Bitmine Immersion Technologies (NYSE: BNMR) disclosed on June 29, 2026, that its combined crypto, cash, marketable securities, and strategic investment holdings now total $9.8 billion.
The company reported holding 5,700,040 Ether (ETH) as of June 28, 2026, priced at $1,569 per token, alongside 206 BTC, a $180 million position in Beast Industries, a $74 million stake in Eightco Holdings (NASDAQ: ORBS), and $555 million in cash and marketable securities.
This marks a net addition of roughly 27,084 ETH over the past week, keeping the firm on a steady accumulation pace that has defined much of 2026. The company’s ETH position represents approximately 4.7% of Ethereum’s total circulating supply of 120.7 million tokens, placing it 94% of the way toward the so-called “Alchemy of 5%” target that Chairman Thomas “Tom” Lee has repeatedly outlined since mid-2025.
Staking Operations Generate Over $211 Million in Projected Annual Revenue
A significant portion of the treasury is actively deployed on-chain. Bitmine reported 4,879,157 ETH staked as of June 28, valued at approximately $7.7 billion. That figure has grown from 4,718,677 staked ETH reported a week earlier, reflecting an ongoing ramp-up in validator participation.
The staking activity runs through MAVAN, short for Made in America VAlidator Network, a proprietary platform the company launched earlier this year. It was originally built to handle Bitmine’s own treasury but is being positioned for broader institutional use.
At current levels, the company projects annualized staking revenue of approximately $211 million based on a 7-day yield of 2.75%. At full deployment, where all of Bitmine’s ETH is staked via MAVAN and its external partners, the projected figure rises to $246 million on an annualized basis.
Bitmine claims it has staked more ETH than any other single entity in the world. This is a notable claim given the scale of Ethereum’s validator set, and it tracks with the company being the largest publicly disclosed corporate holder of ETH globally.
Russell 1000 Inclusion Takes Effect
On June 26, 2026, Bitmine was officially added to the Russell 1000 Large-Cap Index as part of the annual reconstitution conducted by FTSE Russell. The index tracks the 1,000 largest US-listed companies by market capitalization and serves as a benchmark for a massive ecosystem of passive funds, ETFs, and institutional portfolios.
The practical significance here is structural. The Investment Company Institute (ICI) estimates that passive investment funds and ETFs typically represent 18 to 20% of a company’s shares. Lee stated that the inclusion is expected to bring in hundreds, and potentially thousands, of additional institutional equity owners.
This matters for the broader crypto ecosystem as well. Pension funds, 401(k) plans, and retirement accounts benchmarked to the Russell 1000 will now carry indirect exposure to Ethereum through their BMNR allocation, whether or not fund managers intended to hold crypto-linked equities.
Preferred Stock Offering Raises $273.8 Million
Earlier in June, Bitmine closed an upsized offering of 3,500,000 shares of its 9.50% Series A Perpetual Preferred Stock at $80.00 per share, raising approximately $273.8 million in net proceeds. The preferred shares began trading on the NYSE under the ticker symbol BMNP on June 16, 2026.
The dividends on BMNP are structured as weekly cash payments, which is an unusual cadence for preferred equity. The recurring cash flow from staking operations is intended to support this dividend schedule. The first dividend of $0.316667 per share was paid on June 22, with subsequent weekly payments already declared.
Fortune Crypto 100 Recognition and Ethlabs Launch
On June 11, 2026, Bitmine was named to the inaugural Fortune Crypto 100 list, a ranking of the most influential companies in blockchain compiled using data analysis from Inca Digital and a survey of more than 200 crypto industry experts.
Separately, Bitmine co-funded the launch of Ethlabs on June 22, 2026. Ethlabs is an independent nonprofit R&D organization founded by five former Ethereum Foundation researchers, including Ansgar Dietrichs, Barnabe Monnot, and Caspar Schwarz-Schilling.
The initiative is co-funded by Bitmine, SharpLink (NASDAQ: SBET), and Ethereum co-founder Joe Lubin, along with contributors including Anchorage, Octant, and SNZ. Its stated mission is to prepare Ethereum for the next wave of institutional adoption across stablecoins, tokenized real-world assets, and agentic AI commerce.
ETH Down 10% in the Past Week
This latest treasury update arrives during a rough stretch for Ethereum. ETH fell approximately 8% over the past week, and the token is trading well below the $2,000+ levels seen earlier in 2026 and significantly below the $4,000+ highs from previous cycles.
Tom Lee acknowledged the downturn in his statement, attributing it partly to quarter-end window dressing, where institutional investors reduce holdings in underperforming assets ahead of reporting periods.
He pointed to several positive Ethereum developments during the same period, including the Ethlabs launch and the Bank of England’s revised stablecoin framework published on June 22, which removed the controversial per-person holding cap and replaced it with a temporary issuance limit of 40 billion pounds per systemic stablecoin.
Bitmine’s average acquisition cost sits around $3,440 per ETH based on prior third-party estimates, which means the firm is carrying a significant unrealized loss on the position at current prices. That is the trade-off of the Strategy-style accumulation model when applied to a volatile asset.
Regulatory Backdrop
Bitmine’s management has repeatedly drawn parallels between the current regulatory environment and the 1971 Nixon shock that ended the Bretton Woods gold standard. The firm views the GENIUS Act, which was signed into law on July 18, 2025, and the SEC’s Project Crypto initiative as potentially transformational for financial services infrastructure.
The GENIUS Act established a federal regulatory framework for payment stablecoins in the United States. Federal regulators, including the OCC and FDIC, are currently in the rulemaking phase, with final regulations expected by mid-2026.
This framework, combined with the Bank of England’s newly published stablecoin regime and the EU’s existing MiCA regulations, creates a global regulatory environment that Bitmine’s leadership believes will accelerate crypto adoption across traditional finance.
What the Numbers Say
Bitmine’s crypto treasury remains the largest publicly disclosed Ethereum position in the world and the second-largest crypto treasury overall, behind Strategy Inc. (NASDAQ: MSTR), which reportedly holds 847,363 BTC valued at approximately $50 billion.
BMNR stock has been among the most actively traded equities in the US market, with an average daily dollar volume of $643 million over the five trading days ending June 26, ranking it 240th among 5,704 US-listed stocks according to Fundstrat data.
The stock has gained over 260% over the past year, though it remains down roughly 49% year-to-date and has declined over the past month, reflecting the broader pressure on ETH-linked equities during this drawdown.
With 94% of its 5% target now accumulated in just 11 months, Bitmine is approaching the milestone it has built its entire corporate identity around. The remaining gap is roughly 330,000 ETH, or around $518 million at current prices. Whether and when the company crosses that threshold will depend on its pace of capital deployment and market conditions in the weeks ahead.
Also Read: Michael Saylor’s Strategy Boosts Reserve to $2.55B and Raises $STRC Dividend to 12%
