BitMine Adds $135M of ETH, Says "Pullback? What Pullback?" 🧊

BitMine Immersion Technologies disclosed on Monday that it acquired 76,881 ETH over the past week, a purchase valued at approximately $135.6 million, bringing its total Ethereum treasury to 5,620,754 ETH acquired at an average price of $1,718. The holdings represent roughly 4.66% of all ETH in circulation, according to the company, moving the firm closer to its stated goal of acquiring 5% of the total Ether supply. At recent prices, the stash is valued at more than $10.1 billion, though data from DropsTab shows the position carries an unrealized loss of nearly $9 billion.

Chairman Tom Lee framed the buying spree as a response to weakness in the ETH market. "Over the past week, we acquired 76,881 ETH," Lee said in a statement. "We are 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 also staking more than 4.1 million ETH through its Made in America Validator Network (MAVAN), a figure cited at $8.1 billion at recent prices in one report and at $8.5 billion in another. The company projects roughly $219 million in current annualized staking rewards, a figure that could rise to about $269 million if all 5.6 million ETH were staked.

The treasury update coincides with the completion of BitMine's Series A Preferred Stock offering, which generated approximately $274 million in proceeds. The preferred shares, ticker BMNP, are scheduled to begin trading on the New York Stock Exchange on Tuesday, June 16, carrying a 9.5% annual dividend rate paid out weekly. "The Series A Preferred Stock offering is good balance sheet diversification for BitMine," Lee said, adding that the company's projected annualized staking rewards "provide recurring cash flow to support the dividends related to the Series A Preferred." BitMine said proceeds may be used to acquire additional ETH, fund infrastructure buildouts, or buy back common shares of BitMine (BMNR).

In Monday trading, BMNR was up more than 6.6% at around $17.18, while ETH climbed nearly 9% over 24 hours to trade around $1,811 to $1,843.69, depending on the source. Bitcoin also rallied, jumping to highs above $65,000 and last changing hands at $65,860, a 2.2% gain over 24 hours and 4% over the past week, according to CoinGecko. The risk-on move followed President Donald Trump's Truth Social posts on Sunday claiming a completed "Great Deal" with Iran and announcing a "toll free opening of the Strait of Hormuz," though investors remained cautious about the durability of the rebound. ETH remains more than 63% below its all-time high of $4,946 set last August, and spot Ether ETFs recorded four consecutive days of net outflows last week, with BlackRock's iShares Ethereum Trust ETF (ETHA) remaining the largest U.S.-listed ETH ETF at $4.75 billion in net assets, or 2.36% of circulating supply.