The Bitmine Ethereum treasury crossed 5.7 million ETH on 29 June 2026 after the firm added 27,084 ETH over the prior week, placing it at roughly 4.7% of Ethereum’s estimated circulating supply of 120.7 million ETH and within striking distance of Chairman Tom Lee’s stated 5% target for 2026.
Bitmine Ethereum Treasury: Where the Holdings Actually Sit
The accumulation comes on top of a broader balance sheet that, per a Stocktitan summary of Bitmine’s 8-K filing dated 21 June 2026, totalled $10.7 billion in crypto, cash, marketable securities, and strategic stakes. That snapshot recorded 5,672,956 ETH at $1,733 per ETH, alongside 205 Bitcoin, a $180 million stake in Beast Industries, a $104 million stake in Eightco, and $601 million of cash and marketable securities. ETH has moved since that filing date, so the headline figure will have shifted with price.
Of the current 5.7 million ETH held, Bitmine has staked nearly 4.9 million tokens, around 85% of the treasury, through MAVAN (Made in America VAlidator Network), its institutional staking infrastructure. Per the SEC filing describing MAVAN’s mandate, the network is designed to serve institutional custodians and ecosystem partners alongside Bitmine’s own holdings.
Current annualised staking revenues are projected at approximately $211 million, generating a seven-day annualised yield of 2.75%. Once the remaining ETH is fully staked through MAVAN and its partners, the company’s press release projects that figure rising to approximately $246 million.
BMNP Preferred Stock Ties Dividends Directly to Staking Returns
The capital-markets structure around this treasury is worth understanding. Bitmine recently closed an offering of 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock at $80.00 per share, generating approximately $273.8 million in net proceeds. The preferred shares trade on the NYSE under the symbol BMNP, with weekly cash dividends of $0.1847 per share across seven consecutive record and payment dates scheduled for July and August 2026.
The design links shareholder returns to ETH staking income rather than to operational earnings, making staking yield a structural component of the firm’s capital strategy rather than a secondary revenue line. Bitmine itself was uplisted from the NYSE American to the NYSE in April 2026, per an SEC exhibit.
Russell 1000 Inclusion and the Passive Inflow Question
Effective 26 June 2026, Bitmine joined the Russell 1000 index as part of the benchmark’s annual reconstitution, alongside IREN Limited, according to Briefs.co. Lee has flagged that the inclusion could bring hundreds or thousands of passive institutional investors into BMNR’s shareholder base.
Analysts cited by Crypto Briefing estimate the Russell 1000 addition could trigger up to $2.15 billion in passive fund inflows into BMNR shares. The MicroStrategy precedent is instructive: when Strategy was added to the Nasdaq 100 in late 2024, the resulting passive buying helped stabilise the stock’s premium to its underlying Bitcoin holdings, a dynamic that Bitmine bulls are likely pricing in here.
On broader macro framing, Bitmine’s press release describes management’s view that the GENIUS Act and the SEC’s Project Crypto are as structurally transformative to financial services as the US decision on 15 August 1971 to end the Bretton Woods gold standard.
ETH Price Setup While the Buying Continues
Ethereum fell roughly 8% during the week of the latest purchase, yet Bitmine held its buying pace. Lee attributed the broader crypto weakness to quarter-end portfolio repositioning, stating: ‘We are nearing quarter-end for June, and it is not surprising to see “window dressing” leading to investors reducing their holdings in assets which have fallen in the past 3 months.’
Corporate buying has not been limited to Bitmine. Crypto analyst Rain noted that SharpLink acquired 39,196 ETH worth approximately $62.4 million across three days, even as spot Ethereum ETF flows posted a seventh consecutive week of net outflows.
Technically, ETH is pressing against horizontal support near $1,510 on the daily chart, with a descending triangle pattern compressing prices. The daily RSI stood near 31 at the time of the chart analysis, close to oversold territory. The MACD remained below zero but was flattening, suggesting bearish momentum is losing pace without yet reversing.
A sustained break above the descending trendline and $1,700 resistance would open the way toward the $1,860 Fibonacci level. A close below $1,510 targets the $1,400 zone. With Bitmine still needing to close roughly 0.3 percentage points of supply to hit 5%, the pace of ETH price recovery will determine how many additional purchases that requires at current valuations.
