Bitmine Immersion Technologies (BMNR) added 52,203 ether (ETH) to its treasury last week, a $92 million acquisition that brings the firm closer to its goal of owning 5% of the total circulating supply. As of June 22, 2026, the Nashville-based company has amassed 5.67 million ETH, representing roughly 4.7% of all ether currently in circulation.
The purchase reflects an ongoing strategy of aggressive accumulation, even as the buying pace slowed compared to the previous fortnight. Chairman Thomas “Tom” Lee, who also co-founded Fundstrat Global Advisors, continues to describe the current market environment as a “crypto spring,” suggesting that the asset class is in the early stages of a recovery cycle despite muted investor sentiment.
Bitmine approaches major ether supply milestone
The latest transaction has pushed Bitmine Immersion Technologies to within 94% of its “Alchemy of 5%” goal. The firm’s total Ethereum holdings are now valued at nearly $10 billion, anchored by a cash and marketable securities position of $601 million.
This focus on the second-largest cryptocurrency marks a significant evolution from the company’s previous focus on Bitcoin mining, which it pivoted away from in early 2025.
To support this expansion, Bitmine has utilized a specialized financing toolkit, notably through the sale of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock. This offering raised approximately $274 million earlier this month.
Key details
These preferred shares trade on the New York Stock Exchange (NYSE) under the ticker BMNP, providing weekly cash dividends to investors. The Ethereum network outlook remains central to this yield-bearing model.
Staking operations fuel corporate dividend payments
A fundamental component of the Bitmine business model is its large-scale staking operation. The company currently has 4.72 million ETH staked — representing over 83% of its total holdings — through its proprietary MAVAN platform. Bitmine projects this activity will generate annualized staking revenue of approximately $223 million, with potential rewards reaching as high as $268 million annually.
In a statement, Chairman Thomas Lee noted that the firm intends to maintain a “steady pace of accumulation throughout 2026.” He views ether as a long-term business asset, suggesting the network is poised to benefit as Wall Street continues tokenizing assets on the blockchain. This consistent accumulation occurs even as the market navigates volatility and institutional flows fluctuate across the broader digital asset sector.
Thomas Lee maintains bullish outlook on crypto spring
Despite Bitcoin briefly dipping below $60,000 in early June, Thomas Lee remains optimistic about the long-term trajectory. He recently argued that “crypto spring” has commenced, drawing parallels to past cycles where price strength often precedes a shift in bearish investor conviction.
He specifically mentioned that the potential outcome of the CLARITY Act, a piece of U.S. digital asset legislation, serves as a confirmation of this seasonal shift in the market.
Beyond legislative updates, Lee has linked the value of the network to the rise of artificial intelligence. He argues that agentic AI systems will increasingly require public, neutral blockchains for settlement, positioning Ethereum as a primary infrastructure provider. This perspective aligns with current market sentiment shifts regarding the intersection of blockchain utility and emerging technology.
As of today’s report, Bitmine serves as one of the few remaining large-scale buyers in the space. The company confirmed its scheduled dividend payments will continue through August at a rate of $0.1847 per share. With total assets now reaching $10.7 billion, including a minor holding of 205 Bitcoin, Bitmine continues to solidify its position as a dominant institutional holder of Ethereum.