Key Highlights
- Bitmine acquired 126,971 ETH in the past week — representing its most substantial single-week purchase in 2026 — valued at approximately $214 million based on current market rates.
- The company’s cumulative Ethereum reserves have reached 5.54 million tokens, representing 4.59% of the entire Ethereum supply.
- Company Chairman Tom Lee attributed the accelerated acquisition to confidence that current ETH valuations don’t align with improving protocol fundamentals.
- More than 4.71 million ETH are currently staked, with projected annual staking income reaching $230 million.
- The firm remains on course to achieve its “Alchemy of 5%” supply ownership goal by year-end 2026.
Bitmine (BMNR) has expanded its Ethereum treasury to 5.54 million ETH following last week’s acquisition of 126,971 tokens — marking the firm’s most aggressive weekly purchase throughout 2026. With ETH trading around $1,630, the company’s digital asset position carries an approximate valuation of $9.04 billion.
Bitmine Immersion Technologies, Inc., BMNR
This major acquisition occurred during a period of significant ETH price weakness. Bitmine’s combined cryptocurrency reserves, cash positions, and investment portfolio now total $9.9 billion.
The acquisition represents a dramatic acceleration from the previous week’s purchase of only 26,497 ETH. This five-fold increase in buying activity signals a strategic shift, particularly notable given the company’s earlier indications that it would moderate acquisition velocity as it approached its 5% supply ownership threshold.
Chairman Tom Lee explained the strategic pivot in clear terms. “We ramped up our acquisition activity because we believe the current ETH price decline doesn’t accurately reflect Ethereum’s improving fundamental strength,” he stated in Monday’s announcement.
Bitmine currently commands 4.59% of approximately 120.7 million ETH in total circulation. Reaching the 5% milestone would require the company to accumulate roughly 6.04 million ETH — meaning an additional 500,000 tokens beyond current holdings.
Staking Operations Generate Substantial Passive Income
Over 4.71 million of Bitmine’s Ethereum holdings — exceeding 85% of its complete position — are deployed in staking protocols. At the reference price of $1,630 per token, this staked allocation represents approximately $7.7 billion in value.
The company disclosed a seven-day annualized staking return of 2.99%. Annual staking revenue projections currently stand at $230 million. Should Bitmine stake its entire ETH balance through its Made in America Validator Network (MAVAN) alongside partner infrastructure, that annual figure could potentially increase to approximately $270 million.
Beyond its Ethereum concentration, Bitmine maintains a diversified portfolio including 204 Bitcoin, $247 million in liquid cash, a $180 million equity position in Beast Industries, and an $88 million stake in Eightco Holdings.
Bitmine’s aggressive positioning carries substantial risk exposure. Ethereum has declined approximately 65% from its August peak, currently trading at its lowest level in over twelve months. This price action places the company’s holdings underwater with an estimated $9.6 billion in paper losses.
Preferred Stock Initiative Follows Established Bitcoin Treasury Model
Bitmine has unveiled plans to launch a preferred equity instrument featuring dividend distributions — a financing structure that mirrors the approach pioneered by bitcoin treasury leader Strategy.
This financial model currently faces market skepticism. Strategy’s most recent preferred share class, STRC, declined to $90 this past Friday — approximately 10% beneath its nominal par value — sparking concerns regarding market liquidity and dividend viability amid declining bitcoin valuations.
BMNR shares recorded average daily trading volume of $829 million across the five-day period ending June 5. The stock ranked 148th among the most actively traded U.S. equities, positioned between Workday and Pfizer in trading activity.
Bitmine positions itself as maintaining the world’s largest publicly disclosed corporate Ethereum treasury, while ranking as the second-largest public company crypto holder overall, trailing only Strategy.
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