Overview
- The company disclosed on Monday that it bought 76,881 ETH last week, lifting its holdings to about 5.62 million ETH, or roughly 4.66% of circulating supply and about 93% of its stated 5% goal.
- BitMine closed a 3.5 million‑share Series A preferred offering on June 10 that raised about $274 million gross and roughly $273.8 million net, with the 9.50% perpetual shares set to trade on the NYSE under ticker BMNP and pay weekly cash dividends.
- BitMine has staked roughly 4.72 million ETH through its MAVAN validator network and projects roughly $219–226 million in annualized staking rewards from that pool, which management cites as recurring cash flow to support preferred payouts.
- Markets reacted positively to the disclosures, lifting BMNR shares by about 6–8% in the session after the update, even as outside analysis notes the firm sits on large unrealized mark‑to‑market losses versus its cost basis.
- The size and pace of BitMine’s accumulation and staking raise practical questions about liquidity, unstaking speed and concentrated validator influence on Ethereum, and investors should watch for whether staking revenue and market moves sustain the new dividend duty.