Bitmine (BMNR) Stock: Company Buys 126,971 ETH in Biggest Weekly Purchase of 2026

TLDR

• Bitmine bought 126,971 ETH last week — its largest weekly purchase of 2026 — worth roughly $214 million at current prices.
• Total ETH holdings now stand at 5.54 million tokens, or 4.59% of Ethereum’s total supply.
• Chairman Tom Lee said the buying increase was driven by belief that the ETH price drop doesn’t reflect stronger underlying fundamentals.
• Over 4.71 million ETH is staked, generating an estimated $230 million in projected annual staking revenue.
• Bitmine is on track to hit its “Alchemy of 5%” supply target before end of 2026.

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Bitmine (BMNR) now holds 5.54 million ETH after buying 126,971 tokens last week — the company’s biggest weekly purchase in 2026. At current prices near $1,630 per token, the position is worth approximately $9.04 billion.

Bitmine Immersion Technologies, Inc., BMNR

The purchase came as ETH prices fell sharply. Bitmine’s total crypto, cash, and investment holdings reached $9.9 billion.

The week before, Bitmine bought just 26,497 ETH. The jump to 126,971 tokens marks a clear reversal in pace, even after the company had previously signaled it would slow accumulation as it closed in on its 5% supply target.

JUST IN: Tom Lee’s ‘BitMine’ buys 126,971 $ETH worth $213 million. pic.twitter.com/RffY1WMKoE

— Watcher.Guru (@WatcherGuru) June 8, 2026

Chairman Tom Lee addressed the change directly. “We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals,” he said in a Monday statement.

Bitmine now controls 4.59% of the estimated 120.7 million ETH in circulation. To hit the 5% mark, the company would need to hold around 6.04 million ETH — about 500,000 tokens more than it currently holds.

Staking Revenue Adds a Second Layer

More than 4.71 million of Bitmine’s ETH — over 85% of its total position — is actively staked. Using a reference price of $1,630, that staked amount is valued at roughly $7.7 billion.

The company reported a seven-day annualized staking yield of 2.99%. Projected annual staking revenue stands at $230 million. If Bitmine staked its full ETH balance through its Made in America Validator Network (MAVAN) and partner platforms, that figure could climb to around $270 million.

Beyond ETH, Bitmine also holds 204 Bitcoin, $247 million in cash, a $180 million stake in Beast Industries, and an $88 million position in Eightco Holdings.

Bitmine’s bet is not without pressure. Ethereum has fallen roughly 65% from its August record, sitting at its weakest price in more than a year. That puts the company’s position at an estimated $9.6 billion in unrealized losses on paper.

Preferred Equity Plans Mirror Strategy’s Playbook

Bitmine also announced plans to issue a preferred equity class that pays dividends — a move that echoes the approach used by bitcoin-focused Strategy.

That model is currently under scrutiny in the market. Strategy’s latest preferred class, STRC, dropped to $90 last Friday — about 10% below its par value — raising questions about liquidity and dividend sustainability as bitcoin prices also fell.

BMNR trading volume averaged $829 million per day over five sessions through June 5. The company ranked 148th among the most-traded U.S. stocks, between Workday and Pfizer.

Bitmine describes itself as the largest disclosed corporate Ethereum position globally, and ranks second among all public crypto treasury companies behind Strategy.