Bitmine Acquires 126,971 ETH Worth $214M, Reaching 92% of Ethereum Accumulation Target

Bitmine acquired 126,971 ETH for $214M amid a market downturn, bringing its total to 5.54M ETH and reaching 92% of its goal to own 5% of the total supply. Chairman Thomas Lee cited strong fundamentals despite the price drop. The firm, which stakes over 85% of its ETH, holds a $9.6B treasury but also faces an estimated $9.6B in paper losses, prompting plans to issue preferred stock to raise funds.

Bitmine Ethereum acquisition strategy

• ▪The acquisition advanced Bitmine to 92% of its "Alchemy of 5%" goal to control 5% of Ethereum's outstanding supply
• ▪The large purchase marked a reversal from a previous company call to slow down ETH accumulation
• ▪Bitmine acquired 126,971 ETH in the week ending June 7, 2026, for approximately $214 million
• ▪Chairman Thomas Lee stated the purchase was made because the price pullback does not reflect the strengthening of Ethereum's fundamentals

ETH staking through MAVAN infrastructure

• ▪Bitmine projects annualized staking rewards of $270 million, based on a recent 7-day yield of around 2.99%
• ▪Over 85% of Bitmine's ETH, or 4,718,677 tokens, is staked through its proprietary MAVAN (Made in America VAlidator Network) platform

Ethereum price recovery trends

• ▪As of June 8, 2026, Ethereum was trading around $1,682, down significantly from highs above $2,300 earlier in 2026
• ▪Bitmine's purchase occurred as Ether's price slid to $1,505, its lowest level since April 2025

Bitmine treasury holdings composition

• ▪In addition to ETH, Bitmine's treasury includes 204 BTC, $247 million in cash, and an $88 million stake in Eightco Holdings
• ▪The purchase brought Bitmine's total holdings to 5.54 million ETH, representing 4.59% of the total supply
• ▪Bitmine's total crypto, cash, and strategic investments are valued at $9.6 billion

Institutional crypto treasury rankings

• ▪Bitmine has continued to accumulate crypto while most peer firms have halted purchases or pivoted to selling
• ▪Bitmine is the world's largest corporate Ethereum holder and the second-largest overall corporate crypto treasury behind Strategy (MSTR)

Market volatility risk exposure

• ▪To raise more funds, Bitmine plans to issue a preferred equity class that pays dividends
• ▪The company's strategy has resulted in an estimated $9.6 billion in unrealized paper losses as ETH is down 65% from its August record