BitMine Adds $35.9M In ETH As Treasury Pushes Closer To 5% Target

BitMine has extended its Ethereum accumulation campaign with another 20,000 ETH transfer from FalconX worth approximately $35.85 million.

The June 17 movement was directed to a wallet linked to the NYSE-listed company by onchain tracking. The implied acquisition price was about $1,793 per ETH, placing the purchase near the levels where BitMine has continued buying through the latest market weakness.

BitMine’s most recent official update placed its treasury at 5,620,754 ETH as of June 14. If the latest 20,000 ETH is additive and no offsetting transfers occurred, the company’s position would rise to approximately 5.64 million ETH.

BitMine Controls More Than 4.6% Of ETH Supply

The officially disclosed 5.62 million ETH balance represented 4.66% of Ethereum’s 120.7 million circulating supply. BitMine valued the position at roughly $9.66 billion using an ETH price of $1,718, while its combined crypto, cash, marketable securities and strategic investments totaled $10.4 billion.

The latest transfer follows a rapid series of additions, including a 75,000 ETH accumulation through Kraken and FalconXand another 25,000 ETH movement from BitGo-linked wallets.

Those purchases have kept BitMine’s “Alchemy of 5%” strategy on course. The target would give the company control of about 6.04 million ETH using the supply figure in its latest disclosure.

MAVAN Turns The Treasury Into A Yielding Position

BitMine is not holding its ETH entirely as an idle balance-sheet asset. The company had 4,718,677 ETH staked as of June 14, representing more than 83% of its reported treasury.

Its staking operations generated a seven-day annualized yield of 2.79%, producing projected annualized revenue of approximately $226 million at the current deployed balance. BitMine estimates that annual rewards could reach about $269 million if its full ETH position is staked through MAVAN and its other staking partners at a similar rate.

MAVAN, the Made in America Validator Network, was built to manage BitMine’s own staking requirements before expanding toward custodians and other institutional clients. The structure turns the treasury strategy into a combination of ETH price exposure and recurring validator revenue.

Preferred Stock Adds Another Funding Channel

BitMine has also expanded the capital structure supporting its Ethereum purchases. The company recently completed a 3.5 million-share offering of 9.5% Series A perpetual preferred stock at $80 per share, generating approximately $273.8 million in net proceeds.

The preferred-stock structure gives BitMine another route for funding ETH purchases while staking revenue provides cash flow that can help support dividend obligations.

BitMine began as a Bitcoin mining company but has repositioned its public-market identity around Ethereum accumulation, staking and treasury financing. Its investor base includes ARK Invest, Founders Fund, Pantera, Kraken, Galaxy Digital and Digital Currency Group.