BitMine added another 76,881 Ether over the past week, pushing its total stash to 5,620,754 ETH and widening its lead as the largest corporate holder of the token. At the June 14 count disclosed by PR Newswire, that amounted to 4.66% of Ether’s circulating supply of 120.7 million coins.
At a price of $1,718 per ETH, BitMine’s Ether position was worth about $9.7 billion. The company said its crypto, cash, marketable securities and strategic investments together came to $10.4 billion. That mix includes 204 Bitcoin, $502 million in cash and marketable securities, a $180 million stake in Beast Industries and an $88 million stake in Aptos.
The balance sheet is doing more than advertising scale. BitMine said 4,718,677 ETH, or about 83% of its holdings, are staked, with an annualized seven-day yield of 2.79%. On current prices, that translates into roughly $226 million in projected annual staking income. If the company staked every coin it holds, it said rewards would rise to about $269 million a year. That cash flow matters because BitMine is now leaning on staking economics to support a more complex capital structure.
On June 10, the company completed the issuance of 3.5 million shares of 9.50% Series A perpetual preferred stock at $80 each, raising net proceeds of about $273.8 million. The stock is due to start trading on the New York Stock Exchange under the ticker BMNP on June 16. Chairman Tom Lee said the preferred offering helps diversify the capital structure and argued that staking rewards, currently projected at about $219 million annually, could cover preferred dividend payments.
Lee also said BitMine bought the additional Ether last week and reiterated his view that the recent pullback in ETH does not match improving Ethereum fundamentals. He said the market is still in the early phase of a “crypto spring,” and that BitMine is aiming to reach its target of controlling 5% of all ETH in 2026. Fortune’s inclusion of BitMine in its “Crypto 100” list on June 11 adds more visibility, but the real test is execution. Traders will watch the BMNP debut on June 16, the next Ether price leg, and whether BitMine keeps buying into weakness without stretching the balance sheet.
BitMine adds 76,881 Ether, lifts holdings to 5.62 million ETH
BitMine increased its Ether holdings by 76,881 ETH to 5.62 million ETH, representing 4.66% of circulating supply. The company emphasized Ethereum's strong fundamentals and expects to control 5% of all ETH by 2026.