Key Highlights
- Bitmine increased its Ethereum holdings to 5.54 million ETH, representing roughly 4.59% of the total supply.
- More than 85% of its ETH treasury is staked through its proprietary validator infrastructure.
- The company deployed approximately $213 million during the latest market decline and remains bullish on Ethereum’s long-term prospects.
Bitmine Immersion Technologies, an Ethereum-focused treasury firm, is increasing its exposure to Ethereum amid a market pullback, announcing that it now holds 5.54 million ETH as the asset trades near the $1,600 level. The company’s total crypto, cash, and strategic investments reached $9.6 billion, pushing its “Alchemy of 5%” strategy.
According to the official announcement, as of June 7, 2026, Bitmine’s holdings include 5,543,872 ETH, representing approximately 4.59% of the total ETH supply (120.7 million coins). The company acquired an additional 126,971 ETH over the past week, deploying roughly $213 million during the recent dip.
Chairman Thomas “Tom” Lee emphasized that the pullback does not reflect Ethereum’s strengthening fundamentals.
Over 85% of Bitmine’s ETH, specifically 4,718,677 tokens, is staked through its proprietary MAVAN (Made in America VAlidator Network) platform. At around $1,630 per ETH, the staked portion is valued at approximately $7.7 billion. The company projects annualized staking rewards of 270 million, based on recent 7-day yields of around 2.99%.
Bitmine made its largest purchase since December on May 26, buying 111,942 ETH worth $237 million, which increased its total holdings to 5.39 million ETH.
ETH shows slight recovery but is still far from earlier highs
At the time of this writing, Ethereum is trading at about $1,682, up around 4% in the past 24 hours but down significantly from earlier 2026 highs above $2,300, according to CoinMarketCap.
Lee cited growing tokenization activity on Ethereum and increasing demand for decentralized infrastructure from AI-related applications as factors supporting Ethereum’s long-term outlook. He said the company remains on track to reach its goal of controlling 5% of the ETH supply in 2026.
Technically, ETH has faced heavy selling pressure, with recent RSI levels hitting oversold territory. However, strong on-chain fundamentals such as staking participation and institutional interest could support a recovery if macroeconomic conditions stabilize.
Bitmine’s holdings beyond ETH
Beyond ETH, Bitmine holds 204 BTC, $247 million in cash, and “moonshot” equity stakes, including $88 million in Eightco Holdings (NASDAQ: ORBS). The announcement notes that Bitmine ranks as the world’s largest ETH treasury and the 2nd overall crypto treasury behind Strategy (MSTR).
BMNR stock remains highly liquid, trading an average of $829 million daily (5-day average), ranking it 148th among US-listed stocks. It continues to attract institutional support, including ARK Invest’s Cathie Wood, Founders Fund, Pantera, Galaxy Digital, and Tom Lee himself.
Success relies on ETH’s performance
While the expansion reflects strong long-term conviction amid current prices near $1,600, it also exposes Bitmine to substantial market volatility and unrealized losses relative to higher acquisition costs.
The effectiveness of this approach will depend on Ethereum’s future adoption, network fundamentals, and broader macroeconomic conditions. Investors should carefully weigh the potential rewards against the inherent risks associated with large-scale crypto treasury management.
Also Read: Quantum Resistance, RWAs Lead Crypto Trends: Binance Report
