BitMine Adds 127,000 Ethereum As Treasury Reaches 4.59% Of ETH Supply

BitMine Immersion Technologies has added 126,971 ETH to its treasury, pushing the NYSE-listed company’s Ethereum holdings to 5,543,872 tokens as Tom Lee’s corporate ETH strategy moves closer to its 5% supply target.

The company’s latest holdings update placed BitMine’s ETH position at 4.59% of Ethereum’s 120.7 million token supply as of June 7. At the company’s $1,630 ETH mark, the Ethereum stack was valued at about $9.0 billion. At live prices near $1,690, the latest weekly addition alone is worth roughly $215 million.

The update also listed 204 BTC, $247 million in cash, an $180 million stake in Beast Industries and an $88 million stake in Eightco Holdings. Total crypto, cash and strategic equity holdings reached $9.6 billion.

The latest buy reinforces BitMine’s role as the largest corporate Ethereum treasury and the second-largest crypto treasury behind Strategy. The comparison has become harder to avoid as Strategy bought 1,550 Bitcoin after selling 1.4 million MSTR shares, keeping the corporate-treasury debate focused on issuance, crypto accumulation and whether public-market investors still want leveraged balance-sheet exposure to digital assets.

MAVAN Staking Turns ETH Into A Yield Engine

BitMine is not only holding ETH passively. The company said 4,718,677 ETH is already staked, representing more than 85% of its total Ethereum position. That staked balance was valued at about $7.7 billion using the same $1,630 ETH mark.

The company’s MAVAN platform, short for Made in America Validator Network, is now central to the treasury model. BitMine said its staking operations generated a 2.99% annualized seven-day yield, with projected annualized staking revenue at $230 million. At full scale, the company said staking rewards could reach $270 million annually if its ETH is fully deployed through MAVAN and staking partners.

That yield layer separates BitMine’s Ethereum strategy from a pure Bitcoin treasury model. Bitcoin treasuries rely mainly on acquisition price, scarcity, financing access and premium-to-NAV dynamics. Ethereum treasuries can add validator rewards, staking infrastructure and network participation, but they also carry additional operational questions around validator concentration, withdrawal timing, slashing risk, custody and governance exposure.

BitMine has been building that structure while also adding capital-market tools around the ETH stack. Its recent 9.5% preferred-stock filing gives the company a Strategy-style funding instrument for Ethereum accumulation, with common shares tied to the treasury trade and preferred shares designed for yield-focused investors.

Tom Lee Says Ethereum Fundamentals Are Strengthening

Tom Lee framed the latest ETH purchase as a response to Ethereum weakness rather than a retreat from the thesis. He argued that the pullback does not reflect what he sees as stronger Ethereum fundamentals, including Wall Street tokenization and the need for public, neutral blockchains as AI systems become more capable.

That argument has become a recurring pillar of BitMine’s “Alchemy of 5%” strategy. The company now says it is 92% of the way to its 5% ETH supply target after only 11 months. A final move to 5% would put BitMine in an unusually concentrated position across the Ethereum ecosystem, especially with most of the balance already staked.

The concentration has two sides. Bulls see a public-market Ethereum treasury with staking yield, high trading liquidity and a clear accumulation target. Critics see a large single-company ETH holder exposed to equity dilution, crypto drawdowns and validator concentration risk. Those risks became more visible as Strategy and BitMine sat on more than $16 billion in paper losses during the recent BTC and ETH selloff.

Russell 1000 Watch Adds Another Market Layer

BitMine’s stock story now extends beyond ETH accumulation. The company has also drawn attention around potential Russell 1000 inclusion, with final index changes expected later in June. If BMNR is added, passive index funds and benchmark-tracking portfolios could create new demand for the stock, giving investors another reason to watch the treasury premium.

That would make BitMine’s equity market structure even more important. The company is trying to combine Ethereum accumulation, staking revenue, preferred-stock financing and possible index demand at a time when ETH remains under pressure and treasury-stock premiums are being tested across the sector.

The broader Ethereum treasury trade has already been expanding, with corporate ETH reserves narrowing the gap with Bitcoin treasury supply share as companies add staking and validator economics to balance-sheet crypto strategies. BitMine remains the clear leader in that category, and the latest 126,971 ETH purchase shows the company is still accelerating toward its 5% target rather than slowing down after the market drawdown.