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ETH Tom Lee's Bitmine Immersion Technologies (NYSE: BMNR) now holds 5.77 million Ethereum units, accounting for approximately 4.8% of the total Ethereum in circulation. The company is close to 96% close to its goal of owning 5% of all ETH tokens in circulation.
Although these numbers seem optimistic, the company's stock BMNR is currently trading near the bottom of its 52-week range. Why does Bitmine's share price continue to fall? Bitmine Immersion Technologies announced that it controls 4.8% of Ethereum's 120.7 million units (approximately 5.77 million ETH units). The company added 27,801 ETH units in the past week and valued its total crypto assets, cash and other holdings at US$11.3 billion, with Ethereum priced at US$1,820 each. However, BMNR closed at US$14.49 on the New York Stock Exchange on July 13, down from the previous day's closing price of US$14.96. Over the past year, the stock has traded in a trading range of $12.80 to $71.74. The company's market cap of about $7.8 billion is now lower than the value of Ethereum held on its balance sheet. Back on June 1, the stock fell 38% for the year, while Ethereum fell below $2,000.
The company's average cost for Ethereum is approximately $3,997 per piece. Ethereum is currently trading at approximately $1,820, and Bitmine faces unrealized losses of approximately $9 billion. The company is moving towards its goal of holding 5% of all Ethereum in circulation, so despite the loss, Bitmine retains ETH-but weekly purchases are decreasing. There were 27,801 new ETH cases this week, down from 42,197 cases the previous week. The company added new financial obligations to its balance sheet, such as Series A Perpetual Preferred Shares (NYSE: BMNP). In June, Bitmine tried to raise up to $300 million through the offering, but ultimately raised approximately $273.8 million by selling the preferred stock. Preferred shares pay a dividend of 9.5% annually, paid in weekly cash, which means Bitmine must pay cash every week regardless of the Ethereum price.
Can pledge proceeds cover Bitmine's dividend payments?
Unlike Bitcoin, which generates no revenue, Ethereum can be rewarded through pledges. Bitmine has pledged approximately 4.92 million ETH units, accounting for 85% of its position, worth nearly US$9 billion based on US$1,820 per ETH. These verification nodes run a seven-day annualized rate of return of 2.7%. Company founder Tom Lee expects annual pledge revenue to be approximately US$242 million, which will climb to US$284 million when all positions are deployed to its verification network MAVAN and pledge partners. Bitmine's projected pledge income exceeds the annual cost of BMNP dividend payments. Lee pointed out that Robinhood Chain, a new network that uses ETH to pay transaction fees, launched on July 1, is one of the most successful encryption cases in 2026, and emphasized that Robinhood's 27 million users are now paying with Ethereum. He also claims that the chain has more trading volume than any other decentralized exchange, but data shows Robinhood Chain ranks fifth with $375.15 million in 24-hour trading volume, behind Solana, Ethereum, Base and BSC.
