stablecoin flow narratives and leverage resets can make markets extra sensitive to perceived supply overhang. A large treasury headline can spill into short-term positioning even if the underlying holdings do not move.
Short-term attention will likely focus on BMNR liquidity and ETH narrative spillover. BMNR traded around $20.13 as of 14:28 UTC on February 23, 2026 with about 1.26M shares in intraday volume. ETH traded near $1,900 in the same window, modestly below the $1,958 reference price used in the exhibit’s holdings valuation.
If the market treats the disclosure as credible, the next wave of discussion tends to cluster around three topics: how the ETH is custodied, how staking is executed at that scale, and whether treasury concentration creates new liquidity risks during risk-off regimes.
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