Tom Lee's BitMine Immersion Technologies has once again expanded its Ethereum holdings. As of June 14, the company held 5,620,754 ETH, equal to 4.66% of Ethereum's total supply of approximately 120.7 million tokens, inching closer to its goal of owning 5% of all ETH.
BitMine also disclosed its broader portfolio: total crypto, cash, marketable securities, and "moonshots" valued at $10.4 billion. This includes 204 BTC, $502 million in cash and marketable securities, an $180 million stake in Beast Industries, and an $88 million stake in Eightco Holdings.
Staking Operation Backs Preferred Stock Payouts
The firm said it has staked 4,718,677 ETH, worth roughly $8.1 billion at $1,718 per ETH, making it the largest Ethereum treasury globally and the second-largest public crypto treasury after Strategy. Chairman Thomas "Tom" Lee noted, "Over the past week, we acquired 76,881 ETH." He explained the recent ETH pullback does not reflect stronger Ethereum fundamentals, so BitMine maintained an aggressive buying pace.
Separately, BitMine closed the sale of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock on June 10, generating net proceeds of about $273.8 million. Lee said the offering diversifies the balance sheet, while projected annual staking rewards of roughly $219 million provide recurring cash flow to support dividends on the preferred shares.
BMNR Stock Barely Reacts
The preferred shares are expected to begin trading on the NYSE under the ticker BMNP on June 16. BitMine declared a weekly cash dividend of $0.2639 per preferred share, payable on July 6 to holders of record June 26. However, BMNR common stock showed minimal movement following the update — Google Finance data showed shares near $16.11, down about 0.03%, with a market cap of roughly $7.32 billion. The muted reaction comes despite BitMine ranking among the most traded U.S. stocks, with average daily dollar volume of about $550 million over five days as of June 12.
crypto.news previously reported BitMine had raised its ETH holdings to 5.42 million after buying 26,497 ETH and staking 4.72 million ETH. The latest release shows continued accumulation while building cash reserves and preferred stock financing. Investors will now watch whether the company can grow ETH per share while meeting weekly dividend obligations.