BitMine Immersion Technologies has pushed its BitMine Ethereum holdings to 5,620,754 ETH as of June 14, 2026 — a position so large it now represents 4.66% of the entire Ethereum supply, putting the company within striking distance of its self-declared “alchemy of 5%” target.
Summary
Key takeaways
- BitMine holds 5,620,754 ETH as of June 14, 2026, equal to 4.66% of Ethereum’s total supply of 120.7 million tokens.
- The company has staked 4,718,677 ETH, valued at approximately $8.1 billion at $1,718 per ETH, generating an estimated $219 million in annual staking rewards.
- BitMine raised $273.8 million net from the sale of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock, which closed June 10.
- Preferred shares will begin trading on the NYSE under the ticker BMNP on June 16, 2026, with weekly dividends of $0.2639 per share.
- BMNR common stock barely moved after the announcement, trading near $16.11 with a market cap of roughly $7.32 billion.
BitMine’s Ethereum Stack Keeps Growing
The numbers here are hard to ignore. BitMine’s ETH position — built through consistent buying even as Ethereum prices pulled back — now makes the company the largest Ethereum treasury in the world and the second-largest crypto treasury globally, trailing only Strategy, which holds approximately 843,706 BTC valued at around $52 billion.
Chairman Thomas “Tom” Lee didn’t shy away from explaining the rationale behind continuing to buy during a soft patch for ETH prices. “Over the past week, we acquired 76,881 ETH,” Lee said, adding that the company deliberately maintained a higher buying pace because it believes the recent pullback doesn’t reflect Ethereum’s underlying fundamentals.
That conviction is notable. Rather than pausing accumulation while the market softened, BitMine leaned in — a posture that echoes how Strategy built its Bitcoin position through multiple bear cycles.
Staking as the Engine Room
Of the 5.62 million ETH held, 4,718,677 ETH — more than 84% of total holdings — is actively staked. At a reference price of $1,718 per ETH, that staked position carries a value of roughly $8.1 billion.
The staking operation underpins what BitMine calls its MAVAN platform — the Made in America VAlidator Network — an institutional-grade staking infrastructure the company launched in 2026. Initially built to support BitMine’s own treasury, MAVAN is designed to eventually serve institutional investors, custodians, and ecosystem partners. At scale, when BitMine’s full ETH stack is staked through MAVAN and its partners, projected annualized staking rewards reach as high as $270 million, with current projections sitting around $219 million annually based on a 7-day yield rate of 2.99%.
That recurring cash flow is more than just a balance sheet metric — it’s the structural foundation for BitMine’s new preferred stock program.
Preferred Stock Sale Adds a New Financing Layer
On June 10, BitMine closed the sale of 3.5 million shares of its 9.50% Series A Perpetual Preferred Stock, generating approximately $273.8 million in net proceeds after fees and expenses. The offering represents a meaningful shift in how the company finances its treasury ambitions — moving beyond pure equity raises toward a more structured capital tool that offers investors a defined income stream.
Lee framed it as balance sheet diversification, with staking revenue acting as the natural backstop for dividend obligations. The math makes sense: $219 million in projected annual staking rewards comfortably covers dividend payments on the preferred shares, at least at current ETH staking yields.
BMNP Heads to the NYSE
The preferred shares are set to start trading on the NYSE under the ticker BMNP on June 16, 2026. BitMine has already declared the first weekly cash dividend: $0.2639 per preferred share, payable on July 6, 2026, to holders of record on June 26.
Weekly dividend payments are an unusual feature — most preferred issues pay quarterly — and the frequency signals BitMine wants to make BMNP attractive to income-focused investors who might otherwise overlook a crypto-heavy balance sheet.
Strategically, the preferred offering does something else: it gives BitMine a way to raise capital without immediately diluting BMNR common shareholders, while also building a broader investor base that includes income-oriented buyers who may have no interest in direct ETH exposure.
BMNR Stock Holds Steady, but the Market Stays Measured
Despite the volume of news — record ETH holdings, a major capital raise, a new NYSE-listed security — BMNR common stock barely moved. Shares traded near $16.11, down just 0.03%, with a market capitalization of approximately $7.32 billion.
The muted reaction isn’t necessarily a red flag. BMNR has become one of the more actively traded US stocks — average daily dollar volume hit roughly $550 million over the five trading days ending June 12 — which means the stock’s price tends to reflect ongoing sentiment rather than react sharply to individual announcements. The market has largely priced in BitMine’s accumulation strategy at this point.
Beyond ETH and its staking position, BitMine’s total holdings also include 204 BTC, $502 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $88 million stake in Eightco Holdings — giving it a diversified but ETH-heavy asset base.
The bigger question for investors isn’t whether BitMine can accumulate ETH — it clearly can. The question is whether staking yields remain robust enough to sustain weekly dividend payments on BMNP while the company continues buying ETH at scale, and whether approaching the 5% supply threshold creates new dynamics — or new scrutiny — around concentration risk in Ethereum’s staking ecosystem.
FAQ
How much Ethereum does BitMine currently hold?
BitMine holds 5,620,754 ETH as of June 14, 2026, which equals approximately 4.66% of the total Ethereum supply of 120.7 million tokens.
What is the value of BitMine’s staked Ethereum?
BitMine has staked 4,718,677 ETH, valued at approximately $8.1 billion based on a reference price of $1,718 per ETH, generating an estimated $219 million in annual staking rewards under current conditions.
What recent financial move did BitMine make to diversify its balance sheet?
BitMine closed the sale of 3.5 million shares of its 9.50% Series A Perpetual Preferred Stock on June 10, raising approximately $273.8 million in net proceeds after fees and expenses.
What has been the market reaction to BitMine’s Ethereum update and preferred stock offering?
BMNR common stock traded nearly flat at around $16.11, down just 0.03%, with a market capitalization of approximately $7.32 billion — showing little movement despite the scale of the announcements.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
