Bitmine Immersion Technologies announced on August 3 Monday that it bought another 10,399 ETH over the past week, bringing its total Ethereum treasury to 5,797,813 ETH, or about 4.8% of the network’s circulating supply, putting the company 96% of the way toward its stated goal of owning 5% of all ETH.
Inside the Purchase
At Bitmine’s own reference price of $1,880 per ETH, the company’s Ethereum holdings were valued at roughly $10.9 billion at the time of the announcement.
This also includes 209 BTC, a $180 million stake in Beast Industries, a $61 million stake in Eightco Holdings, which the company describes as providing indirect exposure to OpenAI, and $173 million in cash and marketable securities.
Bitmine’s combined holdings totaled $11.3 billion. The purchase extends a buying streak that has run every week since the company adopted its Ethereum treasury strategy on June 30, 2025, according to Chairman Tom Lee.
Of the total ETH held, 4,917,189 tokens, worth about $9.2 billion, are staked through Bitmine’s own MAVAN (Bitmine Maven, or correctly known as Made in America VAlidator Network) platform and its staking partners, representing 85% of total holdings. Based on current staking levels, the company projects annualized staking revenue of $247 million.
Lee separately said that once Bitmine’s ETH is fully staked at 100% through MAVAN and its partners, the same yield would project to $291 million annually.
The Buyback and the Bull Case
Bitmine also repurchased 4.5 million common shares over the past week under its previously authorized $4 billion buyback program, bringing total repurchases since July 1, 2026 to 16.1 million shares, which Lee described as the largest buyback ever executed by any Bitcoin, Ethereum, or crypto digital asset treasury company.
Lee tied the buyback directly to Ethereum’s performance, saying “sizable outperformance of ETH vs QQQ (monthly) has typically been followed by Bitmine’s shares outperforming ETH over the following month,” and that management continues to view Bitmine’s own shares as attractively valued.
He pointed to ETH outperforming the Nasdaq 100 by 2,500 basis points in July, the largest such outperformance since July 2025, when ETH rose from $2,375 to $4,057 by the end of that August.
Bitmine has built a notable institutional shareholder base to support its 5% ownership target, including ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, Digital Currency Group, Galaxy Digital, and Lee himself as a personal investor.
The company was added to the Russell 1000 large-cap index on June 26, 2026, and its average daily trading volume of $698 million over the five days ending July 31 ranked 180th among all US-listed stocks. The company’s Series A Preferred Stock trades separately on the NYSE under the ticker BMNP.
This latest purchase continues a steady accumulation pattern through 2026. In April, Bitmine announced what was then its largest single purchase of the year, 101,627 ETH, bringing holdings to nearly 5 million ETH.
In June, the company added another 126,971 ETH worth about $214 million during a broader crypto selloff that Lee characterized as “superficial” weakness rather than a fundamental shift.
In July, Bitmine bought roughly $49 million more ETH, with Lee pointing to early demand for Robinhood’s Ethereum-based layer-2 network, Robinhood Chain, as part of the rationale.
How Bitmine Compares to Strategy
Bitmine’s Ethereum treasury now ranks as the world’s largest, and the company describes its combined holdings as the second-largest corporate crypto treasury overall, trailing only Strategy’s Bitcoin position.
Strategy held roughly 842,138 BTC, worth about $57 billion, following a sale of 1,638 BTC that the company disclosed the same week, marking a shift from accumulating Bitcoin without exception to periodically selling portions of it to fund preferred dividend obligations.
Unlike Strategy’s recent pattern, Bitmine’s own buying has continued without pause since inception.
What Comes Next
Bitmine management has framed the GENIUS Act and the SEC’s Project Crypto initiative as comparably transformational to the 1971 end of the Bretton Woods system, though sentiment among short-term traders remains skeptical despite the company’s own bullish framing.
What this means for you: Bitmine is now close enough to its 5% ownership target that the more relevant question going forward is what the company does once it gets there, whether that means slowing purchases, shifting further into staking revenue, or pursuing a different growth path entirely, since the current pace of weekly accumulation can’t continue indefinitely once the stated ceiling is reached.
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