Bitmine’s Ethereum Holdings
Bitmine Immersion Technologies (BNR) has amassed roughly 6.03 million ETH, positioning it just shy of its target to own 5 % of Ethereum’s circulating supply. The firm’s disciplined accumulation during the bear market puts it in a strong stance for the next bull cycle, according to Executive Chair Tom Lee.
Recent Purchase
Over the past week, Bitmine acquired 12,532 ETH, valued at about $31.9 million based on a $2,544 per‑ETH rate on Coinbase. This addition brings the firm’s total ETH portfolio to 6,028,946 ETH, representing approximately 4.99 % of Ethereum’s 122.13‑million‑coin float.
Portfolio Composition
Beyond Ethereum, Bitmine holds 214 BTC, a $180 million stake in Beast Industries, an $85 million investment in Eightco Holdings (ORBS), and $612 million in cash and marketable securities. Roughly 84.05 % of its ETH reserves are staked on the proprietary MAVAN (Made in America Validator Network) platform, where Lee projects annualized staking revenue of $336 million.
Preferred‑Stock Performance
Bitmine’s 9.5 % perpetual preferred stock (BMNP) has surged 24 % since its June launch at $80, closing Friday at $99.53. The security now offers a 9.56 % yield on ETH credit, outpacing comparable yields from Bitcoin‑focused and Solana‑based credit products.
Strategic Outlook
Reaching the “Alchemy of 5 %” goal, Lee believes Bitmine is positioned to outperform the broader crypto market in the upcoming bull run. He has reiterated that the current cycle is likely to deliver the largest gains, citing a hawkish Federal Reserve, macro pressures, growing tokenization adoption, and advances in agentic AI as catalysts for Ethereum’s continued momentum.
