Bitmine lifts Ethereum treasury to 5.7 million ETH through 'challenging' weekly slide, joins Russell 1000

Bitmine Immersion Technologies (BMNR) added 27,084 ETH over the past week, bringing its total holdings to 5,700,040 coins and pushing the company to 94% of its target of owning 5% of Ethereum's circulating supply.

As of June 28, Bitmine's 5.70 million (ETH) — priced at $1,569 per coin — represents 4.7% of total ETH supply, which stands at 120.7 million coins, the company announced Monday.

Total crypto holdings, cash, marketable securities, and "moonshot" positions reached $9.8 billion, including a $180 million stake in Beast Industries, a $74 million stake in Eightco Holdings, and $555 million in cash and marketable securities, the company said.

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Challenging week

"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," Chairman Tom Lee said.

Lee attributed the price weakness to quarter-end window dressing, describing it as investors reducing exposure to assets that have declined over the past three months. Bitmine's pace of accumulation slowed from the prior week, when the company acquired 52,203 ETH.

"We continue to maintain a steady pace of accumulation throughout 2026," Lee said. "We believe we are in the early stages of crypto spring. Bitmine is expected to reach the 'alchemy of 5%' sometime in 2026."

Russell 1000 inclusion

On June 26, Bitmine was added to the Russell 1000 Large-cap index as part of the index's annual reconstitution.

Lee said the inclusion is expected to bring hundreds, and potentially thousands, of additional institutional investors into the stock as passive funds and ETFs — which the Investment Company Institute estimates typically hold 18% to 20% of a company's shares — rebalance to reflect the change.

Of Bitmine's 5.70 million ETH, 4,879,157 are currently staked, representing approximately $7.7 billion at the June 28 price. Annualized staking revenues are projected at $211 million, Lee said.

At full scale — when Bitmine's ETH is fully staked through MAVAN, the company's institutional-grade validator network, and its staking partners — projected annualized staking rewards rise to $246 million, based on a 2.75% seven-day yield, Lee added.

Bitmine remains the largest corporate Ethereum treasury in the world and the second-largest corporate crypto treasury overall, behind Strategy, which owns 847,363 BTC valued at approximately $50 billion, per The Block’s data.

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ETH was trading at approximately $1,565 at the time of publication, according to The Block's price page. BMNR shares were changing hands around $13.56 on Monday, down roughly 13% over the past week and more than 90% below their 52-week high of $161.00.