Bitmine (BMNR) Stock Jumps 8% After Revealing $10.4B Ethereum War Chest

TLDR

• Bitmine (BMNR) stock rose 8.3% Monday after disclosing it holds 5.62 million ETH valued at $10.4 billion
• The company now holds 4.66% of total ETH supply, putting it 93% of the way to its “Alchemy of 5%” target
• Bitmine raised $274 million through a 9.50% Series A Perpetual Preferred Stock sale, using proceeds to buy more ETH
• It acquired 76,881 ETH last week worth roughly $136 million, though that’s down from 126,971 ETH the week before
• Bitmine ranks as the world’s largest ETH treasury and second-largest crypto treasury behind Strategy (MSTR)

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Bitmine Immersion Technologies (BMNR) jumped 8.3% on Monday after the company revealed it holds 5.62 million ETH tokens, now worth $10.4 billion.

Bitmine Immersion Technologies, Inc., BMNR

The disclosure pushed BMNR to one of its stronger single-day moves of the year, with ETH/USD also up 9.23% on the day.

Bitmine said its holdings represent 4.66% of the total circulating Ethereum supply of 120.7 million tokens. That puts the company 93% of the way to what it calls the “Alchemy of 5%” — a milestone it has been chasing since launching its Ethereum treasury strategy roughly 11 months ago.

Chairman Thomas Lee said he expects Bitmine to cross the 5% threshold sometime this year.

Of the 5.62 million ETH held, 4,718,677 are staked, worth $8.1 billion at $1,718 per ETH as of June 14. Projected annualized staking rewards sit at around $219 million, with current annualized staking revenue estimated at $226 million based on a 7-day yield of 2.79%.

Beyond its ETH position, the company holds $502 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $88 million position in Eightco Holdings (ORBS).

Fresh Capital Fuels More Buying

Last week, Bitmine acquired 76,881 ETH — worth roughly $136 million at current prices. That’s a step down from the prior week’s haul of 126,971 ETH, its largest single-week purchase of 2026.

The buying came right after the company closed a $274 million preferred stock sale on June 10. Bitmine sold 3.5 million units of 9.50% Series A Perpetual Preferred Stock at $80 per share, netting approximately $273.8 million after expenses.

The preferred stock, trading under the ticker BMNP on the NYSE starting June 16, pays weekly cash dividends — a structure that mirrors financing tools used by Strategy (MSTR), the bitcoin treasury giant.

How Bitmine Compares to Strategy

Bitmine now ranks as the largest ETH treasury in the world and the second-largest crypto treasury overall. Strategy (MSTR) still leads the field with 845,256 BTC valued at $54 billion.

Strategy’s preferred equity model has faced some scrutiny recently, with investors raising questions about how it will fund growing dividend commitments. Lee has pointed to Bitmine’s staking income as a key differentiator — recurring cash flow that he says supports the preferred dividend without relying solely on capital raises.

Bitmine was also named to the Fortune Crypto 100 list for 2026, a ranking of influential companies in the blockchain space.

The company’s 9.50% Series A Preferred Stock begins NYSE trading under BMNP on June 16, 2026, with weekly dividends scheduled from that date.

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