Bitmine Immersion Technologies (BMNR) shares slid 3.57% to $14.44 on Monday after the company disclosed that its crypto, cash, and strategic investments now total $11.3 billion, driven almost entirely by its growing Ethereum (ETH) treasury. The firm held 5,770,038 ETH — roughly 4.8% of the circulating supply — valued at $1,820 per token via Coinbase pricing, alongside 206 Bitcoin and $482 million in cash and marketable securities. Management called the Ethereum position the largest corporate ETH treasury in the world and the second-largest corporate crypto holding behind Strategy’s Bitcoin reserve.
The expansion comes with significant financial complexity. Bitmine’s average cost per Ether is approximately $3,997, leaving an unrealized loss near $9 billion at current prices. To sustain the accumulation, the company raised $273.8 million in June through a Series A Perpetual Preferred Stock offering (NYSE: BMNP), which carries a fixed 9.5% annual dividend paid weekly in cash. That obligation persists regardless of Ethereum’s price moves.
To offset those cash outflows, Bitmine has staked 4,917,189 ETH, or 85% of its holdings, through its MAVAN staking platform and partner infrastructure. Based on a 2.70% seven-day annualized yield, management projects roughly $242 million in annual staking revenue — enough to comfortably cover the dividend. Founder Tom Lee noted that the figure could climb toward $284 million once the remaining ETH is deployed.
The company added 27,801 ETH in the most recent week, down from 42,197 the week before, signaling a slower buying pace. Still, Bitmine remains near its stated goal of owning 5% of all Ether. Other milestones include joining the Russell 1000 Index on June 26, which could attract passive institutional inflows, and positive commentary around the July 1 launch of Robinhood Chain. Lee highlighted that the chain’s 27 million users pay transaction fees in Ether, potentially boosting Layer 2 settlement demand on Ethereum.
