BitMine doubles down on ETH as it inches toward 5% of supply, funds preferred dividend plan Tom Lee’s BitMine Immersion Technologies said it has increased its Ethereum holdings to 5,620,754 ETH as of June 14, bringing the company within striking distance of its stated goal to own roughly 5% of the total ETH supply. Using a 120.7 million-token supply estimate, BitMine calculates the position at about 4.66% of all ETH. Key balance-sheet figures (company-reported) - Total crypto, cash, marketable securities and “moonshots”: $10.4 billion - Ethereum holdings: 5,620,754 ETH (valued by the company at $1,718/ETH) - Staked ETH: 4,718,677 ETH (worth roughly $8.1 billion at $1,718/ETH) - Bitcoin: 204 BTC - Cash and marketable securities: $502 million - Strategic equity stakes: ~$180 million in Beast Industries and ~$88 million in Eightco Holdings Why it matters BitMine says its staked ETH makes it the largest dedicated Ethereum treasury in the world and among the largest crypto treasuries overall. Staking also generates predictable recurring rewards—BitMine projects annual staking rewards of roughly $219 million—which the company says will help support dividend payments on newly issued preferred shares. Recent buys and financing Chairman Thomas “Tom” Lee said BitMine purchased 76,881 ETH over the past week, stepping up acquisitions amid a recent ETH pullback the company views as disconnected from Ethereum’s fundamentals. To bolster the balance sheet and diversify funding, BitMine sold 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock on June 10, raising about $273.8 million in net proceeds. The preferreds are slated to begin trading on the NYSE under ticker BMNP on June 16. BitMine declared a weekly cash dividend of $0.2639 per preferred share, payable July 6 to holders of record on June 26. Market reaction and context Public BMNR shares barely moved on the update—Google Finance showed the stock around $16.11 (down roughly 0.03%) with a market cap near $7.32 billion at the time checked—despite weeks of heavy market attention on BitMine’s ETH-treasury strategy. The company has been among the most actively traded U.S. stocks recently, with average daily dollar volume near $550 million over a five-day stretch as of June 12. Recent reporting from crypto.news tracked BitMine’s step-up in ETH earlier this month (previously reported at 5.42 million ETH after buying 26,497 ETH), and noted pressure on BMNR shares as ETH prices weakened and investors assessed the risks of a large on‑balance-sheet ETH position. What investors will watch next With ETH accumulation continuing alongside preferred-stock financing and rising cash reserves, the main questions for investors are whether BitMine can continue increasing ETH-per-share and whether staking yields and other cash flows will comfortably cover the firm’s weekly dividend obligations and broader corporate needs—especially if ETH market volatility persists. Read more AI-generated news on: undefined/news