Author: Naga Avan-Nomayo
Compiled by: Deep Tide TechFlow
Deep Tide Guide: Last week, Bitmine, the world's largest corporate Ethereum treasury, purchased another 27,084 ETH, bringing its total holdings to 5.7 million, accounting for 4.7% of the total ETH supply—only 6% away from Tom Lee's goal of 'acquiring 5% of the supply.' During the same week, ETH price fell by 8%, BMNR stock dropped 13%, and it is down over 90% from its peak. Bitmine was also included in the Russell 1000 large-cap index, which Lee believes will attract hundreds of billions in passive institutional capital. Whether the logic of continuous buying can withstand the sustained price decline is the focus of this earnings review.
Bitmine Immersion Technologies (BMNR) increased its holdings by 27,084 ETH over the past week, bringing its total holdings to 5,700,040 ETH, achieving 94% of the goal to 'own 5% of the circulating supply of ETH.'
As of June 28, Bitmine's 5.7 million ETH holdings, valued at $1,569 per ETH, account for 4.7% of the total ETH supply. The current total ETH supply is 120.7 million. The company disclosed these figures on Monday.
Total crypto assets, cash, marketable securities, and 'moonshot' positions amount to $9.8 billion. This includes a $180 million stake in Beast Industries, a $74 million stake in Eightco Holdings, and $555 million in cash and marketable securities.
Caption: Growth of Bitmine's ETH holdings
Original chart, data source The Block
ETH Down 8% in a Week, Lee Attributes It to Quarter-End Portfolio Rebalancing
'It's been a tough week for crypto investors, with ETH down 8%. Even though Ethereum has seen several positive developments during this period, such as the establishment of Ethlabs and even the Bank of England softening its stance on stablecoins,' said Chairman Tom Lee.
Lee attributed the price weakness to quarter-end 'window dressing,' where investors sell off assets that have declined over the past three months to improve their portfolio appearance. Bitmine's buying pace slowed this week compared to the previous week when it bought 52,203 ETH in one go.
'Throughout 2026, we will maintain a steady pace of buying,' Lee said. 'We believe we are still in the early stages of a crypto spring. Bitmine is expected to achieve the '5% alchemy' goal within 2026.'
Inclusion in Russell 1000, Lee Focuses on Passive Fund Rebalancing
On June 26, as part of the annual reconstitution of the Russell indices, Bitmine was added to the Russell 1000 large-cap index.
Lee said this inclusion is expected to bring hundreds of billions of institutional investors into the stock. The reason is that passive funds and ETFs will rebalance according to index changes—according to estimates by the Investment Company Institute (ICI), such funds typically hold 18% to 20% of a company's outstanding shares.
Of the 5.7 million ETH, 4,879,157 ETH are currently staked, valued at approximately $7.7 billion as of June 28. Lee stated that the annualized revenue from this staking is projected to be $211 million.
Lee also mentioned that once all ETH is fully staked through MAVAN (Bitmine's institutional-grade validator network) and its staking partners, based on a 7-day annualized yield of 2.75%, the projected annualized staking rewards would rise to $246 million.
Bitmine remains the world's largest corporate Ethereum treasury and the second-largest corporate crypto treasury overall. Ahead of it is Strategy, which holds 847,363 BTC, worth approximately $50 billion (data from The Block).
Caption: Ranking of corporate crypto treasury sizes
Original chart, data source The Block
At the time of writing, ETH is priced at around $1,565 (according to The Block price page). BMNR was trading around $13.56 on Monday, down about 13% over the past week and more than 90% below its 52-week high of $161.00.
