Key Takeaways
- Shares of Bitmine (BMNR) climbed 8.3% Monday following the company’s announcement of holding 5.62 million ETH valued at approximately $10.4 billion
- The firm’s position represents 4.66% of the entire ETH circulating supply, marking 93% progress toward its “Alchemy of 5%” objective
- A $274 million capital raise through 9.50% Series A Perpetual Preferred Stock was completed to finance additional ETH purchases
- Last week’s acquisition totaled 76,881 ETH valued at approximately $136 million, representing a slowdown from the previous week’s 126,971 ETH purchase
- The company holds the title of world’s largest Ethereum treasury and ranks second globally in total cryptocurrency holdings after Strategy (MSTR)
Shares of Bitmine Immersion Technologies (BMNR) surged 8.3% during Monday’s trading session after the firm disclosed its substantial holdings of 5.62 million ETH tokens, currently valued at $10.4 billion.
Bitmine Immersion Technologies, Inc., BMNR
The announcement triggered one of BMNR’s most significant single-session gains this year, coinciding with ETH/USD’s 9.23% rise during the same trading period.
According to the company’s statement, its current holdings account for 4.66% of the total 120.7 million Ethereum tokens in circulation. This achievement places the firm at 93% completion of its “Alchemy of 5%” goal — a strategic target it has pursued since initiating its Ethereum accumulation strategy approximately 11 months earlier.
Chairman Thomas Lee expressed confidence that the company will surpass the 5% threshold within the current calendar year.
Among the total 5.62 million ETH position, approximately 4,718,677 tokens are currently staked, representing $8.1 billion in value at the June 14 price of $1,718 per ETH. Anticipated annual staking rewards are projected at roughly $219 million, while current annualized staking revenue estimates reach $226 million based on a 7-day yield of 2.79%.
The company’s diversified holdings also include $502 million in cash and marketable securities, a $180 million investment in Beast Industries, and an $88 million position in Eightco Holdings (ORBS).
New Capital Injection Drives Continued Accumulation
During the previous week, Bitmine purchased 76,881 ETH tokens — representing approximately $136 million at prevailing market rates. This acquisition marked a deceleration from the preceding week’s purchase of 126,971 ETH, which represented the company’s largest single-week acquisition in 2026.
The recent purchases followed immediately after the company finalized a $274 million preferred stock offering on June 10. The transaction involved selling 3.5 million units of 9.50% Series A Perpetual Preferred Stock at $80 per unit, generating net proceeds of approximately $273.8 million following deduction of expenses.
The preferred equity, which commenced NYSE trading under ticker symbol BMNP on June 16, features weekly cash dividend distributions — a financing mechanism similar to approaches employed by Strategy (MSTR), the prominent bitcoin treasury corporation.
Lee directly addressed the company’s acquisition velocity: “We are maintaining a somewhat elevated pace of buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals.”
Bitmine’s Position Relative to Strategy
Bitmine currently holds the distinction of operating the world’s largest Ethereum treasury while maintaining the second position among all cryptocurrency treasuries globally. Strategy (MSTR) continues to lead the sector with 845,256 BTC worth $54 billion.
Strategy’s preferred stock financing approach has attracted recent attention from investors questioning how the company will sustain its expanding dividend obligations. Lee has highlighted Bitmine’s staking revenue as a crucial distinction — providing consistent cash generation that he contends supports preferred dividend payments without exclusive dependence on ongoing capital raises.
The company also secured placement on the Fortune Crypto 100 roster for 2026, a compilation recognizing influential entities within the blockchain industry.
Bitmine’s 9.50% Series A Preferred Stock launched NYSE trading under ticker BMNP on June 16, 2026, with weekly dividend distributions commencing from that date.
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