Photo: Scott Mlyn/CNBC
Bitmine reaches 94% of ETH target as it joins Russell 1000
Supported by a prominent group of institutional investors, the company continues to execute its long-term strategy of expanding the world's largest Ethereum treasury.
Bitmine Immersion Technologies (BMNR) has completed 94% of its plan to accumulate 5% of Ethereum’s total supply.
Bitmine on Monday disclosed that it purchased more than 27,000 ETH last week, lifting its total holdings to 5.7 million ETH, representing 4.7% of all Ethereum in circulation. The company also announced its inclusion in the Russell 1000 Large-cap Index, which it expects will attract additional institutional investors.
In total, Bitmine has about $9.8 billion in assets, including crypto, cash, marketable securities, and strategic investments.
Beyond its leading Ethereum treasury, the firm also owns 206 BTC, maintains $555 million in liquidity, holds a $180 million investment in Beast Industries, and owns $74 million of Eightco, one of the few publicly listed companies offering investors indirect exposure to OpenAI.
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Operationally, Bitmine continues to scale its institutional staking platform, MAVAN, with approximately 4.9 million ETH already staked, representing more than 85% of its Ethereum holdings.
Based on current staking yields, management estimates annualized staking revenue of $211 million, with upside to $246 million once all ETH is deployed through MAVAN and partner validators.
On the outlook for the crypto market, Thomas “Tom” Lee, Chairman of Bitmine, said he maintains a positive long-term view despite recent declines. Lee reiterated that the ongoing migration of Wall Street infrastructure onto blockchain networks and the emergence of crypto-based payment rails for agentic AI applications continue to support its investment strategy.
“This past week was a challenging one for crypto investors as ETH fell by 8%, even as Ethereum witnessed notable positive developments such as the creation of Ethlabs, and even the Bank of England softened its stance around stablecoins. We are nearing quarter-end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months,” he noted.