Bitmine Nears 5% Ethereum Supply Goal With $90 Million Acquisition

The latest purchase bolsters Bitmine’s treasury to approximately $10.7 billion in digital assets, cash, and strategic investments, including stakes in Eightco Holdings and Beast Industries. Chairman Tom Lee maintains a bullish outlook, citing tokenization and artificial intelligence as primary catalysts for future blockchain demand. Despite unrealized losses on its broader Ethereum position, the company is increasingly relying on staking to generate revenue. Bitmine currently has 4,718,677 ETH staked, which the firm projects will yield $223 million in annualized revenue. Once full staking capacity is reached through MAVAN and partner protocols, Lee anticipates that figure could climb to $268 million.

Funding for these aggressive acquisitions has been supported by a recent $273.8 million preferred stock offering. Bitmine’s strategy positions it as the second-largest corporate crypto holder globally, trailing only Michael Saylor’s Strategy. While other market participants have slowed their pace, Bitmine continues to execute against its treasury roadmap, with the company board recently declaring a $0.1056 per share dividend for its Series A Perpetual Preferred Stock holders, payable on July 10.