BitMine Acquires $92 Million in Ethereum, Approaches 5% of Total Supply
BitMine Immersion Technologies adds $92 million worth of Ethereum to its holdings, bringing its total to 4.7% of the circulating supply. This move aligns with the firm’s goal of reaching 5% and follows its recent equity offering, as reported by Decrypt.
BitMine Immersion Technologies, led by Chairman Tom Lee, increased its Ethereum (ETH) holdings by adding an additional $92 million last week. This addition comprises 52,203 ETH, pushing the firm's total holdings to 5,672,956 ETH, valued at approximately $10 billion, along with 205 Bitcoin worth around $13.3 million. With this latest purchase, BitMine now controls over 4.7% of the circulating ETH supply, nearing its target of 5%.
Lee asserts optimism for the future of cryptocurrency, stating, "The best years for crypto remain ahead, in our view. Tokenization and the rapid progress in AI are expected to drive exponential demand growth for blockchain and decentralized crypto." He emphasizes the connection between advancements in technology and the cryptocurrency market's potential growth.
This acquisition of Ethereum coincides with the trading launch of BitMine's newly issued dividend-paying preferred equity offering (BMNP), which started trading on the New York Stock Exchange last week. This offering, which raised approximately $274 million, is aimed at further expanding Ethereum acquisitions and enhancing staking infrastructure. BMNP shares opened at $85 and have risen to around $88.34, reflecting a modest increase of about 1.7% in early trading.
Staking involves locking up cryptocurrency assets, in this case, Ethereum, to contribute to the network's operations and security in return for rewards. BitMine currently stakes more than 4.7 million ETH, or about 83% of its total holdings, through its Made in America Validator Network, providing a possible avenue for funding its dividend payments.
Unlike its competitor, Strategy, which faced scrutiny over its dividend-paying structure and share price drop, BitMine may have an advantageous position with its staking income due to its substantial ETH holdings.
Summary based on original reporting by Logan Hitchcock at Decrypt, originally published Jun 22, 2026. SolanaWire does not republish source content.
AI Agent Launches Nuclear Strike in Civilization VI Simulation
An AI agent in a Civilization VI simulation launched two nuclear attacks but still lost the game after failing to recognize a rival's cultural threat, according to Decrypt. The behavior was documented using CivBench, a benchmark designed to evaluate the long-term strategic reasoning of AI models.
51 minutes ago·Decrypt·Reported by Jason Nelson
Meta Develops Prediction Market App Arena Amid Market Growth
Meta is creating an experimental prediction market app called Arena, which enables users to forecast outcomes using a points system instead of cash bets, according to the New York Times. The project comes as interest in prediction markets surges and may face regulatory scrutiny over its gambling implications.
1 hour ago·CoinDesk·Reported by Helene Braun
Prosus Launches ToqanClaw as Privacy-Focused AI Platform
Prosus has launched ToqanClaw, a no-code AI platform designed as a GDPR-compliant alternative to systems like OpenClaw, according to Decrypt. The platform aims to enhance operational efficiency by keeping data handling under European control, catering to businesses' privacy concerns.
2 hours ago·Decrypt·Reported by Jose Antonio Lanz
BNY Assets Managers Push into Tokenized Funds Amid Market Demand
BNY reports asset managers are rapidly exploring tokenized exchange-traded funds (ETFs) driven by investor demand and fear of missing out on opportunities in blockchain-based finance, as noted in an article by CoinDesk. Despite unresolved regulatory and operational challenges, firms are eager to establish a leading position in the emerging market of tokenization.
3 hours ago·CoinDesk·Reported by Helene Braun
Trending this week
Bitcoin Drops to Two-Week Low as Investors Retreat from Tech Stocks
Bitcoin falls to a two-week low of $62,000, reflecting broader sell-offs in tech stocks, according to Decrypt. Ethereum and Solana see even greater losses of at least 5%, as investors anticipate U.S. Federal Reserve rate hikes amid market volatility.
3 hours ago·Decrypt·Reported by André Beganski
Chainlink Joins 47 Banks in Project Pangea for Real-Time Cross-Border Payments
Chainlink collaborates with 47 banks from Europe and South Korea in Project Pangea to enable near-instant stablecoin-based international transactions. This initiative, which aims to modernize the foreign-exchange settlement process, focuses on a trade corridor valued at $150 billion, according to CoinDesk.
4 hours ago·CoinDesk·Reported by Olivier Acuna
Ethereum Foundation Lays Off 20% of Staff Amid Reorganization
The Ethereum Foundation announces plans to lay off 54 employees, approximately 20% of its total workforce, as part of a major restructuring. This decision comes as the organization seeks to implement its new "Mandate" and treasury policy, with work divided into five focused clusters, according to Decrypt.
4 hours ago·Decrypt·Reported by Logan Hitchcock
Ethereum Foundation Announces 40% Budget Cut Amid Leadership Changes
The Ethereum Foundation will reduce its budget by 40% as it transitions to a leaner operational model, according to co-founder Vitalik Buterin. This announcement coincides with a 20% staff reduction and significant leadership turnover, with nine senior figures departing since January, as reported by CoinDesk.
4 hours ago·CoinDesk·Reported by Margaux Nijkerk