Bitmine has added another 52,203 ETH—about $90 million at current prices—pushing its Ethereum holdings to 4.7% of the network’s total supply as it edges toward a self‑announced 5% target.
The purchase, disclosed in a June 22 update, comes despite a soft crypto market and repeated price rejections for ETH. Bitmine now reports a crypto-heavy balance sheet of roughly $10.7 billion that includes:
- 5,672,956 ETH (valued at $1,733 per ETH, per Coinbase)
- 205 BTC
- $200 million stake in Beast Industries (MrBeast)
- $104 million stake in Eightco Holdings
- Cash, marketable securities and other strategic investments
Tom Lee, Bitmine’s chairman, framed the move as part of a long-term bet. He said advances in tokenization and artificial intelligence should boost demand for blockchains and digital assets, and reiterated his view that the market is still in the early innings of what he calls a “crypto spring.”
Funding the ETH push
Less than a year after launching its Ethereum treasury strategy, Bitmine is about 94% of the way to its 5% supply goal. The company raised fresh capital in June via a Series A Perpetual Preferred Stock offering (ticker: BMNP): 3.5 million shares sold at $80 each, producing net proceeds of roughly $273.8 million. Bitmine said those proceeds will underwrite additional ETH purchases, while staking income will help service dividend payouts.
The board also approved a $0.1056 per‑share cash dividend on the Series A preferred stock, payable July 10 to holders of record as of June 30.
Staking turns into recurring revenue
Bitmine reported 4,718,677 ETH already staked—valued at more than $8.2 billion at current prices. Based on current yields, annualized staking revenue is about $223 million. The company projects staking revenue could rise to roughly $268 million once all ETH is fully staked through MAVAN and partners, citing a 2.73% seven‑day BMNR yield. Those estimates are incremental upgrades from earlier projections shared at the time of the preferred offering.
The company also noted it remains “underwater” on its overall ETH position—i.e., its average acquisition cost exceeds current market prices—but staking has become a growing income source.
Where Bitmine sits in corporate crypto holdings
Bitmine is now one of the largest corporate holders of Ethereum and, overall, among the top corporate crypto treasuries. According to the company, only Michael Saylor’s MicroStrategy holds a larger crypto treasury; MicroStrategy disclosed a smaller buy this week—520 BTC—much smaller in dollar value than Bitmine’s latest ETH purchase.
Bottom line: Bitmine is doubling down on an institutionalized Ethereum playbook—raising capital, buying ETH, and converting a large share into staking revenue—as Tom Lee pushes toward a symbolic 5% ownership target while arguing structural demand drivers remain intact.
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