Bitmine Immersion Technologies Chairman Tom Lee announced on Monday that the company has increased its Ethereum treasury to 5.7 million ETH, navigating a week that saw the cryptocurrency’s price slide by 8%.
The Norwalk-based company (NYSE: BMNR) revealed it acquired an additional 27,084 ETH over the past seven days, bringing its total holdings to 5,700,040 coins as of June 28, 2026. This milestone brings the firm to 94% of its self-imposed target to own 5% of the total circulating supply.
Bitmine increases Ethereum holdings despite weekly price slide
The accumulation news arrived alongside Bitmine’s official inclusion in the Russell 1000 Large-cap Index on June 26. Bitmine now controls approximately 4.7% of the 120.7 million ETH in circulation, maintaining its position as the world’s largest corporate Ethereum treasury.
The company’s total portfolio, which includes cash, marketable securities, and “moonshot” positions, has reached a valuation of $9.8 billion. This aggressive expansion comes even as the Ethereum price outlook weakens due to broader technical breakdowns in the market.
Despite a difficult week for digital assets, Bitmine maintained its steady pace of accumulation throughout 2026. While the 27,084 ETH added this week marks a slowdown from the previous week’s purchase of 52,203 ETH, Tom Lee remains optimistic, characterizing the current period as the “early stages of crypto spring.”
Key details
The Chairman attributed recent price weakness to “window dressing” at the end of the quarter, where investors reduce exposure to assets that declined over the previous three months.
The company is increasingly focused on the yield-generating potential of its treasury. Currently, 4,879,157 ETH — representing over 85% of its total holdings — is staked. At the June 28 price of $1,569 per coin, the staked portion of the treasury is valued at approximately $7.7 billion.
This strategy aligns with broader trends where the Ethereum network outlook remains healthy despite temporary price volatility. Bitmine expects its staked assets to generate $211 million in annualized revenue.
Russell 1000 inclusion to drive institutional equity ownership
Bitmine was added to the Russell 1000 Large-cap Index on June 26 as part of the index’s annual reconstitution. Lee noted that this inclusion is expected to bring hundreds, and potentially thousands, of new institutional investors to the stock.
Passive investment funds and ETFs typically hold between 18% and 20% of a company’s shares once it is added to such major indices. The move bridges the gap between traditional equity markets and large-scale crypto treasuries.
The company’s presence in the public markets has seen high volatility. BMNR shares were trading around $13.56 on Monday, down roughly 13% over the past week. This remains significantly below the stock’s 52-week high of $161.00.
However, the company holds other substantial assets to buffer its balance sheet, including a $180 million stake in Beast Industries and a $74 million position in Eightco Holdings. It also maintains $555 million in cash and marketable securities.
Key details
A central pillar of Bitmine’s strategy is MAVAN, its institutional-grade validator network. By staking ETH through MAVAN and select partners, the company aims to maximize the productivity of its treasury. At full scale, projected annualized staking rewards could rise to $246 million, based on a 2.75% seven-day yield.
This predictable revenue stream offers a contrast to companies that hold large amounts of Bitcoin on their balance sheets without native yield mechanisms.
Tom Lee stated that the company expects to reach its goal of owning 5% of the total ETH supply sometime in 2026. While Bitmine remains the second-largest corporate crypto treasury globally behind MicroStrategy, its focus remains firmly on the Ethereum ecosystem.
As crypto market participants watch for signs of a recovery, Bitmine’s massive staking operation serves as a significant bet on the long-term utility and security of the Ethereum network.