BitMine Immersion Technologies has expanded its Ethereum position again, now holding 5,620,754 tokens as of mid-June. This brings the company closer to its ambitious goal of owning 5% of all Ethereum in circulation. The firm’s latest disclosure reveals that this stash equals 4.66% of the total ETH supply, which stands at roughly 120.7 million coins.
Alongside its massive Ethereum treasury, BitMine reported a combined portfolio of digital assets, cash, and strategic investments valued at $10.4 billion. This includes 204 Bitcoin, $502 million in cash and marketable securities, plus stakes in Beast Industries and Eightco Holdings worth $180 million and $88 million respectively. Chairman Tom Lee noted that the company added 76,881 ETH over the past week, maintaining an aggressive buying pace because they believe the recent price drop doesn’t reflect Ethereum’s improving fundamentals.
BitMine’s staking operations now involve 4,718,677 ETH, worth around $8.1 billion at current prices. This generates projected annual rewards of about $219 million, providing a steady cash flow to support dividends on the company’s preferred stock. The firm recently closed the sale of 3.5 million shares of Series A perpetual preferred stock, netting roughly $273.8 million after expenses. Lee described this move as balance sheet diversification, with staking income expected to cover dividend payments.
Despite these developments, BMNR shares showed little change, trading near $16.11 with a market cap of about $7.32 billion. The stock’s muted reaction comes after weeks of intense focus on BitMine’s Ethereum treasury strategy. The company noted that BMNR remains one of the most actively traded U.S. equities, with average daily dollar volume of $550 million over the past five sessions. Investors now watch to see if BitMine can continue growing its ETH per share while meeting weekly dividend obligations.