Bitmine Immersion Technologies raised its ether holdings to 5.70 million tokens as of June 28, positioning the company at 4.7% of ethereum's total supply and 94% of the way toward its goal to own 5% of the supply. Chairman Tom Lee said the company expects to reach the 5% target in 2026 as it continues accumulating ETH through steady purchases. The milestone comes as Bitmine expands its institutional footprint through inclusion in the Russell 1000 Large-cap Index and a completed preferred stock offering, while staking operations generate projected annualized revenue of $211 million at current scale.
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 acquired another 27,084 ETH over the past week.
Bitmine Stakes 4.88 Million ETH with $211 Million Projected Annual Revenue
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.
Russell 1000 Inclusion Completed on June 26
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.
Preferred Stock Offering Raises $273.8 Million Net Proceeds
The company 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.
FAQ
What did Bitmine announce on June 28?
Bitmine announced its ether holdings reached 5.70 million tokens as of June 28, representing 4.7% of ethereum's total supply. The company said its total crypto, cash, marketable securities and strategic investments totaled $9.8 billion.
How much ETH has Bitmine staked?
Bitmine 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 expects annualized staking revenue of about $211 million at current scale.
When was Bitmine added to the Russell 1000?
Bitmine was added to the Russell 1000 Large-cap Index on June 26 as part of the index's annual reconstitution. Chairman Tom Lee said the inclusion could bring hundreds or thousands of additional institutional investors into the shareholder base.
