Key Highlights:
- BitMine has staked 5,067,309 ETH (84% of its holdings), with Chairman Tom Lee projecting annual staking revenue will climb from $336 million to $400 million once fully staked.
- The company is nearing the conclusion of its accumulation campaign, needing roughly 100,000 additional ETH to hit its final target after building its position over 15 months.
- BitMine concluded a $350 million share repurchase program on August 17 and previously raised capital via 9.5% perpetual preferred stock (BMNP) to support its Ethereum treasury.
BitMine Nears Completion of Massive Ethereum Treasury Strategy
Digital asset treasury firm BitMine has achieved a major milestone in its cryptocurrency holdings, disclosing that it has now staked 5,067,309 ETH. This figure accounts for approximately 84% of the company’s total ether reserves. According to projections outlined by Chairman Tom Lee, the current staking allocation generates an estimated $336 million in annualized revenue based on a 2.61% seven-day yield. Lee noted that the company’s staking revenue is anticipated to reach approximately $400 million per year once 100% of BitMine’s ether treasury is fully deployed to network staking.
The update marks the final stretch of an aggressive asset acquisition timeline. Although Lee previously indicated in May that BitMine had decelerated its ETH purchases to stretch its 5% treasury target into late 2026 rather than mid-July, recent disclosures signal a nearing finish line. In a video message transcript filed with the U.S. Securities and Exchange Commission (SEC) on October 7, Lee reflected on how BitMine accumulated the bulk of its cryptocurrency balance over a 15-month span during market downturn conditions.
Addressing the company’s remaining purchase requirements, Lee stated: “So we need to get about 100,000 more $ETH, and that’s about it,”
before noting that BitMine is done stacking while a bull market starts. While Monday’s official company release highlighted that BitMine has made ether purchases every single week since launching its corporate treasury strategy on June 30, 2025, a management disclosure within the filing’s forward-looking statements confirmed that the firm is now largely finished buying ETH.
Capital Management: Share Buybacks and Preferred Stock Financing
Alongside its cryptocurrency accumulation strategy, BitMine has actively adjusted its corporate capital structure. In the October SEC filing transcript, Lee detailed the completion of an extensive equity repurchase initiative. BitMine launched the buyback on July 14, ultimately repurchasing 21 million common shares for an aggregate expenditure of $350 million. The repurchase program concluded on August 17, and subsequent weekly regulatory filings from the company have reported no further share repurchases.
To support its operations and fund ongoing Ethereum purchases, BitMine also tapped public equity markets earlier this year through the issuance of 9.5% perpetual preferred stock, trading under the ticker symbol BMNP. On June 10, the company executed a public offering of 3.5 million preferred shares priced at $80 each. The securities have appreciated since the issuance, closing most recently at $99.53, with Lee calculating the current yield on the perpetual preferred instrument at 9.56%.
Why This Matters
BitMine’s strategy illustrates the operational evolution of digital asset balance-sheet management. Rather than merely holding ether as a passive reserve asset, the company is treating its treasury as an active income-generating engine through network staking rewards. Reaching up to $400 million in recurring annual staking yields shifts the company’s fundamentals toward operational cash flow while minimizing the need for constant secondary market purchases during upward market cycles. Furthermore, with the impending addition of the final 100,000 ETH and the conclusion of its $350 million stock buyback, BitMine appears to be transitioning from an aggressive capital deployment phase into a consolidation and cash-flow extraction phase ahead of anticipated broader market expansion.
Frequently Asked Questions
How much Ethereum does BitMine currently have staked?
BitMine has staked 5,067,309 ETH, representing roughly 84% of its overall ether portfolio. The company expects annual yields from staking to grow from $336 million to $400 million once all of its holdings are staked.
How much more ETH does BitMine plan to purchase?
According to BitMine Chairman Tom Lee, the company requires approximately 100,000 more ETH to conclude its targeted treasury acquisition phase, after which it plans to stop stacking reserves as broader bull market conditions commence.
What is the status of BitMine’s share repurchase and preferred stock offerings?
BitMine completed its $350 million share repurchase program on August 17 after buying back 21 million shares. Meanwhile, its 9.5% perpetual preferred stock (BMNP)—which was originally issued on June 10 at $80 per share to help fund Ethereum acquisitions—last closed at $99.53 with a yield of 9.56%.
