BitMine has released its latest treasury update, reporting holdings of 5,700,010 ETH as of June 29. Using the Coinbase price cited in the source, $1,569 per ETH, the position was valued at about $9.8 billion. The company also said 4.88 million ETH had been committed to staking, generating estimated annual staking revenue of roughly $211 million.
Company says it is close to its 5% Ethereum supply target
Based on the supply figures referenced in the source material, BitMine’s ETH stack represents about 4.87% of Ethereum’s circulating supply. That leaves the firm about 350,000 ETH short of its stated target of reaching 5%. The report added that, if BitMine continues accumulating at an average pace of roughly 15,000 ETH per week, it could reach that threshold in about two to three months.
BitMine’s broader balance sheet, as listed in the update, also includes 206 BTC, a $180 million equity stake in Beast Industries, a $74 million equity position in Eightco Holdings, and $555 million in cash and marketable securities. Even with those assets on hand, ETH remains the center of the company’s strategy.
Most of the ETH treasury is already staked
The company said its staking operation covers 4.88 million ETH, with that portion valued at around $7.7 billion. Estimated annual staking income slipped from $233 million a week earlier to $211 million in the latest update. The source tied that decline to ETH’s price move from $1,733 on June 22 to $1,569.
BitMine also reported a 2.75% 7-day annualized yield on its proprietary staking nodes, slightly above the roughly 2.5% network average cited in the article. That gives the company exposure to both ETH price movement and recurring on-chain yield from staking activity.
Tom Lee points to tokenization and AI infrastructure
BitMine was founded in 2024 by Fundstrat chief strategist Tom Lee, with what the article described as an “Ethereum is money” investment thesis. In a Monday post cited by the source, Lee said crypto is facing a mix of near-term headwinds and longer-term demand drivers. The headwinds he listed included expectations for Federal Reserve rate hikes, delays around the CLARITY Act, capital being drawn into AI trades, and private credit crowding out inflows.
On the other side, Lee pointed to tokenization, the use of crypto as downstream infrastructure for AI, and the broader digitization of money as structural forces supporting Bitcoin and Ethereum. The source also said BitMine has become a core supporter of Ethlabs, an Ethereum research lab launched on June 22 by DeFi builders, core developers, L2 founders, and institutions.
Trading activity places BMNR among more active U.S. listings
According to Fundstrat data cited in the report, BitMine (BMNR) recorded a $643 million five-day average daily trading value as of June 26. That ranked the stock No. 240 among 5,704 U.S.-listed companies. The article said its liquidity now sits above Oklo and just behind Monster.
Unlike Strategy’s Bitcoin-centered treasury model, BitMine is positioned as a more concentrated ETH vehicle. Its public approach combines a large ETH treasury with staking income, which is why the company has drawn close attention from crypto-focused investors.