Bitmine Immersion Technologies expanded its Ethereum position again last week, buying 27,084 ETH and bringing total holdings to 5,700,040 ETH as of June 28. The stash represents 4.7% of Ethereum's total supply of 120.7 million coins, inching closer to the company's "alchemy of 5%" target for 2026. The purchase came amid a broader crypto decline — Ethereum dropped roughly 8% during the period, according to Chairman Tom Lee.
Latest Purchase Lifts Holdings to 5.7M ETH
Bitmine disclosed that its crypto, cash, marketable securities, and other investments totaled $9.8 billion. Apart from Ethereum, the firm holds 206 Bitcoin, a $180 million stake in Beast Industries, and a $74 million stake in Eightco Holdings. Lee reiterated the company's focus on long-term blockchain adoption, highlighting developments in financial infrastructure and digital payment systems.
Staking Ratio Above 85%, 2.75% Annualized Yield
Staked ETH now stands at 4,879,157 ETH, more than 85% of total holdings. Worth approximately $7.7 billion at current prices, these staked assets generated a 7-day annualized yield of 2.75%. Bitmine projects annualized staking revenue of $211 million based on current operations, and Lee noted that fully staking all holdings through MAVAN and partners could push annual rewards to $246 million.
Russell 1000 Inclusion Opens Door to Institutional Capital
On June 26, Bitmine joined the Russell 1000 Index during the annual reconstitution. Lee expects the inclusion to bring "hundreds or even thousands" of additional institutional investors. Earlier in June, the company completed a preferred stock offering raising net proceeds of about $273.8 million. Fortune also named Bitmine to its Fortune 100 Crypto List on June 11. Despite the market downturn, Lee pointed to positive catalysts including the launch of Ethlabs and a softer stance on stablecoins from the Bank of England.