Bitmine Immersion Technologies said its combined digital asset, cash, and marketable securities holdings climbed to $9.8 billion as of June 28, driven by a sharp increase in its Ethereum position. The company now holds 5.70 million ETH, equal to about 4.7% of the cryptocurrency’s 120.7 million circulating supply.
At a market price of $1,569 per ETH, Bitmine’s Ethereum holdings are valued at roughly $7.7 billion. Of this, 4.88 million ETH are already staked, generating estimated annual rewards of about $211 million based on a 7-day yield of 2.75%. The company expects this figure to rise to around $246 million once its full Ethereum balance is deployed through its MAVAN staking platform.
Additional assets and treasury composition
Beyond Ethereum, Bitmine reported $555 million in cash and marketable securities, along with 206 Bitcoin. It also holds equity stakes valued at $180 million in Beast Industries and $74 million in Eightco Holdings.
Industry data ranks Bitmine as the largest corporate holder of Ethereum globally and the second-largest crypto treasury overall, behind Strategy Inc., which reportedly holds 847,363 Bitcoin worth about $50 billion.
Progress toward the “alchemy of 5%”
The company said it has reached 94% of its internal goal of acquiring 5% of Ethereum’s total supply, a strategy it calls the “alchemy of 5%.” If completed, the milestone would place a significant portion of Ethereum under the control of a single publicly traded company.
That level of concentration, combined with extensive staking, reduces the amount of ETH available for daily trading. Market participants are increasingly factoring in how this shrinking liquid supply could intensify price swings when demand shifts.
Index inclusion and trading activity
Bitmine was added to the Russell 1000 Large-Cap Index on June 26, a move that typically triggers buying from index-tracking funds. Such funds often account for roughly 18% to 20% of ownership in index constituents, creating a mechanical source of demand for newly included stocks.
The company’s average daily trading volume reached $643 million over the five days ending June 26, placing it 240th among more than 5,700 U.S.-listed stocks. It was also included in the Fortune 100 Crypto List earlier in June.
Preferred stock issuance and funding strategy
To help finance its digital asset accumulation, Bitmine raised $273.8 million through a public offering of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock, priced at $80 per share. The securities trade on the New York Stock Exchange under the ticker BMNP and pay weekly dividends.
This approach provides substantial capital but creates ongoing cash obligations. The sustainability of these dividend payments may depend on staking income and broader market conditions, making the performance of both Ethereum and the preferred shares a key focus for traders.
Staking platform and revenue outlook
Bitmine’s MAVAN platform, originally developed to manage its internal Ethereum treasury, is also being positioned as infrastructure for custodians and institutional clients. The platform underpins the company’s staking operations and serves as a primary revenue source tied to Ethereum yields.
However, staking returns have moderated to below 3% in recent data. Any further decline could pressure the firm’s ability to cover dividend payouts through operational income, potentially requiring the use of reserves or asset sales.
Market implications of large-scale accumulation
Bitmine’s strategy mirrors broader trends across the Ethereum network, where assets are increasingly moving off exchanges into staking contracts and private wallets. This shift has pushed liquid supply to multi-year lows.
The company’s control of a large and largely staked ETH position adds to that tightening supply. While this can support prices during periods of demand growth, it may also increase volatility. Traders are closely watching how such a concentrated holding could influence market dynamics if the firm adjusts its strategy.
Parallels with Strategy Inc.
Recent developments at Strategy Inc. highlight the risks tied to asset-heavy treasury strategies. The company’s stock has fallen sharply amid a drop in Bitcoin prices and concerns over its own preferred stock and debt obligations.
Even small sales of Bitcoin to cover dividends have triggered strong market reactions, underscoring how closely such firms are tied to their core crypto holdings. Bitmine faces similar scrutiny as it expands its Ethereum-focused approach.
Want to understand ETH’s role in portfolios like Bitmine’s? Start with our guide: What is Ethereum and how does it work.
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