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8 Jun 2026, 16:55

Ethereum’s reserve drain hits 475,000 ETH! What do the latest numbers mean for the price?

🚨 475,000 ETH exited major exchanges in just one week. 💡 Despite the massive outflow, $ETH price lags 31 percent below its 200 day average. 🧩 Quick bursts in stablecoin inflows hint at short term moves rather than lasting accumulation. Continue Reading: Ethereum’s reserve drain hits 475,000 ETH! What do the latest numbers mean for the price? The post Ethereum’s reserve drain hits 475,000 ETH! What do the latest numbers mean for the price? appeared first on COINTURK NEWS .

8 Jun 2026, 16:03

Bitmine Holds $9.6 Billion in Crypto Assets, Buys 126,971 ETH Last Week

Bitmine just dropped its latest holdings update for June 8, 2026, and the numbers are substantial, $9.6 billion in total crypto and strategic investments. This is a massive ETH accumulation run last week, and a chairman who is publicly pushing back against the market’s bearish read on Ethereum’s recent price action. The update covers a portfolio that now includes 5,543,872 ETH valued at $1,630 per coin, 203 Bitcoin, a $200 million stake in Beast Industries, an $88 million stake in Eightco Holdings on the NASDAQ under ticker $ORBS, and total cash of $247 million. That is a balance sheet built around an extremely concentrated Ethereum conviction, and last week’s buying activity shows that conviction is only deepening. 1/ BitMine provided its latest holdings update for June 8, 2026 $9.6 billion in total crypto + "moonshots": – 5,543,872 ETH at $1,630 per ETH per ETH (per @coinbase ) – 203 Bitcoin (BTC) – $200 million stake in Beast Industries @MrBeast – $88 million stake in… — Bitmine (NYSE-BMNR) $ETH (@BitMNR) June 8, 2026 Chairman Thomas “Tom” Lee used the update to make a direct argument about why ETH prices should not be falling, connecting the recent crypto selloff to what he describes as a superficial read of the Zcash security incident, and explaining why that same incident actually strengthens the case for Ethereum specifically. FTSE Russell published their preliminary index inclusions and deletions – Bitmine is on this list for inclusion for large-cap Russell 1000 – $BMNR market cap above the minimum $5.7B for large-cap inclusion – Many active managers only buy equities on the Russell 1000… pic.twitter.com/bNDXM9jwhk — Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) May 23, 2026 The Holdings Breakdown In Full The headline number is $9.6 billion across crypto holdings and what Bitmine calls “moonshots”, a combination of digital assets and strategic equity positions that reflects a broader investment thesis than a pure crypto treasury play. The ETH position alone, at 5,543,872 coins valued at $1,630 per coin per Coinbase pricing, accounts for the overwhelming majority of that total. The 203 Bitcoin position is comparatively small, a secondary holding rather than a competing thesis. The strategic equity stakes tell a different story. A $200 million position in Beast Industries, the company connected to MrBeast, sits alongside the $88 million Eightco Holdings position as what Bitmine is explicitly labeling moonshot bets, high-conviction, asymmetric investments outside the core crypto portfolio. The $247 million cash position gives Bitmine meaningful flexibility to continue buying into further ETH weakness without needing to liquidate existing positions. Given that the company bought 126,971 ETH last week alone, increasing its purchasing pace specifically because it believes the pullback does not reflect Ethereum’s underlying fundamentals, that cash reserve is clearly being treated as active dry powder rather than a passive buffer. 126,971 ETH Bought Last Week Alone Last week’s accumulation figure is the number that stands out. Bitmine acquired 126,971 ETH over the past week, and the company was explicit about the reasoning, they increased buying specifically because they believe the current ETH price decline does not reflect the strengthening of Ethereum’s fundamentals. That is not a passive dollar-cost averaging strategy. That is an active decision to accelerate purchases into a downturn based on a fundamental thesis that the market is mispricing the asset. The distinction matters because it tells you something about how confident the Bitmine team is in their read on Ethereum at current levels, confident enough to add more aggressively when most market participants are pulling back. The total staked ETH position as of June 7, 2026 now stands at 4,718,677 ETH, worth approximately $7.7 billion at current prices. Annualized staking revenues have reached $230 million, and Bitmine’s own staking operations generated a 7-day yield of 2.99% annualized. At that scale, the staking revenue alone is becoming a meaningful income stream, not just a yield enhancement on a static holding, but an operational business generating hundreds of millions annually. Tom Lee’s Argument Against The Selloff Tom Lee did not stay quiet about why he thinks the market is wrong. In the holdings update statement, the Bitmine chairman directly addressed the recent broad crypto selloff and laid out a specific argument for why it misreads the current situation. His starting point is the Zcash security incident. Last week, Zcash tumbled after it emerged that a security researcher auditing the Orchard circuit discovered a flaw that potentially allowed false minting of Zcash. The flaw was patched on June 1. Lee’s position is that the broader market selling crypto in response to that news is taking a superficial view of what the incident actually means for the space. His counter-argument connects directly to AI. As AI systems improve, Lee argues, demand for decentralized and hardened solutions will likely increase, specifically to protect users from agentic AI systems. He goes further, stating that AI systems are going to find flaws in centralized financial services rails and in weak decentralized protocols. The implication is that this environment actually strengthens the case for hardened, reliable decentralized blockchains, and Ethereum is his primary example. “We believe ETH prices should not be coming under pressure,” Lee stated directly in the update. Staking Revenue Is Becoming A Real Business The staking numbers inside this update deserve attention in their own right. $230 million in annualized staking revenues from a 4.7 million ETH staked position is not a rounding error, it is a revenue line that would be meaningful on the income statement of a mid-sized financial company. The 2.99% annualized 7-day yield from Bitmine’s own staking operations is also significant because it reflects the company running its own staking infrastructure rather than delegating to a third party. Operating your own validator infrastructure at this scale requires technical capability and ongoing operational investment, but it also means the yield flows directly to the company without intermediary fees being taken off the top. As staking revenues compound and the ETH position grows through continued accumulation, the revenue trajectory moves in the same direction as the asset price. A company holding 5.5 million ETH and staking 4.7 million of it is building a financial structure where both capital appreciation and income generation are tied to the same underlying asset. That concentration is a significant risk in a downturn, but it is also a significant amplifier in a recovery. Russell 1000 Eligibility Changes The Investor Base One of the more consequential pieces of information in this update sits slightly apart from the crypto holdings discussion. Bitmine now meets the eligibility criteria to be added to the Russell 1000 index, with the final updated list published June 18th and the reconstituted index taking effect June 26th. The Russell 1000 inclusion is not just a prestige milestone. It has direct, structural implications for who owns $BMNR shares. Many active managers operate under mandates that restrict purchases to Russell 1000 constituents, meaning Bitmine becomes accessible to a significant pool of institutional capital the moment it joins the index. An estimated 20 to 25 percent of a stock’s market cap is typically held by passive index funds and ETFs tracking the index, according to the update. That passive buying demand arrives automatically when the index reconstitutes on June 26th, regardless of individual fund manager views on Bitmine’s strategy or ETH’s price outlook. Combined with the existing trading volume context, $BMNR was trading an average daily dollar volume of $829 million over the five days ending June 5, 2026, ranking 148th among 5,704 US-listed stocks according to Fundstrat research, sitting behind Workday and ahead of Pfizer, the Russell 1000 addition lands on a stock that is already trading with serious institutional-grade liquidity behind it. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !