Bitmine Immersion Technologies (BMNR), the U.S. listed bitcoin mining company often called "the MicroStrategy of Ethereum," is back on the buying spree. According to an official announcement on June 22, 2026, the firm purchased an additional 52,203 Ether (ETH) last week, bringing its total holdings to 5,672,956 ETH. At Coinbase's price of $1,733 per coin, the stash is worth roughly $9.83 billion. This accumulation accounts for 4.7% of the total ETH supply (about 120.7 million coins), putting Bitmine within striking distance of its "Alchemy of 5%" target.
11 Months to Hit 94% of the 5% Goal
Bitmine's board laid out the "Alchemy of 5%" strategy in mid-2025, aiming to hoard 5% of all Ether in circulation. Tuesday's filing shows the firm has completed 94% of that objective in just 11 months. Beyond ETH, Bitmine's total asset base — including crypto, cash, and marketable securities — reached $10.7 billion as of June 21. The breakdown includes $601 million in cash/securities, 205 BTC, plus moonshot positions: $180 million in Beast Industries equity and $104 million in Eightco Holdings (ORBS) shares.
83% of ETH Staked, Generating $223M Annual Yield
The company is aggressively putting its ETH to work. As of the filing, Bitmine has staked 83% of its Ether (4,718,677 ETH) through MAVAN (Made in America Validator Network), its proprietary institutional staking platform. Based on the current 7-day average yield of 2.73%, fully staked annualized return would hit $268 million, while current staking income runs at about $223 million per year. This steady passive income stream helps fund further purchases.
Tom Lee: Tokenization and AI Drive Exponential Demand
Bitmine's chairman, Wall Street analyst Tom Lee, struck a bullish tone in the release: "The best years for crypto are ahead. The rapid progress of tokenization and artificial intelligence (AI) will drive exponential demand for blockchain-based decentralized assets." He emphasized that the industry is still in the early phase of a "crypto spring." To keep the buying engine running, Bitmine closed a Series A perpetual preferred stock (BMNP) offering on June 10, issuing 3.5 million shares for net proceeds of about $273.8 million, now listed on the NYSE. The board also declared a weekly cash dividend of $0.1847 per share for the next seven weeks.