Key Highlights
- Bitmine (BMNR) stock climbed 8.3% on Monday following the announcement of its 5.62 million ETH position worth $10.4 billion
- The firm currently controls 4.66% of the entire ETH supply, reaching 93% completion toward its “Alchemy of 5%” objective
- The company completed a $274 million capital raise via 9.50% Series A Perpetual Preferred Stock, deploying funds into additional ETH purchases
- Last week’s acquisition totaled 76,881 ETH valued at approximately $136 million, representing a decrease from the previous week’s 126,971 ETH purchase
- The company maintains the world’s largest Ethereum treasury position and ranks second globally in total crypto holdings behind Strategy (MSTR)
Shares of Bitmine Immersion Technologies (BMNR) surged 8.3% during Monday’s trading session after the company announced 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-day rallies this year, coinciding with ETH/USD’s own 9.23% daily gain.
According to the company’s disclosure, its position accounts for 4.66% of Ethereum’s total circulating supply of 120.7 million tokens. This achievement marks 93% progress toward the company’s stated “Alchemy of 5%” goal — an ambitious target set when it initiated its Ethereum accumulation strategy approximately 11 months ago.
Chairman Thomas Lee indicated confidence that Bitmine will surpass the 5% threshold within the current calendar year.
Among the 5.62 million ETH portfolio, 4,718,677 tokens are currently staked, representing $8.1 billion in value at the June 14 price of $1,718 per ETH. The company projects annualized staking rewards of approximately $219 million, with present annualized staking income estimated at $226 million based on a 7-day yield of 2.79%.
Complementing its ETH holdings, the company maintains $502 million in cash and marketable securities, a $180 million equity position in Beast Industries, and an $88 million stake in Eightco Holdings (ORBS).
Recent Capital Injection Drives Continued Accumulation
During the previous week, Bitmine purchased 76,881 ETH — valued at approximately $136 million at prevailing market rates. This represents a decline from the preceding week’s acquisition of 126,971 ETH, which marked the company’s largest single-week purchase in 2026.
The purchases followed immediately after Bitmine finalized a $274 million preferred stock offering on June 10. The company issued 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 transaction costs.
The preferred shares, which commenced trading under the ticker BMNP on the NYSE beginning June 16, feature weekly cash dividend distributions — a financing approach similar to that employed by Strategy (MSTR), the prominent bitcoin treasury corporation.
Addressing the acquisition strategy, Lee stated: “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 and maintains the second-largest cryptocurrency treasury position globally. Strategy (MSTR) continues to lead the sector with 845,256 BTC worth $54 billion.
Strategy’s preferred equity approach has attracted recent market scrutiny, with stakeholders questioning the sustainability of expanding dividend obligations. Lee has highlighted Bitmine’s staking revenue as a critical advantage — providing predictable cash generation that he contends can fund preferred dividends without exclusive dependence on ongoing capital raises.
Bitmine also secured recognition on the Fortune Crypto 100 list for 2026, which identifies influential organizations within the blockchain industry.
The company’s 9.50% Series A Preferred Stock launched NYSE trading under the BMNP ticker on June 16, 2026, with weekly dividend distributions commencing from that date.
