Bitmine Expands Ethereum Holdings With $92 Million Purchase, Nears 5% Supply Target

Bitmine Immersion Technologies has added another 52,203 ETH to its balance sheet, spending approximately $92 million as it continues its aggressive Ethereum accumulation strategy. The latest purchase increases the company’s total holdings to 5.67 million ETH, valued at nearly $10 billion based on current market prices.

The acquisition brings Bitmine closer to its long-term goal of owning 5% of Ethereum’s circulating supply. The company said it has now completed about 94% of that target and currently controls roughly 4.7% of all ETH in circulation.

Staking Business Supports Growth Strategy

While the pace of purchases has slowed compared with previous weeks, Bitmine Chairman Tom Lee said the company remains committed to steady accumulation throughout 2026.

A key part of the strategy is staking. Bitmine currently has 4.72 million ETH staked, representing more than 83% of its total holdings. The company estimates annualized staking revenue of around $223 million, with potential rewards reaching $268 million per year through its MAVAN staking platform.

Preferred Share Offering Strengthens Capital Base

Earlier this month, Bitmine raised approximately $274 million through the sale of 3.5 million shares of its 9.50% Series A Perpetual Preferred Stock. The shares trade under the ticker BMNP and pay weekly cash dividends. The company also announced scheduled dividend payments through August, with shareholders receiving $0.1847 per share.