Key Takeaways:
- Bitmine disclosed $11.6B in total assets including a $9.5B Ethereum stake
- The firm holds 5.42 million ETH, or 4.49% of the circulating supply
- Weekly ETH purchases slowed to $53M from $240M the prior week
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Bitmine reveals $11.6B in assets as ETH stake tops $9.5B
Bitmine Immersion Technologies disclosed total holdings of $11.6 billion across digital assets, cash and strategic investments as of May 31, with its Ethereum stake alone valued at $9.5 billion, according to a company update Monday.
The Norwalk, Connecticut-based firm holds 5,416,901 ether, or 4.49 percent of the circulating supply of 120.7 million tokens, Chairman Thomas "Tom" Lee said in the statement. Bitmine acquired 26,497 ETH last week worth about $53 million, a sharp slowdown from the prior week's 120,000 ETH haul.
"ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring," Lee said. Bitmine is roughly 90 percent of the way toward its stated goal of owning 5 percent of ETH supply, a target it expects to reach sometime in 2026.
Of its total ether holdings, 4,718,677 tokens are staked, generating an annualized yield of 2.73 percent through the company's MAVAN staking platform. Bitmine projects annualized staking revenue of $258 million, with potential rewards reaching $296 million when fully staked. The company also holds 203 bitcoin, $446 million in cash, a $180 million stake in Beast Industries and $93 million in Eightco Holdings.
BMNR stock closed regular trading at $19.27, up 0.10 percent, before falling 2.25 percent to $18.82 in pre-market trading. The stock ranks as the 225th most traded in the US with average daily dollar volume of $628 million, according to Fundstrat data. Bitmine's crypto holdings make it the largest Ethereum treasury globally and the second-largest crypto treasury behind Strategy Inc., which owns 843,738 bitcoin valued at roughly $62 billion.
The company's accumulation pace has moderated after Lee signaled at Consensus 2026 in May that Bitmine planned to slow purchases as it neared its 5 percent target. Even with the reduced pace, Bitmine has added more than 1 million ETH since the start of the year. The company remains backed by institutional investors including ARK's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG and Galaxy Digital.
This article is for informational purposes only and does not constitute investment advice.
[1] Bitmine (BMNR) Stock: Ethereum Stake Surpasses $9.5B Valuation Milestone[2] Bitmine Immersion Technologies (BMNR) announces ETH holdings reach 5.42 million tokens, and total crypto and total cash holdings of $11.6 billion[3] Bitmine slows ether purchase pace, buying $53 million worth last week[4] Bitmine (NYSE: BMNR) outlines $11.6B ETH-focused treasury and staking plan - Stock Titan[5] BMNR: An Ethereum Treasury Trading Below Its Own Assets (NYSE:BMNR) - Seeking Alpha
