BitMine Immersion Technologies said its crypto and cash holdings reached $11.1 billion as of June 28, up to 5,742,237 ether tokens, 206 bitcoin, a $180 million stake in Beast Industries, a $71 million stake in Eightco Holdings, and $527 million in cash and marketable securities.
Ether now makes up the bulk of the portfolio. At $1,800 per ETH, BitMine valued its ether position at about $10.3 billion. The company said its 5,742,237 ETH represents 4.8% of the 120.7 million ETH supply, leaving it 0.2 percentage points, or about 242,000 ETH, short of its 5% target.
The company said 4,879,157 ETH was staked as of July 5, equal to about $8.8 billion at the same $1,800 valuation. That means 85% of BitMine’s ETH holdings were staked.
BitMine said it acquired 42,197 ETH over the prior week, and that its staking operations generated a 7-day yield of 2.68%, which it said translates to annualized staking revenue of $235 million. It also said projected annualized staking rewards could reach $277 million when its ETH is fully staked.
The company was added to the Russell 1000 on June 26. It said the index inclusion could bring in hundreds or possibly thousands of additional institutional investors.
BitMine also said it closed a preferred stock offering on June 10, selling 3.5 million shares at $80 each and raising about $273.8 million in net proceeds. The preferred stock trades under the symbol BMNP.
The company said its stock has traded at an average daily dollar volume of $543 million over the latest four-day period, ranking 233rd among U.S.-listed stocks. Following these announcements, the company's shares moved 10.41%, and are now trading at a price of $15.855. For more information, read the company's full 8-K submission here.
