Bitmine Immersion Technologies (NYSE: BMNR) is not waiting for better prices. On June 9, the Norwalk, Connecticut-based company added another 75,000 ETH to its already towering cryptocurrency reserve, spending roughly $123 million at an average price near $1,640 per token.
The trades, executed through crypto exchanges Kraken and FalconX across an eight-hour window and distributed across three wallets (two of them brand-new), pushed Bitmine’s total Ethereum holdings past 5.4 million ETH.
Including purchases made throughout the week of June 2, the company’s treasury had climbed to approximately 5.54 million ETH by June 7, representing around 4.59% of Ethereum’s total circulating supply of 120.7 million coins.
From a Bitcoin miner to an Ethereum kingpin
Bitmine did not start out as an Ethereum company. It was originally a Bitcoin mining operation before making a decisive pivot in mid-2025, backed by a $250 million private placement that funded its shift toward an ether accumulation strategy.
That pivot has since reshaped the company entirely. Today, Bitmine holds the largest corporate Ethereum treasury in the world, and the second-largest cryptocurrency treasury overall, trailing only Strategy Inc. (Nasdaq: MSTR), which holds approximately 843,706 Bitcoin worth around $52 billion.
The transformation was rapid. In roughly eleven months since the strategy launched, Bitmine has acquired enough ETH to be 92% of the way toward what its chairman, Fundstrat co-founder Tom Lee, calls the “Alchemy of 5%,” a self-imposed target of controlling more than 5% of all ether in existence.
Earlier 2026 purchases of 89,000 ETH, 111,000 ETH, and 127,000 ETH in separate tranches demonstrate the pace of accumulation the company has maintained.
Buying into Ethereum’s weakness
The timing of the latest purchase stands out for a reason that would make most traditional investors uneasy. Ether was trading near $1,630 at the time of the June 9 acquisition, far below the roughly $2,135 average Bitmine paid during an earlier 111,000-token purchase.
The company has, in effect, been buying through a sustained drawdown, a strategy that parallels what Strategy’s Michael Saylor has long championed with Bitcoin.
Tom Lee has argued publicly that purchasing during periods of price weakness strengthens the investment thesis rather than undermining it. The logic: if the long-term case for Ethereum’s role as a global settlement and programmable finance layer holds, lower prices simply mean more tokens per dollar spent.
Staking as a revenue engine
Beyond the price appreciation thesis, Bitmine has built a secondary income stream through staking. The company operates MAVAN, the Made in America Validator Network, its own institutional-grade Ethereum staking infrastructure that was initially developed to service Bitmine’s treasury but is now positioned to serve outside institutional clients as well.
As of June 7, Bitmine had staked 4,718,677 ETH, representing 85% of its total holdings and valued at approximately $7.7 billion at prevailing prices. At the current seven-day annualized staking yield of roughly 3%, the company projects annualized staking revenue of around $230 million. Lee has said that once the full treasury is deployed through MAVAN at scale, that figure could approach $270 million annually.
That income stream is central to Bitmine’s pitch that it is something more than a leveraged directional bet on ETH prices. Staking rewards flow regardless of short-term price movements, providing a yield component that distinguishes the company’s model from a simple holding company.
A Dominant but concentrated position
The scale of Bitmine’s lead over other corporate ETH holders is striking. According to data from CoinGecko’s public treasury tracker, the next-largest corporate holder is SharpLink Gaming (Nasdaq: SBET), which holds approximately 868,699 ETH, less than one-sixth of Bitmine’s position.
The Ether Machine (Nasdaq: ETHM) comes in third at around 496,712 ETH. All 32 publicly tracked companies combined hold roughly 7.55 million ETH, meaning Bitmine alone accounts for approximately 73% of the entire corporate ETH treasury universe.
That dominance comes with a caveat: concentration at this scale means Bitmine’s buying and selling activity is effectively a market event in its own right. Disclosed purchases tend to move the stock, and because the company is now large enough to influence Ethereum’s market sentiment, its moves are watched closely by traders far beyond its shareholder base.
Bitmine’s total assets, including crypto, cash, and what the company calls “moonshot” investments, stood at $9.6 billion as of early June. That figure includes $247 million in cash, an $88 million stake in Eightco Holdings (Nasdaq: ORBS), and a $180 million position in Beast Industries.
BMNR shares have been among the most actively traded stocks on US exchanges, averaging $829 million in daily dollar volume over a recent five-day period, ranking the stock 148th among roughly 5,700 US-listed equities.
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