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Bitmine Immersion Technologies said its ether holdings have risen to 5.62 million tokens, moving the company closer to its goal of owning 5% of Ethereum’s total supply. As of June 14 at 6 p.m. ET, Bitmine held 5,620,754 ETH, valued at $1,718 per token, along with 204 BTC. The company also reported $502 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $88 million stake in Eightco Holdings. Together, Bitmine said its crypto, cash, marketable securities, and strategic holdings total $10.4 billion.
Bitmine said its ether position represents 4.66% of Ethereum’s 120.7 million token supply. Chairman Tom Lee said the company is 93% of the way toward what he calls the company’s “Alchemy of 5%” target, reached in just 11 months. Lee said Bitmine added 76,881 ETH over the past week and is maintaining an elevated buying pace.
“We believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals. This is not surprising, given we believe we are in the early stages of crypto spring. Bitmine is expected to reach the ‘alchemy of 5%’ sometime in 2026.”
Bitmine also said it closed the sale of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock on June 10. The shares were sold at $80 each, generating about $273.8 million in net proceeds after fees and expenses. The preferred stock is expected to begin trading on the New York Stock Exchange under the ticker BMNP on June 16, with dividends scheduled to be paid weekly, subject to the terms of the offering.
Lee said the preferred stock is intended to provide greater balance-sheet diversification. He added that projected annualized staking rewards of about $219 million can help support dividends tied to the Series A shares.
Staking remains central to Bitmine’s strategy. The company said it has 4,718,677 ETH staked, worth about $8.1 billion at current prices, representing more than 83% of its total ETH holdings. Bitmine reported that its staking operations generated a seven-day annualized yield of 2.79%.
Lee said annualized staking revenue is now projected at $226 million, with rewards potentially reaching $269 million at scale once more ETH is staked through MAVAN and partners.
MAVAN (Made in America Validator Network) was built first for Bitmine’s own treasury, and the company plans to expand it for institutional investors, custodians, and ecosystem partners.
Bitmine was recently named to Fortune’s Crypto 100 list for 2026. The company said BMNR remains among the most actively traded U.S. stocks, with average daily volume of $550 million over five sessions, ranking 203rd among 5,704 U.S.-listed equities.
Coinbase has launched a High Yield USDC vault within its in-app DeFi lending offering, adding a second lending option that provides exposure to a wider range of collateral assets. The product is powered by Morpho infrastructure and uses vault allocations curated by Steakhouse Financial.
