Bitmine Immersion Technologies (BMNR) stock rose 1.7% Monday to close at $13.80. The gain came after a rough week that saw the stock slide 9% alongside a broader pullback in Ether.
Bitmine Immersion Technologies, Inc., BMNR
The Ether treasury company added more than 27,000 ETH last week. The purchase cost roughly $43 million, at an average price of $1,569 per token.
Bitmine now holds just over 5.7 million ETH. That’s 4.7% of the total Ether supply of 120.7 million tokens.
Bitmine Adds 27,084 ETH, Holdings Reach 5.70 Million ETH
Bitmine announced it acquired an additional 27,084 ETH over the past week, bringing its total holdings to 5.70 million ETH, equivalent to 4.7% of Ethereum’s total supply. The company also reported $555 million in cash… pic.twitter.com/spsaKyN9M8
— Wu Blockchain (@WuBlockchain) June 29, 2026
Chairman Tom Lee has set a target of owning 5% of all Ether in circulation. The company calls this goal the “alchemy of 5%.”
Bitmine officially joined the Russell 1000 Index on June 26. The index tracks the 1,000 largest US companies by market cap.
Lee said the addition could bring in hundreds, possibly thousands, of new institutional investors. Many mutual funds, ETFs, and pension funds track the Russell 1000 and are required to buy stocks once they’re added.
Other crypto-linked firms also made index news last week. Sharplink, Forward Industries, Gemini, and Galaxy Digital all joined the Russell 3000 on Friday.
Lee pointed to research suggesting passive funds can hold up to 25% of a stock’s market cap once it’s added to a major index. That dynamic is part of why companies pay close attention to these reconstitution dates.
It wasn’t all good news. Ethereum itself fell 8% over the past week, dropping below $1,600 at one point.
Lee attributed some of the selling to quarter-end “window dressing,” where investors trim positions in assets that have underperformed recently. He noted Ether has fallen over the past three months.
Still, Lee pointed to a few bright spots. He cited the creation of Ethlabs and a softer stance on stablecoins from the Bank of England as positive developments for the network.
Beyond ETH, Bitmine also holds 206 Bitcoin, a $180 million stake in Beast Industries, and a $74 million stake in Eightco Holdings. Combined with cash and marketable securities of $555 million, total holdings reach $9.8 billion.
The company also staked nearly 4.9 million ETH through its MAVAN platform. That’s worth about $7.7 billion at current prices, and Bitmine projects annualized staking revenue of around $211 million from those holdings.
Bitmine remains the largest Ether treasury in the world. It ranks as the second-largest crypto treasury overall, trailing only Strategy Inc., which holds 847,363 Bitcoin valued near $50 billion.
Trading volume tells its own story about Bitmine’s footprint. The stock averaged $643 million in daily dollar volume over the five days through June 26, ranking 240th among all US-listed stocks.
On June 10, Bitmine closed an offering of 9.50% Series A Preferred Stock, raising net proceeds of about $273.8 million. That preferred stock now trades on the NYSE under the ticker BMNP, with weekly dividend payments.
Bitmine was also named to the Fortune 100 Crypto List on June 11. The ranking is based on data analysis from Inca Digital alongside a survey of crypto industry experts.
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