Overview
- Bitmine added 126,971 ETH in the week ending June 7, taking its disclosed balance to about 5,543,872 ETH, or roughly 4.59% of an estimated 120.7 million circulating tokens.
- The company has staked more than 4.71 million ETH through its MAVAN validator network and partners, with projected annualized staking revenue near $230 million at current yields.
- Bitmine says it is about 92% of the way to its self‑stated “Alchemy of 5%” target and would need roughly 500,000 more ETH if circulating supply holds near current levels to hit 5% in 2026.
- To fund further accumulation, Bitmine disclosed plans for a dividend‑paying preferred share class, and its treasury update sent BMNR stock up around 7.7% while trading volumes stayed high.
- The concentrated position carries heavy paper losses after a steep ETH price drop — market estimates put unrealized losses near $9.6 billion — which raises liquidity, dividend sustainability, and centralization questions for both Bitmine and the Ethereum network.