As it approaches its target of holding 5% of the ETH supply, the largest Ethereum treasury firm has reduced its purchasing activity.
By Krisztian Sandor|Edited by Stephen Alpher Jun 22, 2026, 1:04 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Tom Lee at the Consensus Miami 2026 event (CoinDesk)SummaryShow- Bitmine acquired $92 million worth of ether last week, moving closer to its goal of obtaining 5% of the total cryptocurrency supply.
- Thomas Lee, the chairman, indicated that Bitmine will continue its ETH purchases throughout 2026 and holds a positive long-term perspective on crypto, suggesting that tokenization and AI will boost Ethereum's demand.
Bitmine Immersion Technologies (BMNR), the leading Ethereum treasury firm, has been purchasing ether (ETH) but has recently moderated its buying activities as it nears its objective of owning 5% of the total supply of the cryptocurrency.
Last week, Bitmine acquired 52,203 ether (ETH), adding to its streak of purchases and solidifying its status as one of the few significant buyers of crypto assets.
This acquisition, valued at approximately $92 million based on the current ETH price of about $1,760, raised Bitmine's total holdings to 5.67 million ETH, which now amounts to nearly $10 billion and represents 4.7% of Ethereum's circulating supply. The company's liquid assets, including cash and marketable securities, totaled $601 million.
Although this latest purchase was less than the previous two weeks' acquisitions, it keeps Bitmine on track to achieve its long-term objective of securing 5% of Ethereum's supply by year-end, with the company now 94% towards that goal.
"We are committed to a steady accumulation throughout 2026," stated Bitmine Chairman Thomas "Tom" Lee.
To support this strategy, the company is enhancing its financing options by introducing dividend-paying preferred shares, despite challenges faced by similar products in the market from bitcoin-focused firms like Strategy (MSTR).
Earlier in June, Bitmine successfully raised around $274 million through the issuance of 3.5 million shares of its 9.50% Series A Perpetual Preferred Stock. These preferred shares, which are listed on the New York Stock Exchange under the ticker BMNP, offer weekly cash dividends.
Lee emphasized that the company's staking operation generates consistent cash flow to meet these dividend obligations. Currently, Bitmine has 4.72 million ETH staked, representing over 83% of its total holdings.
The firm anticipates generating approximately $223 million in annualized staking revenue, with potential rewards reaching $268 million annually via its MAVAN staking platform.
Bitmine also announced a new round of scheduled dividend payments through August, distributing $0.1847 per share.
Crypto Spring
Lee reiterated his belief that the cryptocurrency market is in the early phases of recovery following the downturn that began with the liquidation shock in October 2025.
During Consensus Miami last month, he suggested that the bear market would likely end if bitcoin managed to close May above $76,000. However, BTC concluded the month below $74,000 and dipped under $60,000 in early June.
Despite this setback, Lee maintains that his broader outlook remains unchanged.
"We believe we are entering the early stages of crypto spring," he expressed.
He also reaffirmed his optimistic view on Ethereum, asserting that increased demand from tokenization and AI applications will foster network adoption in the coming years.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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