Author: Naga Avan-Nomayo

Translation: Deep Tide TechFlow

Deep Tide Introduction: Last week, Bitmine, the world's largest Ethereum corporate treasury, purchased another 27,084 ETH, bringing its total holdings to 5.7 million, accounting for 4.7% of the total ETH supply, still 6% away from Tom Lee's goal of "grabbing 5% of the supply." In the same week, ETH fell 8%, the BMNR stock price dropped 13%, halving from its high by over 90%. Bitmine was also included in the Russell 1000 large-cap index, and Lee believes this will bring in hundreds or even thousands of passive institutional funds. Whether the logic of buying can withstand the continuous decline in prices is the highlight of this financial report commentary.

Bitmine Immersion Technologies (BMNR) increased its holdings by 27,084 ETH in the past week, reaching a total of 5,700,040 ETH, completing 94% of the goal of "holding 5% of the circulating ETH supply."

As of June 28, Bitmine's 5.7 million ETH is valued at $1,569 each, accounting for 4.7% of the total ETH supply. The current total supply of ETH is 120.7 million. The company disclosed this data on Monday.

Cryptographic assets, cash, tradable securities, and "moonshot" positions totaled $9.8 billion. This includes an $180 million stake in Beast Industries, a $74 million stake in Eightco Holdings, and $555 million in cash and tradable securities.

Caption: Growth of Bitmine's ETH holdings

Original chart, data source The Block

ETH fell 8% in a week, Lee attributes it to end-of-quarter rebalancing

"It's been a tough week for crypto investors, with ETH down 8%. Even during this period, there have been many positive developments for Ethereum, such as the establishment of Ethlabs, and even the Bank of England has softened its stance on stablecoins," said Chairman Tom Lee.

Lee attributed the weakening price to "window dressing" at the end of the quarter, meaning investors sell off assets that have fallen over the past three months to make the books look better. Bitmine's buying pace this week slowed down compared to last week, when it bought 52,203 ETH all at once.

"Throughout 2026, we will maintain a stable buying pace," Lee said, "We believe we are still in the early stages of a crypto spring. Bitmine expects to achieve '5% Alchemy' within 2026."

Inclusion in Russell 1000, Lee focuses on passive funds' rebalancing

On June 26, during the annual component stock adjustment of the Russell index, Bitmine was included in the Russell 1000 large-cap index.

Lee said this inclusion is expected to bring hundreds and thousands of institutional investors into this stock. The reason is that passive funds and ETFs will rebalance according to index changes — according to estimates from the Investment Company Institute (ICI), such funds typically hold 18% to 20% of a company's outstanding shares.

Of the 5.7 million ETH, 4,879,157 are currently staked, valued at approximately $7.7 billion based on the price on June 28. Lee stated that the annualized income from this staked portion is expected to be $211 million.

Lee also mentioned that once all ETH are staked through MAVAN (Bitmine's institutional validator network) and its staking partners, using a 7-day annualized yield of 2.75%, the expected annual staking rewards will rise to $246 million.

Bitmine remains the largest corporate Ethereum treasury in the world and is the second largest corporate crypto treasury overall. Ahead of it is Strategy, which holds 847,363 BTC, valued at approximately $50 billion (data from The Block).

Caption: Ranking of corporate crypto treasury sizes

Original chart, data source The Block

At the time of publication, the price of ETH was approximately $1,565 (according to The Block price page). BMNR was quoted at about $13.56 on Monday, down about 13% over the past week, and has fallen more than 90% from its 52-week high of $161.00.