Bitmine Immersion Technologies (BMNR) has continued its aggressive Ethereum accumulation, bringing its total ETH holdings to 5,700,040 tokens as of June 28, 2026. The position, valued at approximately $8.9 billion based on a price of $1,569 per ETH, now represents 4.7% of Ethereum’s total circulating supply of 120.7 million. Bitmine is rapidly closing in on its stated goal of owning 5% of all ETH, having added 27,084 ETH last week for around $43 million—a smaller purchase compared to earlier batches but still part of an 11‑month accumulation campaign.
The company’s broader crypto, cash, and securities portfolio reached $9.8 billion, including 206 Bitcoin, a $180 million stake in Beast Industries, a $74 million stake in Eightco Holdings, and $555 million in cash and marketable securities. Despite the growth in treasury assets, BMNR stock closed at $13.56, down 92% from its 52‑week high of $161, and fell another 14.5% during the week. Analysts, however, maintain price targets between $33 and $40 per share.
Bitmine also reported that 4,879,157 ETH—worth about $7.7 billion and equal to more than 85% of its total ETH—is staked through its institutional platform MAVAN (Made in America Validator Network) and partner validators. The staking operations generated a 2.75% annualized seven‑day yield, translating into projected annualized staking revenue of $211 million from current holdings and up to $246 million at full scale. MAVAN is designed to serve Bitmine’s own treasury first, with plans to expand to custodians, institutions, and ecosystem partners.
Chairman Tom Lee attributed the latest crypto market weakness to quarter‑end “window dressing,” where portfolio managers shed losing positions ahead of reporting periods. Both Bitcoin and Ethereum are on track for a third straight quarterly loss, with ETH down 25% in Q2 2026. Lee noted that positive developments—such as the Ethlabs launch and a softer Bank of England stance on stablecoins—were overshadowed by the seasonal selling pressure.
In other milestones, Bitmine joined the Russell 1000 Large‑Cap Index on June 26, a move expected to broaden its institutional investor base through passive funds and ETFs. The company also completed a preferred stock offering earlier in June, raising $273.8 million net from the sale of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock, which now trades under the ticker BMNP on the NYSE with weekly dividends.
