Bitmine Immersion Technologies added 52,203 ETH over the past week, raising its total Ethereum holdings to 5.67 million ETH. Chairman Thomas "Tom" Lee maintained his view that the crypto market is entering an early recovery phase. The purchase was worth about $92 million based on ETH trading near $1,760, although Bitmine reported its holdings using a June 21 reference price of $1,733 per ETH. Bitmine remains the largest Ethereum treasury company and the second-largest crypto treasury behind Strategy, with total crypto, cash, and securities holdings reaching $10.7 billion.
The company now holds 5,672,956 ETH, equal to about 4.7% of Ethereum's 120.7 million circulating supply. Bitmine's treasury also includes 205 Bitcoin, $601 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $104 million stake in Eightco Holdings.
Bitmine Ethereum Holdings Near 5% Supply Target
Bitmine said it is now about 94% of the way toward its goal of holding 5% of Ethereum's supply. The latest ETH purchase was smaller than Bitmine's previous weekly acquisitions, showing that the company has slowed its buying pace as it approaches its long-term target. Lee said the company continues to maintain a steady accumulation pace throughout 2026.
Bitmine has framed its Ethereum strategy around long-term demand from tokenization, artificial intelligence applications and decentralized infrastructure. Lee said the company expects blockchain and crypto demand to grow as real-world asset tokenization and AI-related payment systems expand.
The company was named to the Fortune 100 Crypto List on June 11, according to Bitmine's latest announcement. The ranking recognized influential blockchain companies using data analysis from Inca Digital and input from crypto industry experts.
Staking Revenue Supports Preferred Stock Strategy
Bitmine closed an offering of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock at $80 per share on June 10. The offering generated about $273.8 million in net proceeds after underwriting discounts, commissions, and estimated expenses. The preferred shares trade on the New York Stock Exchange under the ticker BMNP and are scheduled to pay weekly cash dividends under the terms of the relevant certificate of designations.
Lee has argued that Bitmine's staking operations help support these dividend obligations. The company currently has 4,718,677 ETH staked, worth about $8.2 billion at $1,733 per ETH, representing more than 83% of its total Ethereum holdings.
Bitmine projects annualized staking revenue of about $223 million. The company also said potential annual staking rewards could reach $268 million once its ETH is fully staked through MAVAN, its Made in American Validator Network, and other staking partners.
ETH Price Faces Short-Term Technical Test
Ethereum's market structure remains under watch after recent price weakness. Analyst Ali Martinez said ETH is pulling back toward the lower boundary of a price channel, with the 200-hour simple moving average acting as a key short-term support level for buyers.
According to the analysis, holding above that moving average could help Ethereum stabilize after clearing excess leveraged positions. Failure to hold the level could shift the short-term setup and open a deeper move toward the $1,580 area.
Bitmine's latest purchase comes during a period when large treasury buyers remain important to market sentiment. The company is still accumulating ETH while broader crypto prices remain below earlier cycle expectations, including Lee's prior view that Bitcoin closing May above $76,000 would confirm the end of the bear market.
Lee said the recent pullback has not changed his broader outlook. He stated that Bitmine believes the market is in the early stages of "crypto spring" and expects the company to reach its 5% Ethereum supply target sometime in 2026.
FAQ
What did Bitmine Immersion Technologies purchase over the past week?
Bitmine Immersion Technologies added 52,203 ETH over the past week, raising its total Ethereum holdings to 5,672,956 ETH. The purchase was worth about $92 million based on ETH trading near $1,760, although Bitmine reported its holdings using a June 21 reference price of $1,733 per ETH.
How much Ethereum does Bitmine currently hold?
Bitmine now holds 5,672,956 ETH, equal to about 4.7% of Ethereum's 120.7 million circulating supply. The company is about 94% of the way toward its goal of holding 5% of Ethereum's supply. Bitmine remains the largest Ethereum treasury company and the second-largest crypto treasury behind Strategy.
What are Bitmine's staking operations and revenue projections?
Bitmine currently has 4,718,677 ETH staked, worth about $8.2 billion at $1,733 per ETH, representing more than 83% of its total Ethereum holdings. The company projects annualized staking revenue of about $223 million, with potential annual staking rewards reaching $268 million once its ETH is fully staked through MAVAN and other staking partners.
