Bitmine, one of the largest institutional Ethereum holders globally, revealed last week that it had acquired 52,203 ETH, adding roughly $92 million in digital assets to its treasury. With this latest purchase, Bitmine’s holdings have swelled to 5.67 million ETH, making up a striking 4.7 percent of all circulating Ethereum worldwide.
Pace of accumulation slows, but strategy stays on track
Compared to the previous two weeks, Bitmine’s recent purchase was more modest. Still, the company emphasized that it remains focused on its ambitious target: owning 5 percent of the total Ethereum supply within the year. The company confirmed that it has already achieved 94 percent of this milestone.
Thomas Lee, Chairman of the Board at Bitmine, noted that the company will continue its disciplined ETH accumulation strategy throughout 2026.
Bitmine Immersion Technologies is among the few corporations maintaining sizable, ongoing crypto acquisitions. Besides its substantial ETH assets, the firm holds $601 million in cash and marketable securities. As a US-based enterprise, Bitmine stands out for its robust Ethereum accumulation and comprehensive staking strategy.
Fresh financing tools deployed
To fund its purchasing spree, Bitmine continues to issue dividend-paying preferred shares. Earlier this month, the company raised approximately $274 million by selling 3.5 million Series A perpetual preferred shares at a 9.50 percent annual yield. Listed on the New York Stock Exchange under the ticker BMNP, these shares offer investors weekly cash dividends.
Bitmine also aims to generate regular income by locking up much of its ETH in staking pools. The company disclosed that 4.72 million ETH is currently staked—an amount that makes up more than 83 percent of its entire holdings.
Mini glossary: Staking refers to locking up assets for a set period to help secure a blockchain network in exchange for rewards. Bitmine’s MAVAN platform is used to manage its staking revenues.
Lee explained that staking activities reinforce the company’s cash flow and help meet dividend obligations to investors.
Income outlook and market sentiment
Bitmine estimates its annualized staking income at about $223 million. The company projects that annual staking rewards through its MAVAN platform could reach up to $268 million. Additionally, Bitmine announced a revised dividend schedule extending into August, with payments set at $0.1847 per share.
Thomas Lee maintained his view that the cryptocurrency market is in the early stages of a rebound after the sharp selloff that began in October 2025. During last month’s Consensus Miami event, Lee commented that if Bitcoin closed May above $76,000, it would mark the end of the bearish phase. However, Bitcoin wrapped up May below $74,000 and briefly dipped under $60,000 at the start of June.
Long-term optimism prevails for Ethereum
Despite recent pullbacks, Lee says his long-term outlook for Ethereum remains unchanged. He believes that increasing tokenization and demand from artificial intelligence applications will drive Ethereum adoption for years to come, reinforcing his company’s strategic direction.
