Overview
- BitMine bought 76,881 ETH in the week to June 15, bringing its total to about 5.62 million ETH, which is roughly 4.65% of Ethereum’s circulating supply.
- The company raised about $274 million with a 9.5% Series A perpetual preferred and began trading those preferred shares on the NYSE under ticker BMNP on June 16.
- BitMine has staked roughly 4.72 million ETH, about 83% of its holdings, and projects $219 million to $226 million in annualized staking rewards to help fund preferred dividends.
- Analysts and market observers warn the large, mostly staked position reduces freely tradable ETH, could compress staking yields as more ETH is staked, slows potential withdrawals because unstaking is time‑limited, and concentrates validator influence that can affect protocol governance.
- BitMine’s common shares have fallen about 45% year to date and management is campaigning for Russell 1000 inclusion to attract institutional buyers, a move that could boost demand for the stock and encourage other firms to use similar dividend‑paying preferreds to finance crypto treasuries.