Bitmine reaches 94% of ETH target as it joins Russell 1000

Bitmine Immersion Technologies (BMNR) has completed 94% of its plan to accumulate 5% of Ethereum’s total supply.

Bitmine on Monday disclosed that it purchased more than 27,000 ETH last week, lifting its total holdings to 5.7 million ETH, representing 4.7% of all Ethereum in circulation. The company also announced its inclusion in the Russell 1000 Large-cap Index, which it expects will attract additional institutional investors.

In total, Bitmine has about $9.8 billion in assets, including crypto, cash, marketable securities, and strategic investments.

Beyond its leading Ethereum treasury, the firm also owns 206 BTC, maintains $555 million in liquidity, holds a $180 million investment in Beast Industries, and owns $74 million of Eightco, one of the few publicly listed companies offering investors indirect exposure to OpenAI.

Operationally, Bitmine continues to scale its institutional staking platform, MAVAN, with approximately 4.9 million ETH already staked, representing more than 85% of its Ethereum holdings.

Based on current staking yields, management estimates annualized staking revenue of $211 million, with upside to $246 million once all ETH is deployed through MAVAN and partner validators.

On the outlook for the crypto market, Thomas “Tom” Lee, Chairman of Bitmine, said he maintains a positive long-term view despite recent declines. Lee reiterated that the ongoing migration of Wall Street infrastructure onto blockchain networks and the emergence of crypto-based payment rails for agentic AI applications continue to support its investment strategy.

“This past week was a challenging one for crypto investors as ETH fell by 8%, even as Ethereum witnessed notable positive developments such as the creation of Ethlabs, and even the Bank of England softened its stance around stablecoins. We are nearing quarter-end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months,” he noted.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.