Bitmine Adds $800 Million in Crypto Holdings as ETH Stash Nears 5% Supply Goal
The Ethereum treasury company's total crypto and cash holdings climbed to $10.4 billion in a single week, fueled by a $274 million preferred-stock offering and rising ETH prices.
Bitmine Immersion Technologies (BMNR), the Ethereum treasury and staking company, expanded its total holdings to $10.4 billion in the week ended June 14, 2026, an increase of roughly $800 million that pushed the firm closer to its long-stated goal of controlling 5% of the total ETH supply.
The gain was driven by two forces working in tandem: the company added approximately 77,000 ETH to its balance sheet, bringing total holdings to 5.62 million tokens, while the spot price of Ethereum rose to $1,718 from $1,630 the prior week. Bitmine's share of the circulating ETH supply edged up to 4.66% from 4.59%, placing the company 93% of the way toward what it calls its "Alchemy of 5%" target.
Cash reserves more than doubled to $502 million from $247 million after the company closed an upsized Series A Preferred Stock offering on June 10. Bitmine increased the deal from 3 million shares to 3.5 million at $80.00 apiece, generating approximately $273.8 million in net proceeds. The preferred shares, trading under the ticker BMNP, began listing on the New York Stock Exchange on June 16, with an initial dividend of $0.316667 a share declared and weekly payouts of $0.105556 a share to follow.
The value of Bitmine's staked Ethereum portfolio rose to $8.1 billion from $7.7 billion, though the underlying staked count held flat at 4,718,677 ETH — meaning the entire week-over-week gain came from price appreciation rather than new staking activity. Indeed, staked ETH as a share of total holdings slipped to roughly 83.9% from 85.1%, indicating that the newly acquired tokens had not yet been committed to staking contracts.
Staking yields moved in the opposite direction of holdings. The seven-day annualized yield compressed to 2.79% from 2.99%, a 20-basis-point decline that trimmed projected annualized staking revenues to $226 million from $230 million and full-scale annualized rewards to $269 million from $270 million. The compression underscores a broader trend of declining validator returns on Ethereum even as the dollar value of staked assets climbs.
Liquidity metrics weakened alongside the yield compression. Average daily trading volume in Bitmine shares fell to $550 million on a five-day basis from $829 million the prior week, and the company's rank among U.S.-listed equities by volume dropped to No. 203 from No. 148.
The preferred-stock listing gives Bitmine a new capital-raising tool as it pursues the remaining 0.34 percentage points of ETH supply needed to reach its 5% target. Whether the company can deploy its expanded cash pile without further compressing staking yields will be a key metric for investors tracking the next weekly disclosure.