Bitmine Immersion Technologies has purchased another 76,881 ETH worth about $136 million, pushing its Ethereum holdings to 5.62 million tokens as the company continues its aggressive treasury expansion strategy.
Key Takeaways
- Bitmine acquired 76,881 ETH over the past week, valued at roughly $136 million.
- The company’s total Ethereum holdings have climbed to 5.62 million ETH, representing 4.66% of Ethereum’s total supply.
- Bitmine recently raised $274 million through a preferred stock offering that will begin trading on the NYSE under the ticker BMNP.
- Chairman Tom Lee says Ethereum staking rewards are expected to generate recurring cash flow to support dividend payments for preferred shareholders.
What Happened?
Bitmine Immersion Technologies has expanded its position as the world’s largest Ethereum treasury company after purchasing 76,881 ETH during the past week. The latest acquisition increased the company’s Ethereum holdings to 5,620,754 ETH, bringing it closer to its long stated objective of controlling 5% of Ethereum’s circulating supply.
The purchase comes shortly after Bitmine completed a $274 million preferred equity offering, providing additional capital to support its crypto accumulation strategy while also broadening its balance sheet structure.
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— Bitmine (NYSE-BMNR) $ETH (@BitMNR) June 15, 2026
BitMine provided its latest holdings update for June 15, 2026
$10.4 billion in total crypto + “moonshots”:
– 5,620,754 ETH at $1,718 per ETH per ETH (per @coinbase)
– 204 Bitcoin (BTC) – $200 million stake in Beast Industries @MrBeast
– $89 million stake in Eightco…
Bitmine Continues Aggressive Ethereum Accumulation
The latest ETH purchase may be smaller than the company’s previous weekly acquisition of 126,971 ETH, but it signals that Bitmine remains committed to growing its Ethereum treasury despite recent market volatility.
According to company data, Bitmine now owns 4.66% of Ethereum’s total supply of 120.7 million ETH. The company says it has already reached approximately 93% of its “Alchemy of 5%” target in just 11 months.
Mr. Lee stated:
The company’s total holdings extend beyond Ethereum. As of June 14, Bitmine reported ownership of 204 Bitcoin, $502 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $88 million stake in Eightco Holdings.
Combined, Bitmine’s crypto assets, cash reserves, marketable securities, and strategic investments now total approximately $10.4 billion.
Preferred Stock Offering Fuels Expansion
Bitmine’s latest buying activity follows the successful completion of its 3.5 million share Series A Perpetual Preferred Stock offering.
The offering raised approximately $273.8 million in net proceeds after expenses. The preferred shares carry a 9.50% annual dividend rate and are expected to begin trading on the New York Stock Exchange under the ticker BMNP on June 16, 2026.
Unlike some crypto treasury firms that rely heavily on asset appreciation to support investor returns, Bitmine believes its growing Ethereum staking business can generate recurring revenue to fund dividend commitments.
Thomas “Tom” Lee stated:
The company also announced a weekly cash dividend of $0.2639 per preferred share, scheduled to be paid on July 6, 2026.
Staking Operations Become a Key Revenue Driver
A major component of Bitmine’s strategy is its expanding Ethereum staking operation.
The company disclosed that 4,718,677 ETH are currently staked, representing more than 83% of its total Ethereum holdings. At current valuations, those staked assets are worth approximately $8.1 billion.
Bitmine recently launched MAVAN, short for Made in America VAlidator Network, an institutional focused Ethereum staking platform designed to serve both the company’s treasury operations and external institutional clients.
Tom Lee said:
The company added that annualized staking revenues are currently projected at roughly $226 million.
Fortune Recognition and Institutional Backing
Bitmine’s rapid growth has also attracted broader industry recognition. On June 11, the company was named to the Fortune Crypto 100 List for 2026, a ranking of influential blockchain companies.
The company also highlighted support from several major investors, including Cathie Wood’s ARK, Founders Fund, Pantera, Kraken, Digital Currency Group, Galaxy Digital, Bill Miller III, and Tom Lee himself.
According to Bitmine, its stock remains among the most actively traded equities in the United States, averaging approximately $550 million in daily trading volume over a five day period.
CoinLaw’s Takeaway
In my experience, Bitmine is quickly becoming the clearest example of an Ethereum-focused treasury strategy at institutional scale. While many companies have followed the Bitcoin treasury model, Bitmine is attempting something different by combining large scale ETH accumulation with staking income that can generate real cash flow.
I found the staking component particularly important because it gives the company a potential source of recurring revenue rather than relying solely on Ethereum price appreciation. If Ethereum adoption continues to grow through tokenization and blockchain-based financial infrastructure, Bitmine’s position could become even more influential in the coming years.
