Bitmine Bags 27K ETH While Strategy Hits Snooze on Bitcoin 🛌

Ethereum treasury firm Bitmine Immersion Technologies acquired 27,084 ETH last week, a purchase valued at roughly $43 million, bringing its holdings to just over 5.7 million ETH, or 4.7% of the 120.7 million ETH supply. Chairman Tom Lee, commenting on the latest accumulation conducted at an average price of $1,569 per token, said the company is targeting ownership of 5% of Ethereum's supply "sometime in 2026." The firm has staked nearly 4.9 million ETH, equal to 85% of its total holdings and worth around $7.7 billion at current prices, with Lee projecting annualized staking revenue of $211 million and reporting a 7-day staking yield of 2.75%.

The $ETH purchase comes alongside Bitmine's addition to the Russell 1000 Index during the benchmark's annual reconstitution. Lee stated that inclusion is "expected to add hundreds and possibly thousands of additional institutional investors as equity owners of Bitmine," noting that up to 25% of an index constituent's market cap can be held by passive index funds. Sharplink, Forward Industries, crypto exchange Gemini, and crypto services firm Galaxy Digital were also added to the Russell 3000 Index on Friday.

Bitmine's stock ($BMNR) gained 1.7% on Monday to close at $13.80, though shares remain down 9% over the past trading week and more than 91% below a 52-week high of $161 set shortly after the firm adopted its Ethereum treasury strategy in June. Bitmine also holds approximately 206 $BTC, valued at $12.3 million.

The accumulation occurred as $ETH declined 8% last week and is now trading at $1,567, down 22% over the past month and 68% below its all-time high of $4,946. Lee described the market environment, saying "we are nearing quarter-end for June, and it is not surprising to see 'window dressing' leading to investors reducing their holdings in assets which have fallen in the past three months." $BTC has performed marginally better, dipping 19% over the past month and trading at $59,324 — more than 52% below its all-time high of $126,080.

Leading $BTC treasury company Strategy did not add to its holdings last week amid scrutiny of its preferred equity offering STRC, which has fallen to new lows. The firm's board approved a program permitting Strategy to sell up to $1.25 billion in $BTC to fund cash reserves, make payouts on products including Stretch ($STRC), or repurchase securities. Lee highlighted positive developments during the week, including the creation of Ethlabs, a nonprofit R&D lab financially backed by Bitmine and rival Ethereum treasury firm Sharplink, as well as the Bank of England's softened stance on stablecoins, adding that Bitmine "remains focused on the longer-term horizon."