#BitMine Now Holds 5.7 Million $ETH Worth 8.9 Billion Dollars — Staking Revenue Hits 211 Million Annually

Tom Lee's BitMine Immersion Technologies just released its latest treasury update, and the numbers are staggering. As of June 28, the company holds 5,700,040 ETH, worth approximately 8.94 billion dollars at a reference price of 1,569 dollars per token. That represents 4.7 percent of Ethereum's total circulating supply of 120.7 million coins.
Key Highlights
The breakdown of BitMine's holdings reveals a well-structured accumulation strategy:
· Staked ETH: 4,879,157 ETH, worth roughly 7.7 billion dollars, representing over 85 percent of total holdings.
· Projected annual staking revenue: 211 million dollars.
· Progress toward 5 percent target: 94 percent complete.
· Total portfolio value: 9.8 billion dollars, including ETH, cash, securities, and strategic investments.
The Accumulation Machine Keeps Running
BitMine added 27,084 ETH over the past week alone, despite ETH falling roughly 8 percent during the same period. Chairman Tom Lee called it a "challenging week" but framed the price weakness as quarter-end window dressing rather than a fundamental shift in market dynamics.
The company's "Alchemy of 5 Percent" strategy remains firmly on track. Lee expects BitMine to reach its goal of controlling 5 percent of all ETH sometime in 2026. With approximately 500,000 more ETH needed to hit that target, the accumulation pace is steady but deliberate.
Russell 1000 Inclusion Adds Momentum
On June 26, BitMine was officially added to the Russell 1000 Large-Cap Index. Lee described this as a milestone that broadens exposure to passive institutional capital, potentially bringing hundreds or thousands of new institutional equity holders to BMNR.
This index inclusion creates a new demand channel for the stock, which could provide support for the share price as index-tracking funds are forced to add positions.
The Strategy Behind the Stack
BitMine's approach differs from Strategy's Bitcoin model in one critical way: staking yield. While Strategy's BTC sits idle in cold storage, BitMine's ETH generates recurring revenue regardless of price direction. At current levels, that translates to 211 million dollars in annualized income from the staked portion alone.
Lee describes current market conditions as a "mini-winter" and remains committed to buying through the weakness. His conviction rests on the belief that tokenization and AI demand will make Ethereum the settlement layer of the global economy. If that thesis plays out, the position could be worth 335 billion dollars at Lee's 62,000 dollar ETH target
The Risk You Cannot Ignore
The flip side is just as extreme. BMNR stock has fallen over 90 percent from its 52-week high. ETH is down more than 60 percent from its 2025 peak. If the thesis does not play out, BitMine is sitting on billions of dollars of an asset with no floor in sight.
The company's entire valuation is now tied to a single asset class. Any sustained downturn in Ethereum could put both the treasury and the stock under severe pressure.
BitMine is playing a long-term conviction game. It is buying yield-generating ETH while everyone else is panicking. Whether that is genius or insanity depends entirely on where Ethereum goes from here.
For crypto investors, the key takeaway is simple: watch BitMine's accumulation patterns. When the largest corporate holder of ETH keeps buying through the dip, it sends a signal. That signal could either be the smartest money in the room positioning for a massive rebound, or it could be the early stages of a much bigger capitulation.
👉This article is for informational and educational purposes only and does not constitute financial advice. All investment decisions should be based on your own research and risk tolerance.