Ethereum-focused corporate treasury company Bitmine Immersion Technologies (NYSE: BMNR) purchased another 76,881 ETH last week. The purchase took place at a point where 1 ETH was trading at around $1,718, lifting the company’s total ETH holdings to 5.62 million tokens. Bitmine’s total crypto, cash and investment portfolio has reached $10.4 billion, while the company continues to hold its position as the largest Ethereum treasury globally.
Accumulation continues
Company Chairman Thomas Lee explained the reasoning behind the purchase directly: “This pullback in ETH prices does not reflect Ethereum’s strengthening fundamentals. That is why we are keeping our buying pace relatively elevated.”
This weekly purchase of 76,881 ETH remained below the previous week’s record-level acquisition of 126,971 ETH, but it still shows Bitmine’s continued commitment to its target. The company’s long-term goal is to acquire five percent of Ethereum’s total supply. With Ethereum’s total supply standing at 120.7 million tokens, Bitmine held a 4.66% share as of June 14, 2026. The company is now only 0.34 percentage points away from this target, which it calls the “alchemy of 5%.”
The company also holds 204 Bitcoin, $502 million in cash and securities, a $180 million stake in Beast Industries, and an $88 million stake in Nasdaq-listed Eightco Holdings (ORBS). Eightco stands out as one of the rare publicly traded stocks offering indirect exposure to OpenAI.
Preferred share issuance and staking income
Bitmine completed the sale of 3.5 million Series A Perpetual Preferred Shares on June 10, 2026, carrying a 9.50% annual dividend. After underwriting commissions and estimated offering expenses, the company received net cash proceeds of $273.8 million. The shares, expected to begin trading on the NYSE under the ticker BMNP on June 16, 2026, will pay dividends weekly.
This model is being compared to the preferred capital instruments used by Strategy (MSTR) to finance Bitcoin purchases. However, according to Lee, Bitmine’s balance is different: regular cash flow from Ethereum staking provides a stronger foundation for meeting dividend obligations. “The company’s estimated annual staking rewards are approximately $219 million. This income provides the projected cash flow to support the dividends related to the Series A preferred shares,” Lee said.
Staking platform and institutional infrastructure
Bitmine recently launched its institutional-grade staking platform MAVAN, short for Made in America Validator Network. Initially developed to support the company’s own Ethereum treasury, the platform plans to serve institutional investors, custodians and ecosystem partners in the future.
As of June 14, Bitmine’s total staked ETH reached 4,718,677 tokens. At a price of $1,718, this corresponds to roughly $8.1 billion and represents more than 83% of the company’s total ETH holdings. Once all ETH is fully staked, annual staking income is expected to reach $269 million; the seven-day yield stood at 2.79%.
Market position and institutional backing
Bitmine has managed to become one of the most actively traded stocks on U.S. exchanges. According to Fundstrat data, BMNR ranked 203rd among 5,704 U.S.-listed stocks by five-day average trading volume, with $550 million in daily volume. It was positioned between Oklo Technologies at 202nd and Parker-Hannifin at 204th.
On the investor side, notable names include Ark Invest founder Cathie Wood, Founders Fund, Pantera Capital, Kraken, DCG, Galaxy Digital and Thomas Lee himself as a personal investor.
The company also entered the Fortune Crypto 100 list on June 11, 2026. Compiled by Fortune magazine based on data analysis from Inca Digital and input from crypto experts, the list ranks the most influential companies in the blockchain sector.
Support from infrastructure
Bitmine’s management views the GENIUS Act enacted in the United States and the SEC’s Project Crypto initiative as a historic turning point for financial markets. According to the company, these regulatory steps are comparable in significance to the collapse of the Bretton Woods system in 1971 and carry the potential to reshape Wall Street.
The board of directors also approved a third weekly cash dividend of $0.2639 per share for the Series A Preferred Shares it holds. The payment will be made on July 6, 2026, to shareholders of record as of the close of business on June 26, 2026.
