Bitmine Immersion Technologies reported Monday that it holds 5,797,813 ETH as of August 2, representing 4.8% of Ethereum's 120.7 million circulating supply. The company bought 10,399 ETH over the past week, adding to a streak of weekly purchases that has continued without interruption since it adopted its Ethereum treasury strategy on June 30, 2025.
At $1,880 per ETH, the Ethereum position is worth approximately $10.9 billion. Combined with 209 Bitcoin, a $180 million stake in Beast Industries, a $61 million stake in Eightco Holdings, and $173 million in total cash and marketable securities, the company's total holdings reached $11.3 billion as of August 2.
The weekly purchase followed the previous week's acquisition of 9,946 ETH, putting total ETH added in two weeks above 20,000 tokens. Bitmine is 96% of the way to its stated goal of controlling 5% of ETH's total supply.
What Tom Lee said about July's performance and why the company bought back shares
Chairman Tom Lee connected the continued accumulation directly to Ethereum's July performance against technology stocks.
"In July, ETH outperformed the Nasdaq 100 by 2,500bp (or 25 percentage points). This is the largest outperformance since July 2025, and we believe it is reflective of the strengthening fundamentals of crypto," he said.
Lee noted that the last comparable outperformance period, July 2025, was followed by ETH rising from $2,375 to $4,057 by the end of August. He did not present that as a forecast for a repeat but used the historical parallel to explain the company's view on the current period.
The same logic drove a share repurchase decision.
"Since Bitmine pivoted to an Ethereum Treasury strategy on June 30 of last year, sizable outperformance of ETH vs QQQ monthly has typically been followed by Bitmine's shares outperforming ETH over the following month. Hence, Bitmine repurchased 4.5 million shares of common stock in the past week, as Bitmine's management team continues to view Bitmine shares as attractively valued," Lee said.
Bitmine has now repurchased 16.1 million common shares since July 1 under a previously authorized $4 billion buyback program. Lee described it as "the largest ever executed by any Ethereum, Bitcoin or crypto DAT (Digital Asset Treasury)."
Staking and the MAVAN platform's projected revenue
Of Bitmine's 5.8 million ETH, 4,917,189 tokens are staked, worth approximately $9.2 billion at current prices. That staked position represents 85% of the company's total ETH holdings and generates a seven-day annualized yield of 2.67%.
"Annualized staking revenues are now projected at $247 million," Lee said. "And this 4.9 million ETH is 85% of the 5.8 million ETH held by Bitmine."
The staking runs through MAVAN, the Made in America Validator Network, which Bitmine launched earlier in 2026. MAVAN was originally built to support Bitmine's own treasury but the company said it intends to expand the platform to serve institutional investors, custodians, and ecosystem partners.
The projected $247 million in annualized staking revenue carries caveats. That figure depends on Ethereum's staking yield staying near current levels, on validator performance, and on the market value of ETH at the time rewards are realized.
Bitmine remains supported by institutional investors including ARK's Cathie Wood, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, and personal investor Tom Lee.
Where Bitmine sits relative to other corporate treasuries and public market benchmarks
Bitmine ranks as the largest Ethereum treasury company globally and second overall among corporate crypto holders. Strategy holds 843,775 BTC valued at approximately $57 billion, placing it first. No other company holds an Ethereum position close to Bitmine's 5.8 million tokens.
The company trades on the NYSE under the ticker BMNR. It was added to the Russell 1000 Large-cap index on June 26, 2026. According to data from Fundstrat cited by Bitmine, the stock ranked 180th in the US by average daily dollar volume over the five days through July 31, at $698 million per day. That placed it between Schlumberger at 179th and Marsh and McLennan at 181st among 5,704 listed US stocks.
BMNR traded near $17.06 on August 3, down about 1.3% on the day. The stock has struggled to hold above the $17.15 resistance level corresponding to the 61.8% Fibonacci retracement from its prior range. A close above that level could open the next target at $18.49. Support from an ascending trendline drawn from the June low near $12.81 has held, though the average directional index reading of 18.04 remains below the 20 threshold commonly associated with a trend in force.
Bitmine's Eightco Holdings stake, worth $61 million, represents indirect exposure to OpenAI through that company's publicly listed equity. Eightco trades on Nasdaq under the ticker ORBS.
Matvii Diadkov
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