Blab Crypto
Bitmine Immersion Adds 52,203 ETH, Moves Closer to 5% Supply Target
Bitmine Immersion Technologies (NYSE: BMNR) announced a fresh injection of 52,203 Ether (ETH) last week, spending roughly $92 million on the purchase. The acquisition lifts the company’s total Ethereum holdings to 5.67 million tokens, or 4.7 % of the 120.7 million ETH that are currently in circulation.
Chairman Tom Lee said the firm is maintaining a steady accumulation pace as it nears its long‑standing goal of owning 5 % of the Ethereum supply. Although the latest purchase was smaller than the two previous weeks, the company remains on track to reach the target within the next year.
Bitmine’s overall crypto, cash, and marketable‑securities portfolio now totals $10.7 billion. The mix includes a $180 million stake in Beast Industries and a $104 million stake in Eightco Holdings (NASDAQ: ORBS). Earlier this month, the company raised about $274 million through a 9.5 % Series A Preferred Stock offering, which trades on the NYSE under the ticker BMNP. The board declared seven additional weekly dividend payments of $0.1847 per share, extending through late August. Lee explained that the staking operation backs those obligations.
The firm currently stakes 4.72 million ETH, more than 83 % of its total holdings. Staking is conducted via the MAVAN platform and yields a 2.73 % seven‑day annualized return. Bitmine projects $223 million in annualized staking revenue, with a potential upside to $268 million once all holdings are fully staked.
Lee reiterated that the broader crypto market remains in the early stages of recovery from the October 2025 liquidation shock. Bitcoin failed to close May above his $76 000 threshold and briefly dipped below $60 000 in early June. Despite the Bitcoin pullback, Lee points to tokenization and AI‑driven demand as long‑term catalysts for Ethereum adoption.
From a technical standpoint, BMNR trades 6.1 % below its 20‑day simple moving average (SMA) and remains in a confirmed death cross that began in January. The 50‑day SMA is below the 200‑day SMA. The stock is testing a demand zone between $15 and $16 that has held three times. Holding that zone and reclaiming the 20‑EMA at $17.40 would target $19.21 and then $21.88. A break below $15 would open a path toward fresh lows near $13.
The company’s recent moves underscore its strategy of building a large, liquid Ethereum treasury while generating steady staking income. The combination of a sizable ETH position, a robust staking yield, and a dividend‑paying preferred stock class positions Bitmine as a notable player in the institutional treasury space.
As of the latest filing, Bitmine’s Ethereum holdings represent 4.66 % of the total supply, placing it among the largest single holders on the network. The firm’s continued accumulation, coupled with its staking and dividend strategy, keeps it in focus for investors monitoring the evolving dynamics of Ethereum‑centric treasury management.
In summary, Bitmine Immersion has added 52,203 ETH, bringing its total to 5.67 million tokens and moving it closer to its 5 % supply target. The company’s staking operations support a projected $223 million annualized revenue, while its preferred stock continues to pay weekly dividends through August. Technical analysis suggests the stock is testing a key demand zone, with potential upside if the zone holds and the 20‑EMA is reclaimed.
The next few weeks will be critical for Bitmine as it seeks to complete its accumulation plan, manage its staking operations, and navigate the broader market conditions that influence both its stock and its Ethereum holdings.
Chairman Tom Lee said the firm is maintaining a steady accumulation pace as it nears its long‑standing goal of owning 5 % of the Ethereum supply. Although the latest purchase was smaller than the two previous weeks, the company remains on track to reach the target within the next year.
Bitmine’s overall crypto, cash, and marketable‑securities portfolio now totals $10.7 billion. The mix includes a $180 million stake in Beast Industries and a $104 million stake in Eightco Holdings (NASDAQ: ORBS). Earlier this month, the company raised about $274 million through a 9.5 % Series A Preferred Stock offering, which trades on the NYSE under the ticker BMNP. The board declared seven additional weekly dividend payments of $0.1847 per share, extending through late August. Lee explained that the staking operation backs those obligations.
The firm currently stakes 4.72 million ETH, more than 83 % of its total holdings. Staking is conducted via the MAVAN platform and yields a 2.73 % seven‑day annualized return. Bitmine projects $223 million in annualized staking revenue, with a potential upside to $268 million once all holdings are fully staked.
Lee reiterated that the broader crypto market remains in the early stages of recovery from the October 2025 liquidation shock. Bitcoin failed to close May above his $76 000 threshold and briefly dipped below $60 000 in early June. Despite the Bitcoin pullback, Lee points to tokenization and AI‑driven demand as long‑term catalysts for Ethereum adoption.
From a technical standpoint, BMNR trades 6.1 % below its 20‑day simple moving average (SMA) and remains in a confirmed death cross that began in January. The 50‑day SMA is below the 200‑day SMA. The stock is testing a demand zone between $15 and $16 that has held three times. Holding that zone and reclaiming the 20‑EMA at $17.40 would target $19.21 and then $21.88. A break below $15 would open a path toward fresh lows near $13.
The company’s recent moves underscore its strategy of building a large, liquid Ethereum treasury while generating steady staking income. The combination of a sizable ETH position, a robust staking yield, and a dividend‑paying preferred stock class positions Bitmine as a notable player in the institutional treasury space.
As of the latest filing, Bitmine’s Ethereum holdings represent 4.66 % of the total supply, placing it among the largest single holders on the network. The firm’s continued accumulation, coupled with its staking and dividend strategy, keeps it in focus for investors monitoring the evolving dynamics of Ethereum‑centric treasury management.
In summary, Bitmine Immersion has added 52,203 ETH, bringing its total to 5.67 million tokens and moving it closer to its 5 % supply target. The company’s staking operations support a projected $223 million annualized revenue, while its preferred stock continues to pay weekly dividends through August. Technical analysis suggests the stock is testing a key demand zone, with potential upside if the zone holds and the 20‑EMA is reclaimed.
The next few weeks will be critical for Bitmine as it seeks to complete its accumulation plan, manage its staking operations, and navigate the broader market conditions that influence both its stock and its Ethereum holdings.
