BitMine Immersion Technologies said its Ethereum holdings reached 5,787,414 ETH as of July 26 after the company bought another 9,946 tokens during the week.
Summary
- BitMine now holds 5.79 million ETH, equal to 4.8% of Ethereum’s reported total circulating supply.
- More than 4.9 million ETH is staked, supporting projected annual revenue of about $254 million.
- BitMine repurchased 6.1 million shares while adding 9,946 ETH during the latest weekly reporting period.
The position equals about 4.8% of Ethereum’s stated 120.7 million supply and leaves BitMine close to its target of owning 5% of all ETH.
The company valued its broader portfolio at $11.8 billion using an ETH reference price of $1,948. The total includes 208 BTC, $268 million in cash and marketable securities, a $180 million stake in Beast Industries and a $61 million position in Eightco Holdings. The figures reflect BitMine’s own valuation method.
BitMine moves closer to its 5% Ethereum target
BitMine calls its plan to acquire 5% of Ethereum’s supply the “Alchemy of 5%.” At the current reported supply, that target equals about 6.04 million ETH. The latest total places the company about 96% of the way there, leaving roughly 247,586 ETH to reach the goal if supply remains unchanged.
Chairman Tom Lee said BitMine has bought ETH every week since it started the treasury strategy on June 30, 2025. As crypto.news previously reported, the company held nearly 5.78 million ETH in its prior weekly disclosure. The latest purchase raised that balance by another 9,946 ETH.
The strategy gives BitMine direct exposure to Ethereum’s market price. It also creates concentration risk because ETH makes up most of the reported portfolio. BitMine’s latest quarterly filing lists price volatility, liquidity limits, custody risks and possible unrealised losses among the risks tied to its digital assets.
Staked ETH supports a growing revenue stream
BitMine said it has staked 4,917,189 ETH through its Made in America Validator Network, known as MAVAN, and other partners. That amount represents about 85% of its total ETH holdings. The company valued the staked position at $9.6 billion using the same $1,948 reference price.
Lee said current staking operations could generate $254 million in annualised revenue based on a seven-day yield of 2.65%. He also projected annual rewards of $299 million if BitMine stakes its full ETH balance. These are management estimates rather than fixed returns. Ethereum rewards can change with network participation, validator performance and protocol conditions.
Staking has become BitMine’s main operating revenue source. Its Form 10-Q showed $45.7 million in staking and validation revenue for the three months ended May 31. That represented about 98% of its $46.5 million quarterly revenue, as previously reported.
Share buybacks rise as ETH purchases continue
BitMine repurchased 6.1 million common shares during the latest week under its $4 billion buyback programme. The company said the purchase increased from 5.5 million shares in the prior week. It has repurchased 11.6 million shares since July 1.
Lee said management increased buybacks because it viewed the rising ETH-to-BTC ratio as a sign of stronger crypto conditions. The release stated that the ratio had reached a three-month high at “0.3000.” That statement reflects management’s market view and does not measure BitMine’s operating performance.
The chairman also said ETH could test “$2,000 and $2,500” if a comparison with the S&P 500 after October 1987 continues to hold. That remains a price forecast. It does not form part of BitMine’s reported holdings and does not guarantee future ETH performance.
Treasury model combines staking, equities and cash
Beyond Ethereum and Bitcoin, BitMine holds stakes in Beast Industries and Eightco. The company describes these positions as “moonshots.” Their stated values can change with financing terms, market prices and company developments. The update also showed cash and marketable securities falling to $268 million from $385 million in the previous weekly disclosure.
BitMine joined the Russell 1000 index on June 26 and launched Series A preferred stock under the BMNP ticker. The company said its common shares recorded average daily dollar volume of $597 million over five sessions through July 24. It ranked the stock 171st among U.S.-listed companies using Fundstrat and Statista data.
As crypto.news previously reported, BitMine’s growing treasury could reduce the amount of ETH available for trading because most holdings are staked. The same structure leaves the company closely tied to ETH prices and staking economics. Its SEC filing warns that staking yields, regulatory changes and access to capital could affect results.
The company remains below its stated 5% target, but the gap has narrowed to less than 250,000 ETH at the reported supply level. Future weekly disclosures will show whether BitMine keeps buying ETH while continuing its share repurchase programme.
