BitMine Nears 5% of ETH Supply with $9.6B Holdings and 126,971 ETH Buy
BMNR•BitMine holds $9.6 billion in crypto and cash as its Ethereum stake reached 5.5 million ETH, equal to 4.59% of supply after acquiring 126,971 ETH last week while Ether fell 27% over the month. The firm has funded purchases via an upsized Series A perpetual preferred offering.
1. Surge in Crypto Holdings
BitMine's crypto and cash holdings have risen to $9.6 billion after it acquired 126,971 ETH last week. This lift now gives it approximately 5.5 million ETH, equal to 4.59% of total supply as Ether fell 27% over the past month.
2. Equity-Funded ETH Accumulation
The company financed these purchases through an upsized Series A perpetual preferred stock offering, drawing capital from equity markets rather than operational cash flows.
3. Staking Revenue Projections
It has staked about 4.72 million of its ETH via the MAVAN platform at a current seven-day yield of 2.99%, projecting roughly $230 million in annualized staking revenue.
4. Stock Gain and Investor Sentiment
BitMine’s shares climbed over 8% during midday trading following the disclosure, while retail sentiment on social platforms shifted to “bullish” around the news.
