Bitmine buys ETH again, acquiring 27,084 tokens over the past week. The Ethereum treasury firm’s holdings have now climbed above 5.7 million ETH.
According to a press release, Bitmine maintained a steady pace of accumulation throughout this year. Consequently, BMNR stock is up today amid the announcement.
Why Bitmine buys ETH while maintaining steady pace
Bitmine’s Chairman, Tom Lee, reiterated that the firm believes the market is in the early stages of a crypto spring. Additionally, he expects to reach the “alchemy of 5%” sometime in 2026.
The company now holds just over 5.7 million ETH. This represents 4.7% of the ETH supply of 120.7 million ETH. Meanwhile, the Ethereum treasury firm has staked almost 4.9 million ETH, worth around $7.7 billion at current prices. Therefore, the 4.9 million ETH represents 85% of the firm’s total holdings.
Tom Lee said they project annualized staking revenue of $211 million from their staked ETH. Their staking operations have generated a 7‑day yield of 2.75% annualized.
Bitmine joins Russell 1000 index
This development comes as the Ethereum treasury firm joins the Russell 1000. Bitmine joined the index last week as part of the annual reconstitution. Tom Lee noted that they expect to add hundreds, possibly thousands, of additional institutional investors as equity owners with this move.
Positive developments amid market downtrend
The Bitmine chairman noted that this past week was challenging for crypto investors as the Ethereum price fell by 8%. Nevertheless, he pointed to positive developments. For example, the creation of Ethlabs and the Bank of England’s softened stance around stablecoins.
“We are nearing quarter-end for June, and it is not surprising to see ‘window dressing’ leading to investors reducing their holdings in assets which have fallen in the past 3 months,” Lee said.
Ethereum and Bitmine stock have recovered today following last week’s downtrend. Specifically, ETH is approaching the psychological $1,600 level. Meanwhile, BMNR stock is up almost 2% at the market open today, trading at around $14, according to TradingView data. However, the stock is still down over 15% in the last week.
