Bitmine Accumulates ETH: 4.59% Supply, 7-Day Yield 2.99% and SEC BMNP Filing

Published: 2026-06-08 15:29:36 |

Bitmine says it has built an Ethereum (ETH) treasury equal to 4.59% of total ETH supply (5.54M ETH), after adding 126,971 ETH over the past week despite a weak market. The firm reports total holdings of about $9.6B across crypto, cash and “moonshots,” and says nearly 4.72M ETH is staked. Its 7-day staking yield is 2.99%, with annualized staking revenue projected around $230M (potentially up to ~$270M at scale). Chairman Thomas “Tom” Lee frames the recent ETH pullback as not a fundamentals break. He argues AI-driven improvements will increase demand for more resilient networks like Ethereum, and he still expects Bitmine’s “Alchemy of 5%” milestone to land around 2026. Separately, Bitmine filed with the SEC to launch a public offering of 3M shares of 9.50% Series A Perpetual Preferred Stock (NYSE: BMNP). Management said proceeds could support general corporate purposes, including additional ETH buys, expansion of its MAVAN staking/validator infrastructure, and strategic investments in the Ethereum ecosystem. Overall, the updates reinforce Bitmine’s ongoing ETH accumulation during the downturn.

Bullish

This is bullish for ETH specifically. Bitmine’s treasury is growing quickly (now ~4.59% of ETH supply) and a large additional stake base (~4.72M ETH) supports steady staking demand. The company also projects sizable annualized staking revenue from its current 7-day yield (~2.99%), which can strengthen sentiment around ETH’s cash-flow narrative rather than treating the pullback as purely bearish. In the short term, the SEC filing for BMNP and ongoing ETH purchases may add a “buy-the-dip” headline effect that traders could use for momentum trades. Over the long term, the repeated emphasis on “Alchemy of 5%” and the infrastructure expansion via MAVAN suggest continued balance-sheet support for ETH supply, aligning with the bullish thesis that institutional flows persist during volatility. While execution risk exists (offering terms, market conditions), the direction of ETH exposure is clearly additive, supporting upside bias.