Bitmine expands Ethereum treasury as holdings approach 5% of circulating supply

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Bitmine expands Ethereum treasury

Highlights

Bitmine acquired 42,197 ether worth $74 million last week, raising total crypto and cash holdings to $11.1 billion as of June 28.
Bitmine staked 4,879,157 ETH (85% of its holdings) via MAVAN, generating a seven-day annualized yield of 2.68% and $235 million in annualized staking revenue.
BMNR joined the Russell 1000 large-cap index on June 26, and shares rose over 3% post-July 6 disclosure amid ether's 10% monthly gain versus bitcoin's 2%.

Treasure buildup and staking economics

As reported by The Block, citing Bitmine Immersion Technologies in a statement on Monday, the Norwalk, Connecticut-based company acquired 42,197 ether worth an estimated $74 million last week and disclosed total crypto and cash holdings of $11.1 billion as of June 28. Those assets include an ether position valued at $1,800 per token, 206 bitcoin, $527 million in cash and marketable securities, and equity stakes in Beast Industries and Eightco Holdings.

The company says it has staked 4,879,157 ETH through MAVAN, its Made in America Validator Network, equal to about 85% of its total ether holdings. Chairman Tom Lee says Bitmine's own validators generated a seven-day annualized yield of 2.68%, while the company projects annualized staking rewards of $277 million at full deployment across MAVAN and partner validators; current annualized staking revenue stands at $235 million.

Regulatory outlook and market position

Lee links ether's recent strength against bitcoin to changing regulatory sentiment in the U.S., pointing to prediction-market pricing that places the odds of the Clarity Act passing at about 50%, the highest level in two weeks. He says clearer rules would be an important milestone for crypto, especially for smart contract platforms such as Ethereum.

Ether trades near $1,770 at publication, up 10% over the past month, while bitcoin rises barely 2% over the same period. Bitmine holds the largest corporate Ethereum treasury and ranks second among all crypto treasuries behind Strategy, which holds 847,363 bitcoin.

BMNR entered the Russell 1000 large-cap index on June 26, a step Lee expects will widen the company's institutional shareholder base. Shares rise more than 3% after the July 6 disclosure, while Strategy sold 3,588 BTC for $216 million during the previous week.

In our earlier coverage of tokenization gaining traction in financial market plumbing, we explained how blockchain-based records and smart contracts are being adopted to streamline settlement and reduce costly reconciliation across legacy systems. We highlighted signs of growing institutional momentum—such as large-scale blockchain transaction volumes and plans to tokenize traditional instruments—alongside regulatory steps that could accelerate broader use of on-chain rails in mainstream finance.

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