Bitmine Immersion Technologies (BMNR) added 126,971 ether last week for roughly $207 million, pushing its total treasury to 5,543,872 ETH as the company accelerated purchases into a market selloff that pushed the cryptocurrency down roughly 30% from April highs.
The Monday announcement pegged holdings at 4.59% of ether's circulating supply of 120.7 million tokens, placing Bitmine 92% of the way to its "Alchemy of 5%" accumulation target with roughly 490,000 ETH still needed.
The week's buy marks a sharp increase over the prior week's 26,497 ETH addition, as reported by The Block at the time.
Bitmine Chairman Tom Lee attributed the stepped-up pace directly to Ethereum’s (ETH) price weakness. "We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals," Lee said.
According to The Block’s price, ETH last changed hands below $1,700 amid a broad market downturn. The company's stock has tracked ether's slide. BMNR closed at $15.90 on June 7, down roughly 31% over the past month.
Expand Chart
Staking
Bitmine's total staked position stood at 4,718,677 ETH — or $7.7 billion at the $1,630 reference price used in the release — as of June 7. That figure represents 85% of the company's total ETH holdings.
At current yields, annualized staking revenues are projected at $230 million, Lee said. At full deployment across Bitmine's own MAVAN staking platform and its staking partners, the projected annualized staking reward rises to $270 million, using a 2.99% seven-day yield.
MAVAN — Made in America Validator Network — was originally built to support Bitmine's internal treasury but is being expanded to serve institutional investors, custodians, and ecosystem partners, the company said.
Bitmine's total crypto, cash, and "moonshots" investments reached $9.6 billion as of June 7, including $247 million in cash, a $180 million stake in Beast Industries, and an $88 million stake in Eightco Holdings (NASDAQ: ORBS). The company also flagged its Eightco position as indirect exposure to OpenAI.
Lee pushed back on the broader market narrative around the recent selloff as well. "The broad selloff in crypto, in our view, is a superficial take," he said, arguing that improving AI systems' capabilities will increase demand for hardened decentralized blockchains such as Ethereum.
"We believe ETH prices should not be coming under pressure," he added.
Bitmine remains the largest ETH treasury globally and the second-largest crypto treasury overall, behind Strategy (MSTR), which holds 845,256 BTC valued at approximately $53.5 billion, following its latest acquisition announcement on Monday.
Expand Chart