Key Takeaways
- Bitmine raised its ETH holdings to 5.70M, reaching 4.7% of ethereum’s total supply.
- Bitmine joined the Russell 1000 and listed BMNP, expanding institutional market access.
- Tom Lee targets 5% of ETH supply in 2026 as staking revenue continues to grow.
Bitmine Stakes 4.88 Million ETH as Annualized Rewards Reach Projected $211 Million
Bitmine Immersion Technologies has pushed its ether holdings to 5.70 million tokens, bringing the company within striking distance of its goal to own 5% of the ethereum supply.
The company said its crypto, cash, marketable securities and “moonshot” investments totaled $9.8 billion as of June 28. That includes 5,700,040 ETH priced at $1,569, 206 BTC, $555 million in cash and marketable securities, a $180 million stake in Beast Industries and a $74 million stake in Eightco Holdings.
Bitmine said its ETH position now represents 4.7% of ethereum’s supply. The company is 94% of the way to what Chairman Tom Lee calls the “Alchemy of 5%,” a target Bitmine expects to reach in 2026.
Staking Operation Becomes Core Revenue Driver
Bitmine said it has staked 4,879,157 ETH, worth about $7.7 billion at $1,569 per token. That represents more than 85% of its total ETH position.
The company uses its Made in America Validator Network as a key staking destination for BMNR and institutional investors. Lee said Bitmine has staked more ETH than any other entity and expects annualized staking revenue of about $211 million at the current scale.
If Bitmine’s ETH is fully staked through MAVAN and its partners, the company projects annualized staking rewards of $246 million, based on a 2.75% seven-day BMNR yield.
Bitmine acquired another 27,084 ETH over the past week, maintaining what Lee described as a steady pace of accumulation through 2026.
Russell 1000 Inclusion Broadens Equity Base
Bitmine was added to the Russell 1000 Large-cap Index on June 26 as part of the index’s annual reconstitution. Lee said the inclusion could bring hundreds or even thousands of additional institutional investors into the shareholder base.
The company also recently completed an offering of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock at $80 per share. Net proceeds were about $273.8 million after fees and expenses. The preferred shares now trade on the NYSE under the ticker BMNP, with dividends scheduled to be paid weekly, subject to the terms of the security.
Lee said the long-term crypto outlook remains supported by two forces: Wall Street’s migration of legacy infrastructure onto crypto rails and the rise of agentic AI payment systems. He commented:
Bitmine remains focused on the longer-term horizon and continues to manage the company to be positively positioned for these exponential drivers.
He acknowledged that the past week was difficult for crypto investors, with ETH falling 8%. Still, he pointed to ethereum developments such as the creation of Ethlabs and the Bank of England’s softer stance on stablecoins as constructive signals.
