Bitmine nears 5% ETH target with 5.77M tokens as BMNR slides 64%

Bitmine Immersion Technologies amassed 5.77 million Ether, or 4.8% of the token's circulating supply, as of July 12.

"One of the biggest crypto success stories in 2026 is the breakaway success of the Robinhood Chain L2 mainnet," Chairman Tom Lee said in a press release, pointing to the network's $1 billion in trading volume since its July 1 launch on Arbitrum.

The company staked 4.92 million of its ETH holdings, or 85% of the total, generating projected annualized staking revenue of $242 million. Bitmine's total crypto and cash holdings reached $11.3 billion, including 206 Bitcoin and $482 million in cash and marketable securities. The company was added to the Russell 1000 Large-cap Index on June 26.

The divergence between Bitmine's growing ETH treasury and its sliding stock price — BMNR fell 64% over the past 12 months to about $14.60 — suggests the market is pricing the shares at a discount to the net asset value of its crypto holdings. Bitmine expects to reach its "alchemy of 5%" target sometime in 2026.

The Norwalk, Connecticut-based company acquired 27,801 ETH in the past week alone, maintaining an elevated pace of accumulation as Ether trades near $1,765, down 64% from its all-time high of $4,946 reached last August. ETH slipped 2% in the past 24 hours to $1,769.

Lee pointed to Robinhood Chain, a layer-2 network built on Arbitrum that uses ETH as its native gas token, as evidence of growing Ethereum utility. "Robinhood's 27 million users are paying crypto fees denominated in ETH. In other words, everyday users are starting to see ETH as money," he said.

Bitmine's institutional backers include ARK's Cathie Wood, Founders Fund, Pantera Capital, Galaxy Digital and personal investor Tom Lee. The company raised $273.8 million in June through a Series A Perpetual Preferred Stock offering, trading on the NYSE under the symbol BMNP.

The company's staking operations, run through its MAVAN platform, generated a 7-day annualized yield of 2.70%. At full scale, Bitmine projects annualized staking rewards of $284 million.

This article is for informational purposes only and does not constitute investment advice.