Bitmine Reaches 4.66% of Ethereum Supply as Crypto Holdings Hit $10.4 Billion
Bitmine Immersion Technologies said its ether holdings have climbed to 5.62 million tokens, bringing the company closer to its goal of owning 5% of Ethereum’s total supply.
As of June 14 at 6 p.m. ET, Bitmine held 5,620,754 ETH, valued at $1,718 per token, along with 204 BTC. The company also reported $502 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $88 million stake in Eightco Holdings. Together, Bitmine said its crypto, cash, marketable securities, and strategic holdings total $10.4 billion.
The company’s ether position represents 4.66% of Ethereum’s 120.7 million token supply. That puts Bitmine 93% of the way toward what Chairman Tom Lee calls the company’s “Alchemy of 5%” target, reached in just 11 months.
Lee said Bitmine added 76,881 ETH over the past week and is maintaining an elevated buying pace. He stated:
We believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals. This is not surprising, given we believe we are in the early stages of crypto spring. Bitmine is expected to reach the ‘alchemy of 5%’ sometime in 2026.
Preferred Stock Adds Balance-Sheet Flexibility
Bitmine also closed its sale of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock on June 10. The shares were sold at $80 each, generating about $273.8 million in net proceeds after fees and expenses.
The preferred stock is expected to begin trading on the New York Stock Exchange under the ticker BMNP on June 16. Dividends are scheduled to be paid weekly, subject to the terms of the offering.
Lee said the preferred stock provides Bitmine with greater balance-sheet diversification. He added that the current projected annualized staking rewards of about $219 million can help support dividends tied to the Series A shares.
Staking remains central to Bitmine’s strategy. The company said it has 4,718,677 ETH staked, worth about $8.1 billion at current prices. That represents more than 83% of its total ETH holdings.
Bitmine said its staking operations generated a seven-day annualized yield of 2.79%. Lee said annualized staking revenue is now projected at $226 million, with rewards potentially reaching $269 million at scale once more ETH is staked through MAVAN and partners.
MAVAN (Made in America Validator Network) was built first for Bitmine’s own treasury. The company plans to expand it for institutional investors, custodians, and ecosystem partners.
The company was recently named to Fortune’s Crypto 100 list for 2026. BMNR remains among the most actively traded U.S. stocks, with average daily volume of $550 million over five sessions, ranking 203rd among 5,704 U.S.-listed equities.
