BitMine's $135M ETH Top-Up Lands Same Week Its 9.5% Yielding BMNP Hits the NYSE 🏦

BitMine Immersion Technologies, the Ethereum treasury company chaired by Tom Lee, disclosed a $135.6 million purchase of 76,881 ETH last week, bringing its cumulative holdings to 5,620,754 ETH at an average price of $1,718, or roughly 4.66% of the total Ether supply. The firm also reported a treasury composition of 204 Bitcoin, a $200 million stake in Beast Industries tied to @MrBeast and an $89 million position in Eightco, with combined crypto and "moonshot" assets valued at $10.4 billion.

The buying comes as BitMine prepares for the Tuesday, June 16 NYSE listing of its Series A Preferred Stock under the ticker BMNP, a 9.5% annual dividend instrument paid out weekly. The preferred share offering generated nearly $274 million in proceeds, which the company said will be directed toward additional ETH acquisitions, infrastructure buildouts, or buybacks of BitMine common shares (BMNR). "The Series A Preferred Stock offering is good balance sheet diversification for BitMine," Chairman Tom Lee said in a statement, adding that projected annualized staking rewards of approximately $219 million provide "recurring cash flow to support the dividends related to the Series A Preferred." Lee also said the firm is "maintaining a somewhat elevated pace of buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals."

BitMine is currently staking more than 4.7 million ETH, valued at around $8.5 billion, through its Made in America Validator Network (MAVAN), and estimates that staking its full 5.6 million ETH would generate roughly $269 million in annualized revenue. The disclosure arrived as shares of BMNR traded more than 6.6% higher on Monday at around $17.18, while $ETH rose nearly 9% over 24 hours to $1,811 and $BTC climbed to $65,860, up 2.2% on the day and 4% over the past week, according to CoinGecko data. The move in crypto prices followed U.S. President Donald Trump's Truth Social posts on Sunday claiming a "Great Deal" with Iran and authorizing the "toll free opening of the Strait of Hormuz." Despite Monday's rally, $ETH remains more than 63% below its all-time high of $4,946 set in August, and BitMine's ETH stack carries unrealized losses of nearly $9 billion based on current prices, per DropsTab data cited in the report.