Bitmine Immersion Technologies (BMNR) boosted its Ethereum holdings by 27,084 ETH in the past week, bringing the total to about 5.7 million ETH and representing roughly 4.7% of Ethereum’s circulating supply.

Of the ETH held, about 4.88 million ETH are staked, valued near $7.7 billion as of June 28, with annual staking income projected at $211 million; fully staking through MAVAN and partners could lift annual rewards to about $246 million.

BMNR’s staking position is described as one of the largest institutional commitments to Ethereum on record, following a prior stake of 5.673 million ETH and a balance sheet showing $601 million in cash and marketable securities, $350 million in BMNP preferred shares, and no debt.

Market observers note a persistent downturn in whale profitability, suggesting potential downside risk or a price reaction despite recent developments.

The market context shows investors trimming holdings ahead of quarter-end rebalancing, contributing to near-term weakness in ETH and BTC.

Strategy leadership, including Michael Saylor, shifted from continued BTC accumulation to selling up to $1.25 billion of Bitcoin to bolster cash reserves for dividends amid heightened market scrutiny.

The latest ETH purchase by BMNR is the smallest since early May, signaling a slowdown in its previously aggressive accumulation while remaining a net buyer during a market downturn.

Chairman Tom Lee described the week as challenging for crypto investors, noting ETH fell about 8% despite positive developments like Ethlabs and a softer Bank of England stance on stablecoins, and attributing weakness to quarter-end window dressing.

Lee emphasized that Bitcoin and Ether are on track for a third straight quarterly loss, even as ecosystem developments and regulatory signals provide a constructive long-term backdrop.

He also pointed to a softer stance on stablecoins and ongoing Ethlabs initiatives as reasons for cautious optimism about Ethereum’s longer-term trajectory.

BMNR maintains a close relationship with Ethlabs, a new Ethereum research organization, following turmoil and layoffs at the Ethereum Foundation.

Bitcoin is down around 12% and ETH down about 25% in Q2 2026, marking a third consecutive quarterly loss for both assets.