BITMINE IMMERSION TECHNOLOGIES, INC.

Bitmine Immersion Technologies, Inc.

Company overview

Bitmine Immersion Technologies, Inc. is a U.S.-based digital asset technology company. Its strategy centers on acquiring, holding, and managing digital assets as long-term treasury reserves. The company provides blockchain infrastructure services, including institutional Ethereum staking and validator services through MAVAN. Since July 2025, Bitmine shifted emphasis from Bitcoin mining and hosting toward Ethereum treasury management, staking, and related infrastructure.

Key business activities and platforms

• ETH treasury management: disciplined accumulation of ETH, custody controls, liquidity management, and yield generation through staking, restaking, liquid staking, and related DeFi activities.
• ETH staking and validator operations: operates validator nodes via MAVAN and provides staking infrastructure and services to institutions, custodians, and ecosystem partners.
• MAVAN: Made-in-America validator network launched March 25, 2026; institutional-grade staking platform designed for domestic validators with global distribution, initially for the company’s own treasury and later expanded to clients.
• Pier Two acquisition: acquired Pier Two Holdings Pty Ltd on March 24, 2026 to expand validator infrastructure; Pier Two joined MAVAN and began operating under the MAVAN brand.
• Strategic investments: minority investments in Beast Industries Co. (approximately $180 million) and Eightco Holdings Inc. (approximately $100 million via a private placement and later open-market purchases).
• Reduced BTC activities: scaled back legacy Bitcoin mining operations to focus on ETH-related treasury and staking activities.

Holdings and assets (as of August 31, 2026)

• Total combined digital assets, equity, and cash holdings: $15,393.6 million.
• ETH holdings: 5,901,837 ETH with a fair value of $14,558.9 million (roughly 4.9% of circulating ETH supply).
• Bitcoin holdings: 211 BTC with a fair value of $16.6 million.
• Other digital assets: fair value $1.6 million.
• Strategic investments: Beast Industries Co. valued at $186.0 million (equity investment); Eightco Holdings Inc. equity-method investment valued at $77.1 million.
• Cash and cash equivalents: $545.1 million.
• Based on public information, the company is the largest ETH treasury holder globally.

Revenue and income (fiscal year ended August 31, 2026)

• Staking and validation revenue: $121.4 million.
• Staking/validation represented approximately 97% of total revenue.
• The company recognized unrealized losses on digital assets of about $6.2 billion and reported a net loss of approximately $6.3 billion for the year, largely driven by fair value changes in ETH and BTC holdings under ASC 350-60.

Financial and operating highlights

• Shares outstanding: 613,267,022 shares of common stock as of August 31, 2026 (up from 232,412,324 shares as of August 31, 2025).
• ATM program and equity fundraising: ATM program generated gross proceeds of $13,201 million and net proceeds of $12,941 million in the 2026 fiscal year.
• Private placement: September 2025 registered direct offering (PIPE) raised gross proceeds of approximately $365.2 million.
• Preferred stock: issued 3,500,000 shares of 9.50% Series A Redeemable Preferred Stock in June 2026 at $100 per share; carries 9.50% annual dividends and senior rights to common stock. Dividend obligations may affect cash available for dividends on common stock and other uses.
• Share repurchases: board expanded repurchase authorization to $4.0 billion on April 9, 2026; repurchased 20,819,071 shares during the year ended August 31, 2026 at an average price of $17.
• Corporate actions: headquarters moved to Norwalk, Connecticut (February 2026); common stock uplisted to the New York Stock Exchange (NYSE) on April 9, 2026; transfer agent changed to Equiniti Trust Company, LLC; KPMG LLP appointed as the independent auditor for the year ended August 31, 2026.
• Change in fiscal year-end: board approved changing the fiscal year-end from August 31 to December 31, effective after the 2026 year; transition filings planned (Form 10-KT for September–December 2026 and Form 10-QT for the three months ended November 30, 2026).

People

• Employees: 26 as of August 31, 2026.
• Contractors: 4 dedicated contractors (including MAVAN).
• Post-Pier Two acquisition: headcount expanded to include blockchain infrastructure, validator operations, business development, and staking technology personnel in the U.S. and Australia.

Customers

• MAVAN serves institutional investors, custodians, and ecosystem partners.

Ongoing considerations

• The business is ETH-centric, with staking revenue and ETH treasury value driving most results.
• Market prices, ETH staking economics, regulatory developments, and cyber/infrastructure risks materially affect results.
• Governance, custody, and cybersecurity are core capabilities supporting the ETH treasury strategy and MAVAN services.

Website and information access

• Corporate site: www.bitminetech.io
• Investor relations: www.bitminetech.io/investor-relations
• SEC filings: sec.gov