Overview
- BitMine disclosed a 52,203‑ETH purchase on Monday that cost about $92 million and brought its total holdings to roughly 5.67 million ETH, or about 4.7% of circulating supply.
- The company says it is about 94% of the way to a stated goal of owning 5% of Ethereum and plans to continue steady accumulation through 2026.
- BitMine raised roughly $274 million by selling 3.5 million shares of 9.50% Series A perpetual preferred stock to fund purchases and pays weekly cash dividends to preferred holders.
- More than 4.72 million ETH — over 83% of BitMine’s stash — is staked via its MAVAN validator network, producing projected annualized staking revenue of about $223 million with upside to roughly $268 million.
- The strategy reduces liquid ETH available on the market and creates tradeoffs for investors because preferred‑stock fundraising creates ongoing dividend obligations and large concentrated, staked holdings raise liquidity, governance and unrealized‑loss risks.