Bitmine Immersion Technologies (NYSE:BMNR) bought 27,084 Ethereum (CRYPTO: ETH) last week, pushing total holdings to 5.70 million ETH, even as the stock slides to fresh multi-month lows.

Bitmine Is 94% Of The Way To Its 5% ETH Supply Goal

The firm now holds 4.7% of Ethereum’s total supply of 120.7 million coins, putting the company just shy of its long-standing target to acquire 5% of the network.

The company’s total crypto, cash, and marketable securities holdings now stand at $9.8 billion, including a $180 million stake in Beast Industries and a $74 million stake in Eightco Holdings (NASDAQ:ORBS).

Chairman Thomas “Tom” Lee attributed last week’s 8% drop in ETH to quarter-end window dressing, where investors trim positions in assets that have underperformed over the past three months. 

He pointed to Ethlabs’ creation and the Bank of England softening its stance on stablecoins as genuine positive developments the market largely ignored amid the selling.

“The future roadmap for crypto remains positive as the dual drivers of Wall Street modernizing its legacy infrastructure on crypto rails and the future of agentic-AI payment systems on crypto rails remain intact,” Lee said.

Russell 1000 Inclusion Could Bring Thousands Of New Institutional Holders

Bitmine joined the Russell 1000 Large-Cap Index on June 26 during the index’s annual reconstitution. 

Lee said the addition is expected to bring hundreds, possibly thousands, of additional institutional investors onto Bitmine’s shareholder base, citing Investment Company Institute estimates that passive funds and ETFs typically represent 18% to 20% of a company’s shares.

BMNP Preferred Stock Keeps Paying Weekly Dividends

Bitmine closed a $273.8 million preferred stock offering on June 10, selling 3.5 million shares of 9.5% Series A Perpetual Preferred Stock at $80 per share. The stock trades on the NYSE under ticker BMNP with weekly dividend payments.

Lee said Bitmine’s payouts are supported by its staking engine, with 4.87 million ETH already staked.

That covers over 85% of its holdings, earning a 2.75% seven-day annualized yield and roughly $211 million in annualized revenue, which could rise to $246 million once fully staked through MAVAN.

BMNR Bounces Off Fresh Lows But Remains Deep In A Confirmed Downtrend

BMNR trades 54.3% below its 200-day moving average, with the January death cross still firmly in place. 

The stock crashed into a new demand zone between $12 and $14 before finding buyers, bouncing off fresh multi-month lows.

Holding that zone and reclaiming the Supertrend at $16.88 targets $18.32 then $21.16. Losing $12 on a confirmed break opens a path toward $10.

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