Bitmine Adds 42,197 ETH as Strategy Sells 3,588 BTC

Bitmine added 42,197 ether, bringing its holdings to 5,742,237 ETH and reporting total crypto, cash, marketable securities and other investments of about $11.1 billion.

Bitmine’s ETH position represents roughly 4.8% of an estimated 120.7 million circulating ether. Bitmine chairman Tom Lee wrote that the company acquired the 42,197 ETH over the past week, called the pace of accumulation “steady,” and said the firm expects to reach about 5% of the network’s supply later in 2026.

The company reported 4,879,157 ETH, about 85% of its holdings, are staked through its Made in America Validator Network (MAVAN) and other partners. Using an ETH price of $1,800, Bitmine values the staked portion at about $8.8 billion. Management estimated annualized staking rewards of roughly $235 million at current deployment and about $277 million if the treasury is fully deployed through MAVAN and affiliated validators. Bitmine also reported holding 206 BTC, about $527 million in cash and marketable securities, and equity stakes in firms including Beast Industries and Eightco. The company noted inclusion in the Russell 1000 Index and said its Series A preferred stock, ticker BMNP, pays weekly dividends.

Earlier on July 5, Strategy sold 3,588 BTC for approximately $216 million to cover dividends tied to several classes of preferred shares, including STRF, STRE, STRK and STRD, and the June monthly payout for STRC. Co-founder Michael Saylor confirmed the proceeds funded those preferred-stock dividend obligations. After the sale, Strategy’s bitcoin treasury was reported at 843,775 BTC and the company listed about $2.55 billion in cash reserves. Strategy said the transaction was the largest bitcoin disposition since it resumed limited sales in recent years.

There was public reaction to Strategy’s disclosure. Investor and commentator Peter Schiff posted on X: “MSTR now has a completely different business model. Instead of selling common and preferred stock and issuing debt to buy bitcoin, the new strategy is to sell bitcoin to pay interest and dividends, pay off debt, buy back shares it sold, and hope that bitcoin’s price goes way up.”

The filings show that Bitmine increased its ether holdings and expanded staking activity while Strategy sold a portion of its bitcoin reserve to meet preferred dividend obligations and reported cash on hand and a remaining large bitcoin treasury.