Bitmine (BMNR) buys $92 million ETH as Tom Lee reaffirms ‘crypto spring’ call

Earlier this month, Bitmine raised roughly $274 million through the sale of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock. The preferred shares, which trade on the New York Stock Exchange under the ticker BMNP, pay weekly cash dividends.

Lee has argued that the company’s staking operation provides recurring cash flow to support those obligations. Bitmine currently has 4.72 million ETH staked — more than 83% of its holdings.

The company projects annualized staking revenue of roughly $223 million, with potential staking rewards reaching $268 million annually through its MAVAN staking platform.

The firm announced another round of scheduled dividend payments extending through August, paying $0.1847 per shares.

Crypto spring

Lee reiterated his view that the crypto market is in the early stages of a recovery from the downturn that began with the October 2025 liquidation shock.

At Consensus Miami last month, he argued the bear market would be “definitely” over if bitcoin closed May above $76,000. Instead, BTC finished the month below $74,000 before briefly falling under $60,000 in early June.

Still, Lee said the recent pullback has not changed his broader outlook.

“We believe we are in the early stages of crypto spring,” he said.

Lee also reaffirmed his long-term bullish stance on Ethereum, arguing that growing demand from tokenization and artificial intelligence applications will drive adoption of the network in the years ahead.