Bitmine buys 126,971 ETH, lifting Ethereum holdings above 5.5 million

Bitmine Immersion Technologies, Inc. said it purchased 126,971 ETH over the past week, taking total Ethereum holdings to 5,543,872 ETH as of June 7, 2026, in line with its treasury strategy focused on long-term crypto accumulation. The company said its balance sheet now includes 5,543,872 ETH, 204 BTC and $247 million in cash, along with equity stakes in Beast Industries and Eightco Holdings. Bitmine put the combined value of its crypto, cash and equity positions at $9.6 billion. Bitmine also reported a major expansion in staking through its MAVAN platform (Made in American Validator Network). It said 4,718,677 ETH is currently staked, worth about $7.7 billion based on $1,630 per ETH, representing more than 85% of its Ethereum reserves. The company projected annualized staking revenue of $230 million at a 2.99% yield, citing institutional-grade staking and custody workflows supported by MAVAN. On supply concentration, Bitmine said its ETH position equals about 4.59% of total Ethereum supply, which it estimated at 120.7 million ETH, putting the firm roughly 92% of the way toward its stated "Alchemy of 5%" accumulation target. Chairman Tom Lee said the strategy reflects continued positioning in Ethereum as market conditions evolve, pointing to expanding staking yields and network usage trends. Bitmine added that institutional backers include investors such as ARK, Pantera, Galaxy Digital and Founders Fund, and said its shares have recently seen average daily trading volume of $829 million.