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BitMine Immersion Technologies said it bought $135 million worth of Ethereum over a single week, acquiring 76,881 ETH at an average cost basis of about $3,450 per token. The purchase lifted the company’s total holdings to 5,620,754 ETH.
The company estimates it now controls roughly 4.65% of Ethereum’s circulating supply, a position valued between $10 billion and $10.4 billion. BitMine also said it is 93% of the way toward its stated goal of owning 5% of all ETH in existence.
Trading under the ticker BMNR, BitMine has shifted from a traditional Bitcoin mining business toward a model closer to a digital-asset treasury, with Ethereum as its core holding.
The latest acquisition, completed in the week leading up to June 15, was partially funded through a $274 million Series A preferred stock offering. The preferred equity carries a 9.5% annualized dividend and is expected to trade on the NYSE under the ticker BMNP.
More than 83% of BitMine’s Ethereum holdings—about 4.72 million ETH—are currently staked. The company projects that these staked assets will generate between $219 million and $226 million in annualized rewards. If BitMine were to stake its entire ETH position, it estimates annual rewards could rise to about $270 million.
BitMine’s approach has drawn comparisons to MicroStrategy’s Bitcoin accumulation strategy, which used corporate balance-sheet and financing structures to build large cryptocurrency positions. In BitMine’s case, Ethereum’s staking feature adds an additional yield component that is not available with Bitcoin.
BitMine’s leadership has characterized the buying pace as a response to weakness in Ethereum’s price, arguing that the token’s fundamentals remain intact despite short-term volatility. The $3,450 average cost basis on the latest purchase suggests the company views current pricing as an opportunity.
With holdings approaching nearly 5% of circulating supply, BitMine is now among the largest single holders of ETH. Because 83% of its ETH is staked, the amount of ETH that is freely tradable is reduced further.
The sustainability of the staking-reward projections depends on network conditions. Ethereum staking yields fluctuate based on how much ETH is staked across the network; as more ETH is staked, individual yields can compress. BitMine’s projected $219 million to $226 million in annual rewards assumes current staking conditions persist.
If BMNP begins trading on the NYSE as planned, it could provide a template for other companies seeking to raise capital through similar structures, offering investors exposure to Ethereum staking returns via a dividend-paying preferred stock.
