Whale Accumulation: BitMine Adds 27,084 ETH Last Week
According to PR Newswire, crypto investment firm BitMine accelerated its Ethereum purchases during the final week of June 2026, acquiring 27,084 ETH. As of June 28, 2026, its total Ethereum holdings reached 5,700,040 ETH, representing approximately 4.7% of the total Ethereum supply. This positions BitMine as one of the largest publicly traded company holders of Ethereum globally, far exceeding most institutional holdings.
Portfolio Overview and Asset Structure
BitMine's combined crypto assets, cash, and other investments are valued at approximately $9.8 billion. This includes $555 million in cash and marketable securities, 206 BTC, an $180 million equity stake in Beast Industries, and a $74 million investment in Eightco Holdings. Notably, the amount of staked Ethereum has increased to 4,879,157 ETH—over 85% of its total holdings—worth roughly $7.7 billion. At current staking yields, this generates an annualized return of approximately $211 million, providing BitMine with a stable passive income stream.
Market Impact and Tom Lee's Commentary
Prominent analyst Tom Lee pointed out that BitMine was added to the Russell 1000 Large-Cap Index during the Russell Indexes' annual reconstitution on June 26, 2026. This inclusion is expected to bring hundreds to thousands of new institutional investors to the company; passive funds and ETFs typically hold between 18% and 20% of a listed company's float, which will significantly enhance BitMine's liquidity and market visibility.
However, the crypto market faced headwinds this week, with ETH declining 8%. Despite positive developments in the Ethereum ecosystem such as the establishment of Ethlabs and the Bank of England's softened stance on stablecoins, the "window dressing" effect around quarter-end prompted investors to trim assets that underperformed over the past three months. Lee believes the long-term trajectory for the crypto industry remains positive, emphasizing that the dual drivers of Wall Street infrastructure moving on-chain and proxy AI payment systems continue to provide fundamental support. Short-term volatility does not alter the secular trend.