Bitmine Acquires $92 Million in Ethereum, Aiming for 5% of Supply

Bitmine Immersion Technologies has reported a recent acquisition of 52,203 ether (ETH), valued at approximately $92 million based on current prices. This brings the firm’s total holdings to 5.67 million ETH, which equates to about 4.7% of Ethereum’s circulating supply, worth nearly $10 billion.

The company continues to forge ahead with its strategy to accumulate 5% of the total ETH supply, and its current holdings reflect that it is 94% toward this target. Chairman Thomas Lee stated, "We continue to maintain a steady pace of accumulation throughout 2026." Despite a slowdown in purchase volumes compared to earlier weeks, Bitmine's strategy remains robust as it plans to sustain its buying efforts.

Additionally, Bitmine has enhanced its financing options by issuing dividend-paying preferred shares in response to market pressures affecting similar financial products from bitcoin-focused firms. Earlier in June, Bitmine raised around $274 million through the sale of 3.5 million Series A Perpetual Preferred Shares, which trade on the New York Stock Exchange under the ticker BMNP. The preferred shares yield weekly cash dividends, supported by Bitmine's staking operations.

Currently, Bitmine has 4.72 million ETH staked, comprising over 83% of its total holdings, anticipating annual staking revenues of about $223 million, with potential rewards of $268 million through its MAVAN staking platform. The company has also confirmed scheduled dividend payments extending through August, which will pay $0.1847 per share.

Lee expressed confidence in the broader market, stating, “We believe we are in the early stages of crypto spring,” referencing a potential recovery phase in cryptocurrencies after a prolonged downturn triggered by market shocks in October 2025. Lee posits that demand for Ethereum will be buoyed by increasing applications in tokenization and artificial intelligence, which could significantly enhance adoption of the network moving forward.

As Bitmine accelerates toward its goal, market observers will watch for any fluctuations in ETH purchasing patterns and further developments surrounding its expansion into preferred shares and staking revenue generation.