Ethereum Treasury Analysis • Updated Apr 20, 2026

BMNR Staking &
MAVAN Income Model

BitMine Immersion Technologies is building the world's largest Ethereum treasury, targeting 5% of total ETH supply. MAVAN — the Made in America Validator Network — converts that treasury into a scalable staking infrastructure business. This tool models the income at scale.

Live Treasury Snapshot — As of April 19, 2026 (PR Apr 20)

ETH Holdings

4,976,485

4.12% of total ETH supply · +101,627 ETH past week

ETH Staked (MAVAN)

3,334,637

67.0% staking coverage · $7.7B at $2,301/ETH

Annualized Staking Rev

$221M

At current staked + 2.88% yield

Staking Gross Margin

~97%

From 10-Q: $10.2M rev / $306K cost

Total Treasury Value

$12.9B

ETH + Cash $1.12B + Moonshots

Cash & Equivalents

$1.12B

Dry powder for ETH buys · +$401M since Apr 12

The Alchemy of 5% — Accumulation Progress

Path to 5% of ETH Supply

9 months since pivot · 82% complete

82.0%

of the way to 5% target

Holdings → 5% Target 4,976,485 / 6,035,000 ETH

Staking Coverage (of holdings) 3,334,637 / 4,976,485 staked

Supply Ownership 4.12% / 5.00% of 120.7M ETH

6,035,000 ETH = 5% of 120.7M supply (target)

3,334,637 currently staked on MAVAN

1,058,515 remaining to 5% target

Actual Revenue — From 10-Q (Feb 28, 2026) + Latest Run Rate

Q2 FY2026 Financial Results + Apr 20 Update

SEC 10-Q Filed Apr 14 · Latest PR Apr 20

Staking Revenue (Q2)

$10.2M

vs $0 same quarter prior year

Q2 Annualized Run Rate

$40.8M

Q2 rate × 4 (before Apr ramp)

Current Annualized Rev

$221M

Apr 20, 2026 rate · +$9M vs Apr 13

Cost of Staking (Q2)

$306K

Gross margin ≈ 97%

Q2 Total Revenue

$11.0M

Staking dominant revenue driver

Total Assets (Latest)

$12.9B

Liabilities only ~0.3% · $1.12B cash

On the "Net Loss": The 10-Q shows a $9B net loss for H1 FY2026. This is entirely driven by unrealized mark-to-market losses on digital assets. This is an accounting treatment, not a cash loss. The company holds $1.12B in cash and continues to accumulate ETH aggressively (101k+ ETH bought last week alone).

Interactive Projection Model · Live ETH Price Integrated

ETH Base for Projection

Select a scenario or use the yield/MAVAN sliders. Live ETH price powers the top "Live Current" row & all current valuations below.

Current Staked

3,334,637 ETH

Actually staked as of Apr 19, 2026 · $221M/yr run rate

All Holdings

4,976,485 ETH

If 100% of current ETH gets staked on MAVAN · Latest Apr 19

5% Target (Alchemy)

6,035,000 ETH

5% of 120.7M total ETH supply — the endgame scenario

Staking Yield (CESR) 2.88%

Current 7-day: 2.88% · CESR: 2.76% · Historical range: 2–5%

External ETH via MAVAN 0 ETH

Institutional ETH staked through MAVAN (not owned by BMNR)

MAVAN Fee Cut 10.0%

Fee BMNR takes on external stakers' rewards · Lido charges ~10%

Show MAVAN external fee column in table

LIVE ETH PRICE

$2,301

Real-time from CoinGecko · Refreshes every 30s · Powers top "Live Current" row & current valuations

Last updated: just now

ETH Price	Own Staking	MAVAN Fees	Total Annual	Total Daily	Scenario

ETH Accumulation Timeline

From Zero to World's Largest ETH Treasury in 9 Months

Jul–Aug 2025

Pivot to Ethereum treasury strategy announced

ETH accumulation begins · Strategy mirrors MicroStrategy's BTC playbook

Jan 4, 2026

4.143M ETH — 3.43% of supply

659,219 staked · MAVAN development underway

Feb 1, 2026

4.285M ETH — 3.55% of supply

2,897,459 staked · $188M annualized staking rev

Feb 28, 2026

10-Q filed: $10.2M staking revenue in Q2 alone

Staking gross margin ~97% · Total assets $9.89B · Liabilities $36M

Mar 15, 2026

4.596M ETH — 3.81% of supply

3,040,515 staked · $180M annualized · #105 most traded US stock

Mar 25, 2026

MAVAN officially launched as commercial staking platform

Opens to institutional investors, custodians, ecosystem partners

Mar 29, 2026

4.732M ETH — 3.92% of supply

3,142,643 staked · $177M annualized · $961M cash

Apr 6, 2026

4.803M ETH — 3.98% of supply

3,334,637 staked · $196M annualized · Within 0.02% of 4%

Apr 9, 2026

BMNR uplists to New York Stock Exchange (NYSE)

$4B share repurchase program · Cash dividend $0.01/share declared

Apr 12, 2026

4.875M ETH — 4.04% of supply · $212M annualized

$11.8B total treasury · 1,160,343 ETH left to 5% target

Apr 19–20, 2026

4.976M ETH — 4.12% of supply · $221M annualized · $12.9B total treasury

+101,627 ETH acquired in past week · Cash now $1.12B · 82% to 5% target

Investment Thesis

Alchemy Research · April 2026 · Issue #001

The BMNR Thesis: Ethereum Infrastructure,
Institutional Yield & the Alchemy of 5%

BMNR is not just an ETH treasury play. That framing is too small — and it's the reason the stock remains mispriced. The real thesis is what gets built on top of the treasury. This is the company's "Alchemy of 5%" strategy: own 5% of the entire ETH supply and stake every token through their own platform. What that creates is a layered income model that doesn't require ETH to go up to work.

①

Own ETH staking yield — paid in ETH, every 6.4 minutes

BMNR's treasury generates staking yield continuously via the beacon chain. Rewards arrive regardless of ETH price — in a down market they accumulate more ETH, in an up market the dollar value of everything multiplies. Both directions work.

②

MAVAN — institutional staking fees on external ETH

The Made in America Validator Network brings in outside ETH from institutions and takes a fee on their rewards. Think Lido — but built for US institutions, run by people with actual Wall Street relationships, on US-based infrastructure. Launched March 25, 2026. 97% gross margin on $10.2M Q2 staking revenue.

③

Option premium income — $24M in Q2 alone

The 10-Q shows $24 million in option premium income from selling ETH put options as part of treasury management. No price increase needed. None of these three income streams require ETH to go up. That is the part most people miss.

📡

MAVAN vs Lido: the $8.6T institutional moat

Lido has ~27% of all staked ETH but non-US node operators. For American pension funds and banks that need to explain their infrastructure to legal and compliance teams, MAVAN is a product specification Lido cannot easily match. Once a large institution has its ETH set up with custody, legal, and technical configurations in place — switching becomes a real pain.

🚀

The MrBeast angle + OpenAI exposure

$200M stake in Beast Industries and $107M in Eightco (ORBS) — one of the only public stocks with direct OpenAI exposure. The speculative angle: if Beast Financial ever integrates MAVAN as backend staking, 450 million subscribers get a path into crypto through a platform they already trust.

Read the Complete BMNR Thesis

Covers the full macro thesis, MAVAN institutional moat, Pier Two acquisition, moonshots, management, the $4B buyback, and a complete scenario-based valuation.

Read the Full Thesis on Substack

Free to read · Alchemy Research · Issue #001 · April 2026

BMNR Staking &MAVAN Income Model

BMNR Staking &
MAVAN Income Model