Shares of Bitmine Immersion Technologies Inc (NYSE:BMNR) climbed 8.3% on Monday after the company revealed its Ethereum holdings and provided additional details on its liquidity, equity stakes and recent financing.
In a disclosure, Bitmine said it owns 5.62 million ETH tokens, which it values at $10.4 billion. That holding represents 4.66% of the reported total ETH coin supply of 120.7 million tokens. The company noted that its accumulation places it at 93% of what it describes as the "Alchemy of 5%" target reached in 11 months.
Bitmine also outlined other components of its balance sheet: $502 million in cash and marketable securities, a stake in Beast Industries valued at $180 million and a holding in Eightco Holdings (NASDAQ:ORBS) valued at $88 million.
As of June 14, the company reported 4,718,677 staked ETH, which it valued at $8.1 billion using a price of $1,718 per ETH. Bitmine provided projections for staking revenue, estimating annualized staking rewards at approximately $219 million. The company also described current annualized staking revenues of $226 million based on a seven-day yield of 2.79%.
In corporate finance activity, Bitmine closed a sale of 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock on June 10, 2026, at $80.00 per share. Net proceeds after underwriting discounts and expenses were reported at approximately $273.8 million. The Series A Preferred Stock is scheduled to begin trading on the NYSE under the symbol BMNP on June 16, 2026, and dividends on that issue will be paid weekly.
The filing noted that Bitmine was named to the Fortune Crypto 100 list for 2026, a ranking the company describes as identifying influential firms in blockchain. The company also disclosed a recent purchase of 76,881 ETH over the prior week.
Chairman Thomas Lee was quoted as saying the company expects to reach a 5% share of the ETH supply sometime in 2026. Bitmine reported it is the largest ETH treasury globally and the second-largest crypto treasury overall behind Strategy Inc. (NASDAQ:MSTR), which the company said holds 845,256 BTC valued at $54 billion.
The stock trades an average daily dollar volume of $550 million, ranking 203rd among US-listed stocks.
Context and implications
The disclosure highlights Bitmine's concentrated position in Ethereum and details that link token holdings to staking revenue assumptions and near-term financing. The company's recent preferred stock sale adds liquidity reported as net proceeds of approximately $273.8 million and will introduce a NYSE-listed preferred issuance paying weekly dividends.
While the company projects annualized staking rewards and revenues, those figures are presented as company estimates tied to the reported 7-day yield. Bitmine's statement about reaching a 5% ETH supply target in 2026 provides a timetable for further accumulation, according to the chairman's comment referenced in the filing.