Ethereum-focused treasury company Bitmine accumulated 126,971 ETH over the past week, significantly increasing its holdings during a market pullback. In its latest update, the firm reported total crypto, cash, and “moonshots” holdings of $9.6 billion. That portfolio includes 5.54 million ETH valued at $1,630 per token, 204 BTC, a $180 million stake in Beast Industries, an $88 million position in Eightco Holdings, and $247 million in cash.
Bitmine noted its ETH balance represents 4.59% of the roughly 120.7 million ETH supply. The company’s accumulation coincided with the recent downturn, reflecting aggressive buying rather than a retreat from the market.
Bitmine Keeps Buying
Chairman Thomas “Tom” Lee said the market pullback did not reflect stronger fundamentals; instead, he argued that advances in artificial intelligence will boost demand for decentralized, secure networks like Ethereum. Lee characterized the current phase as early in what he called a “crypto spring.” The company stated:
“Bitmine is 92% of the way to the ‘Alchemy of 5%’ in just 11 months.”
Bitmine also disclosed that it has staked nearly 4.72 million ETH, worth about $7.7 billion at current prices. More than 85% of its ETH holdings are now staked. The firm reported staking yields at 2.99% over the past seven days, with annualized staking revenues projected at $230 million and potential rewards reaching $270 million at scale.
Last week, Bitmine filed to launch a public offering of 3 million shares of its 9.50% Series A Perpetual Preferred Stock. According to the SEC filing, proceeds may be used for general corporate purposes, including purchasing additional ETH and other digital assets, expanding staking and validator infrastructure through its MAVAN platform, meeting working capital needs, making strategic investments in the Ethereum ecosystem, and funding potential share repurchases under its buyback program.
The preferred shares carry a 9.50% annual dividend based on a $100 stated value, payable in cash when declared. Missed dividends accrue, and the effective rate can increase up to 15% over time. Bitmine has applied to list the shares on the NYSE under the ticker “BMNP.”
Strategy’s Fresh Purchase
Bitmine remains one of the few large digital-asset treasury companies that continues to buy crypto; many others have halted accumulation or begun selling as prices fell sharply this year. With its recent purchases, Bitmine now holds the largest Ethereum treasury and the second-largest overall treasury among public firms, trailing only Strategy.
Strategy recently added 1,550 BTC for slightly more than $100 million at an average price of $65,332, bringing its total to 845,256 BTC purchased at an average cost of $75,680. The Saylor-led company also sold a small portion of its Bitcoin holdings last week—the first sale since 2022.