Climbs on $11.8 Billion Treasury and Record Buybacks

TLDR

• BMNR jumps after Bitmine reports an $11.8 billion crypto treasury

• Bitmine adds 9,946 ETH, raising holdings to nearly 5.79 million ETH

• Share buybacks reach 11.6 million under the $4 billion program

• Staked Ethereum climbs above 4.9 million with higher revenue outlook

• Bitmine remains the largest Ethereum treasury and second-largest overall

Bitmine Immersion Technologies (BMNR) advanced 10.08% to $17.38 after reporting an $11.8 billion crypto treasury. The company also expanded its Ethereum holdings and accelerated its share repurchase program. Meanwhile, management highlighted growing staking operations and continued weekly Ethereum purchases as core parts of its treasury strategy.

Bitmine Immersion Technologies, Inc., BMNR

Bitmine expands treasury with larger Ethereum position

Bitmine reported total crypto holdings, cash, marketable securities, and strategic investments worth $11.8 billion as of July 26. The portfolio included 5,787,414 ETH valued at approximately $11.3 billion using a Coinbase reference price of $1,948. The company also held 208 Bitcoin, $268 million in cash and marketable securities, and strategic equity positions worth $241 million.

The strategic investments included a $180 million stake in Beast Industries and a $61 million position in Eightco Holdings. Together, those holdings formed part of Bitmine’s broader treasury structure beyond digital assets. The company continued expanding its balance sheet through both crypto accumulation and equity investments.

Bitmine stated that its Ethereum balance now represents approximately 4.8% of Ethereum’s circulating supply of 120.7 million ETH. The company maintained weekly Ethereum purchases since launching its ETH Treasury Strategy on June 30, 2025. During the latest reporting week, Bitmine added another 9,946 ETH to its treasury.

Share repurchases accelerate alongside treasury growth

Bitmine increased its share repurchase activity during the latest week by buying back 6.1 million common shares. The company repurchased 5.5 million shares during the previous week. Since July 1, 2026, total repurchases reached 11.6 million shares under its authorized $4 billion buyback program.

Chairman Tom Lee linked the larger repurchase pace to improving cryptocurrency market conditions and a stronger ETH-to-BTC ratio. Management also pointed to Ethereum’s recent price strength and technical milestones above recent trading levels. The company maintained that weekly Ethereum accumulation remained unchanged despite changing legislative expectations surrounding the Clarity Act.

Bitmine also strengthened its staking business through its institutional-grade MAVAN platform. As of July 26, the company had staked 4,917,189 ETH valued at roughly $9.6 billion. That amount represented about 85% of Bitmine’s total Ethereum holdings, supporting projected annualized staking revenue of approximately $254 million.

Ethereum strategy supports long-term treasury expansion

Bitmine launched MAVAN earlier in 2026 to support institutional Ethereum staking services. Initially, the platform served the company’s treasury before expanding toward custodians, institutions, and ecosystem partners. Bitmine expects the platform to support additional staking activity as more Ethereum moves onto the network.

Management projected annualized staking rewards of approximately $299 million once the company’s entire Ethereum balance becomes fully staked. The estimate used a reported seven-day staking yield of 2.65%. Staking continues strengthening Bitmine’s strategy beyond simple asset accumulation.

Bitmine described itself as the world’s largest Ethereum treasury and the second-largest public digital asset treasury after Strategy Inc. The company also reported average daily trading volume of approximately $597 million during the latest five-day period. Additionally, management continued presenting the GENIUS Act and the Securities and Exchange Commission’s Project Crypto as developments that could reshape digital financial infrastructure while supporting long-term adoption of blockchain-based financial systems.