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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
06/23/2026

BitMine Adds $92M in ETH, Now Holds 4.7% of Total Ethereum Supply

What happened: BitMine Immersion Technologies (NYSE: BMNR) purchased 52,203 ETH (about $92 million) last week, increasing its holdings to 5,672,956 ETH (roughly $10 billion), or 4.

BitMine Adds $92M in ETH, Now Holds 4.7% of Total Ethereum Supply

What happened: BitMine Immersion Technologies (NYSE: BMNR) purchased 52,203 ETH (about $92 million) last week, increasing its holdings to 5,672,956 ETH (roughly $10 billion), or 4.7% of ETH's circulating supply. The firm is now 94% of the way to its stated goal of controlling 5% of all ETH. Approximately 83% of BitMine's ETH is staked via its "Made in America Validator Network," with staking yields used to fund dividends. BitMine is set to join the Russell 1000 index on June 26, a potential catalyst for further inflows.

Why it matters: BitMine's aggressive accumulation makes it the largest corporate ETH treasury globally, echoing MicroStrategy's Bitcoin playbook but with the added benefit of staking yield. However, BitMine's equity has underperformed, and the company still sits on a large unrealized loss in its ETH treasury. The upcoming inclusion in the Russell 1000 could prompt institutional buying, but questions remain about the sustainability of its strategy and the impact of further equity dilution.

Source: Decrypt