Bitmine Nears 'Alchemy of 5%' Goal With $11.3 Billion Crypto Treasury

The Norwalk-based company, which trades under the ticker BMNR, confirmed that 4.9 million of its Ethereum holdings are currently staked through its proprietary MAVAN infrastructure. Chairman Thomas Lee emphasized the growing utility of the network, citing the recent launch of the Robinhood Chain as a catalyst for mainstream adoption. According to Lee, the integration of Ethereum for transaction fees within the Robinhood ecosystem signals a shift where everyday users increasingly view the asset as a functional currency.

Following its inclusion in the Russell 1000 index on June 26, Bitmine has moved to solidify its capital structure, recently closing a $273.8 million offering of Series A Perpetual Preferred Stock. While the company continues to accumulate Ethereum, it also maintains diversified positions including $180 million in Beast Industries and $69 million in Eightco Holdings. Management projects that once its full Ethereum treasury is integrated into the MAVAN staking network, annualized revenues from these operations could reach $284 million.