Ethereum (ETH) treasury firm, Bitmine Immersion Technologies, continues to stack ETH, unfazed by the cryptocurrency’s below par price action throughout 2026. According to a statement released on Monday, the company bought 52,203 ETH during the week ending June 19th.
Bitmine inches closer to target ETH reserves
The publicly-listed firm now holds 5.672 million ETH on its balance sheet, adding 394,494 ETH in the last 30 days. With last week’s purchase, Bitmine’s total ETH holdings now represent 4.7 percent of the digital asset’s total circulating supply, extremely close to the target 5 percent.
The total monetary value of Bitmine’s ETH holdings now stands at just above $10 billion, while the average purchase price per ETH is around $3,440. Since ETH is currently trading at slightly more than $1,770, Bitmine’s ETH position is now underwater by approximately $9.5 billion.
Despite the gargantuan unrealized paper loss, the Tom Lee-led firm is showing no signs of slowing down. Lee stated:
“The best years for crypto remain ahead, in our view. Tokenization and the rapid progress in AI are expected to drive exponential demand growth for blockchain and decentralized crypto. We believe we are in the early stages of crypto spring.”
Bitmine’s latest disclosure suggests that its total crypto and cash holdings are now above $10.7 billion – including 205 Bitcoin, a $180 million stake in Beast Industries, a $104 million stake in Eightco Holdings, and $601 million in cash and marketable securities.
To continue its digital asset treasury strategy, Bitmine recently issued dividend-paying preference shares, and raised as much as $274 million through the sale of 3.5 million shares of 9.5 percent Series A Perpetual Preferred Stock.
The Preferred Stock, which trades under the ticker BMNP on the New York Stock Exchange, generates weekly cash dividends for its holders. According to Lee, Bitmine’s ETH staking operations generate enough cash to finance the dividend payout.
As of Monday, Bitmine projects its annual staking revenue at around $223 million. On April 23, it came to light that Bitmine had staked close to 70 percent of its then ETH holdings.
Chaos in ETH ecosystem amid weak price action
On a year-to-date basis, ETH is down 41.7 percent, and the weak price action is starting to take its toll not just on the investor sentiment surrounding the digital asset, but also the organization behind it.
On Friday, a former Ethereum Foundation contributor warned of a looming core development funding crisis. Similarly, on Thursday, Ethereum Foundation co-executive director stepped down from her position.
Meanwhile, exchange data is also pointing toward a tough time for ETH. On Thursday, exchange data showed that ETH deposits to Binance had surged to 57,700.
