Tom Lee’s Bitmine endures slide as firm hits 96% of ‘Alchemy of 5%’ target

Despite these optimistic figures, the company’s stock BMNR is trading near the bottom of its 52-week range. 

Why is Bitmine’s stock price falling? 

Bitmine Immersion Technologies has announced that it now controls 4.8% of Ethereum’s 120.7 million token supply (about 5.77 million Ether). Bitmine added 27,801 ETH over the prior week and pegged its total crypto, cash, and other holdings at $11.3 billion, with Ether marked at $1,820 per token.

However, BMNR traded at $14.49 on the NYSE on July 13, below its previous close of $14.96. Over the past year, the stock has traded between $12.80 and $71.74. The company’s market value of about $7.8 billion is now less than the value of the Ether it holds on its balance sheet.  Back on June 1, Cryptopolitan reported the shares down 38% year to date while Ether slipped below $2,000.

The company’s average Ether cost is about $3,997 per token. With Ether trading around $1,820, Bitmine is sitting on an unrealized loss of about $9 billion.

The company is working towards its goal of owning 5% of all Ether in circulation, and so despite its losses, Bitmine keeps ETH— but it’s buying less each week. The 27,801 ETH added this week is down from 42,197 the week before. 

The company’s balance sheet now carries new financial obligations like the Series A Perpetual Preferred stock (NYSE: BMNP). In June, Bitmine set out to raise up to $300 million through the offering, but ended up raising about $273.8 million from selling this preferred stock. 

The preferred shares pay a 9.5% yearly dividend in weekly cash payments, meaning that Bitmine must pay out cash every week, no matter what the price of Ethereum is. 

Can staking income cover Bitmine’s dividend payments? 

Unlike Bitcoin, which generates no income, Ether can be staked to earn rewards. Bitmine has staked about 4.92 million ETH, which is about 85% of its position, and is worth close to $9 billion with ETH at a price of $1,820. Those validators run a 2.7% seven-day annualized yield. 

Tom Lee, the company’s founder, projected staking revenue of about $242 million a year, climbing toward $284 million once the full position is deployed across MAVAN, the company’s validator network, and its staking partners.

Bitmine’s projected staking revenue exceeds the annual cost of the BMNP dividend payments.

Lee stated that the July 1 launch of Robinhood Chain, a new network that uses ETH to pay transaction fees, is one of the biggest crypto success stories of 2026 and noted that Robinhood’s 27 million users are now paying fees in Ether.

He also claimed the chain was trading more volume than any other decentralized exchange, but data from DeFiLlama shows that Robinhood Chain ranked fifth in 24-hour trading volume at $375.15 million. It was behind Solana, Ethereum, Base, and BSC.