Bitmine Immersion Technologies has lifted its ether holdings to 5.70 million ETH, about 4.7% of ethereum's total supply and 94% of the way to its 5% target. Chairman Tom Lee expects to reach the goal in 2026, with staking now the company's core revenue driver.
Bitmine Immersion Technologies has pushed its ether holdings to 5.70 million tokens, close to its goal of owning 5% of the ethereum supply. The company says that position now represents 4.7% of all ETH, leaving it 94% of the way to what Chairman Tom Lee calls the "Alchemy of 5%," a target Bitmine expects to reach in 2026.
The firm reported that its crypto, cash, marketable securities and "moonshot" investments totaled $9.8 billion as of June 28. That figure includes 5,700,040 ETH priced at $1,569, 206 BTC, $555 million in cash and marketable securities, a $180 million stake in Beast Industries and a $74 million stake in Eightco Holdings.
Staking drives the revenue
Bitmine said it has staked 4,879,157 ETH, worth about $7.7 billion, which is more than 85% of its total ETH position. The company runs its Made in America Validator Network as a key staking destination for institutional investors.
Lee said Bitmine has staked more ETH than any other entity and expects annualized staking revenue of about $211 million at the current scale. If its ether is fully staked through the network and its partners, the company projects annualized rewards of $246 million, based on a 2.75% seven-day yield. Bitmine added another 27,084 ETH over the past week.
Russell 1000 widens the investor base
The company was added to the Russell 1000 Large-cap Index on June 26 as part of the index's annual reconstitution, which Lee said could bring hundreds or thousands of additional institutional investors into the shareholder base. Bitmine also completed an offering of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock at $80 per share, raising net proceeds of about $273.8 million; the shares now trade on the NYSE under the ticker BMNP.
Lee acknowledged that the past week was difficult for crypto investors, with ETH falling 8%. He pointed instead to ethereum developments and the Bank of England's softer stance on stablecoins as signals he reads as constructive.
Source: Bitcoin News
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