BitMine Buys 76,881 More Ether, Raising Holdings to 5.62 Million ETH

BitMine, the world’s largest corporate holder of Ether, bought 76,881 ETH over the past week, increasing its total holdings to 5,620,754 ETH. That amounts to 4.66% of Ether’s circulating supply of 120.7 million tokens.

PR Newswire said June 15 that BitMine held 5,620,754 ETH as of June 14. At an Ether price of $1,718, the position was valued at about $9.7 billion.

BitMine’s crypto, cash, marketable securities and strategic investment assets totaled $10.4 billion. They include 5.62 million ETH, 204 Bitcoin, $502 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $88 million stake in Aptos.

The company has staked 4,718,677 ETH, worth about $8.1 billion at $1,718 per token. That equals about 83% of its total holdings. Its annualized seven-day staking yield was 2.79%, with projected annual staking income of about $226 million. If all of its Ether were staked, annual rewards would be about $269 million, the company said.

BitMine completed the issuance of 3.5 million shares of 9.50% Series A perpetual preferred stock on June 10. The offering was priced at $80 a share, generating net proceeds of about $273.8 million. The preferred stock is set to begin trading on the New York Stock Exchange under the ticker BMNP on June 16.

“This preferred stock offering helps diversify BitMine’s capital structure,” Chairman Tom Lee said. He added that staking rewards, currently projected at about $219 million annually, could support preferred dividend payments.

BitMine bought an additional 76,881 ETH last week, Lee said. He added that the recent pullback in Ether’s price does not reflect strengthening Ethereum fundamentals. Lee also said the market remains in the early stages of a “crypto spring” and that BitMine expects to reach its goal of controlling 5% of all ETH in 2026.

Separately, BitMine was included in Fortune’s “Crypto 100” list on June 11. Fortune described the ranking as a list of the most influential companies in the blockchain industry.