BMNR hit $17.26 pre-market after disclosing a $10.4B treasury with 5.62M ETH. More than 83% of the Ether is staked, funding a new weekly preferred dividend program.
BITMINE IMMERSION TECHNOLOGIES, INC. currently carries an Alpha Score of n/a, giving AlphaScala's model a neutral read on the setup.
Shares of Bitmine Immersion Technologies (BMNR) hit $17.26 in pre-market trading, up 7.2% from Friday's $16.11 close. The move followed the company's disclosure of a $10.4 billion treasury portfolio that includes 5.62 million Ether and 204 Bitcoin, plus $502 million in cash and securities.
The portfolio also holds an $180 million stake in Beast Industries and an $88 million position in Eightco Holdings. Bitmine said its Ethereum holdings represent roughly 4.66% of the circulating supply of 120.7 million ETH, making it the largest corporate holder of the token. The company ranks second globally among corporate crypto treasuries, behind Strategy's 845,256 BTC position valued at about $54 billion.
The staking engine
More than 83% of Bitmine's ETH – 4.72 million tokens worth roughly $8.1 billion at the company's $1,718 per-coin valuation – is deployed in staking protocols. Management projects $226 million in annual staking income from the currently staked position, with potential expansion to $269 million once the full ETH inventory is deployed through MAVAN, the company's institutional staking infrastructure.
MAVAN was built to service both Bitmine's own holdings and external institutional clients, including custodial services and investment managers. The platform is the mechanism behind the staking yield that funds the company's new dividend program.
The dividend structure
On June 10, Bitmine closed a Series A Preferred Stock issuance of 3.5 million shares at $80 each, netting roughly $273.8 million after underwriting fees. The preferred shares carry a 9.50% dividend rate and will trade under the ticker BMNP on the NYSE starting June 16.
The company announced its third consecutive weekly cash distribution for Series A holders: $0.2639 per share, payable July 6 to shareholders of record as of June 26.
What the treasury disclosure changes
Before this filing, the market had limited visibility into the full size and composition of Bitmine's balance sheet. The $10.4 billion figure – which includes digital assets, cash, securities, and strategic investments – is roughly 10x the company's pre-announcement market cap, a ratio that explains the pre-market reaction.
BMNR's five-day average dollar trading volume has reached $550 million, placing it among the most actively traded securities on U.S. exchanges. The combination of a large staking yield, a weekly preferred dividend, and a treasury that dwarfs the equity valuation creates a structure that looks more like a closed-end fund than a traditional miner.
The Series A preferred shares begin trading June 16. The next weekly dividend record date is June 26.
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