Bitmine Purchases 52,203 ETH for $90 Million, Nears 5% Supply Target on June 22

ETH0.13%
On June 22, Bitmine purchased 52,203 ETH worth approximately $90 million, bringing its total holdings to 4.7% of Ethereum's circulating supply, according to the company's official update. The acquisition moves Bitmine to 94% of its stated goal to control 5% of all ETH. To fund ongoing accumulation, Bitmine raised approximately $273.8 million in June by issuing 3.5 million shares of 9.50% Series A Perpetual Preferred Stock (ticker: BMNP) at $80 per share. Chairman Tom Lee stated the company is maintaining steady accumulation throughout 2026, with staking revenue currently generating approximately $223 million annualized across 4.7 million staked ETH through its MAVAN platform.
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