Bitmine Buys 52,203 Ether for $92 Million, Raising Holdings to 5.67 Million ETH

Bitmine Immersion Technologies purchased 52,203 ETH last week for approximately $92 million at an average price near $1,760 per token, CoinDesk reported. The acquisition increased the company's total holdings to 5.67 million ETH, valued at nearly $10 billion and equal to 4.7% of Ethereum's circulating supply. Bitmine said it is now 94% of the way to its target of owning 5% of Ethereum's supply.

The firm reported cash and marketable securities of $601 million after the purchase. Earlier this month Bitmine raised roughly $274 million by selling 3.5 million shares of 9.50% Series A Perpetual Preferred Stock. The shares trade on the New York Stock Exchange under the ticker BMNP and pay weekly dividends of $0.1847 per share.

The company has staked 4.72 million ETH, more than 83% of its holdings. It projects annualized staking revenue of roughly $223 million, with potential rewards reaching $268 million annually through its MAVAN platform. Bitmine announced additional dividend payments scheduled through August.

Chairman Thomas "Tom" Lee said the firm will keep buying. "We continue to maintain a steady pace of accumulation throughout 2026," he stated. " Bitcoin closed May below $74,000 and briefly traded under $60,000 in early June.