Bitmine has doubled down on Ethereum again, buying 52,203 ETH (about $90 million) and pushing its treasury to roughly 4.7% of Ethereum’s total supply — just shy of the company’s public 5% target.
Key details
- New purchase: 52,203 ETH (~$90M). Update released June 22, 2026.
- Total ETH holdings: 5,672,956 ETH (valued at about $1,733 per ETH on Coinbase).
- Overall balance sheet: roughly $10.7 billion in crypto, cash, marketable securities and strategic investments, including 205 BTC, a $200M stake in Beast Industries and $104M in Eightco Holdings.
- Staked ETH: 4,718,677 ETH already staked (valued at >$8.2B).
- Target progress: Bitmine is about 94% of the way toward its goal of holding 5% of Ethereum’s supply.
Why it matters
Bitmine’s accumulation comes despite a soft crypto market and repeated price rejections for ETH — signaling a long-term bet rather than a short-term trade. Chairman Tom Lee said he expects tokenization and AI-driven applications to drive demand for blockchain networks, repeating his view that the market is still in an early “crypto spring.” Less than a year after launching its Ethereum treasury strategy, the firm is already one of the largest corporate holders of ETH.
How the buys are being financed
Bitmine’s ETH push has been partly funded by a June preferred-stock offering. The company sold 3.5 million shares of 9.50% Series A Perpetual Preferred Stock (ticker: BMNP) at $80 each on June 10, raising net proceeds of about $273.8 million. The board approved a dividend of $0.1056 per share to holders of record June 30, payable July 10. Bitmine has said the offering proceeds will fund further Ethereum purchases and that staking income will help pay dividends.
Staking: a growing revenue stream
Although Bitmine remains underwater on its overall Ethereum position (i.e., unrealized losses on some holdings), staking is generating steady cash flow. With 4,718,677 ETH staked, the company reports roughly $223 million in annualized staking revenue today. Bitmine projects staking income could rise to about $268 million annually once all ETH is fully staked via MAVAN and partners, based on a recent 2.73% seven‑day BMNR yield — an increase from an earlier $219M estimate.
Corporate context
Bitmine’s aggressive ETH accumulation cements its place among the largest corporate crypto treasuries. According to the company, only Michael Saylor’s MicroStrategy currently holds a larger overall cryptocurrency treasury. MicroStrategy also reported a small addition this week — 520 BTC — though that buy was far smaller in dollar terms than Bitmine’s latest ETH acquisition.
Bottom line
Bitmine is visibly executing on a concentrated Ethereum strategy, blending balance-sheet purchases with staking to convert large token holdings into recurring revenue. As the firm nears its 5%-supply goal, its approach highlights how public companies are using capital markets and staking mechanics to scale crypto treasuries amid volatile prices.
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