BitMine Immersion Technologies continues to strengthen its position as one of the world’s largest corporate holders of Ethereum. The company announced that it purchased an additional 9,946 ETH during the past week, bringing its total holdings to 5,787,414 ETH as of July 26.
The latest acquisition moves BitMine even closer to its ambitious goal of owning 5% of Ethereum’s total circulating supply. Alongside the ETH purchase, the company also repurchased 6.1 million common shares, signaling continued confidence in both its treasury strategy and long-term growth plans.
BitMine edges closer to owning 5% of Ethereum
BitMine’s Ethereum treasury now represents approximately 4.8% of Ethereum’s reported circulating supply of 120.7 million ETH.
The company refers to its long-term accumulation strategy as the “Alchemy of 5%”, with a target of acquiring roughly 6.04 million ETH.
Following the latest purchase, BitMine has already achieved about 96% of that objective, leaving fewer than 250,000 ETH needed to reach its milestone if Ethereum’s circulating supply remains unchanged.
According to Chairman Tom Lee, BitMine has purchased Ethereum every week since launching its treasury strategy in June 2025.
Ethereum dominates BitMine’s portfolio
Using an ETH reference price of $1,948, BitMine values its total investment portfolio at approximately $11.8 billion.
The portfolio includes:
- 5.79 million ETH
- 208 Bitcoin (BTC)
- $268 million in cash and marketable securities
- $180 million investment in Beast Industries
- $61 million stake in Eightco Holdings
Ethereum now accounts for the overwhelming majority of the company’s digital asset exposure, giving BitMine significant upside if ETH appreciates, while also increasing its exposure to market volatility.
Staking generates recurring revenue
Beyond holding Ethereum, BitMine has placed a large portion of its assets into staking.
The company reports that 4,917,189 ETH—roughly 85% of its total holdings—has been staked through its Made in America Validator Network (MAVAN) and other validator partners.
Based on recent staking yields of approximately 2.65%, management estimates that current operations could generate around $254 million in annualized revenue.
If the company eventually stakes its entire Ethereum balance, annual staking rewards could potentially reach $299 million, although these figures remain projections and may fluctuate as Ethereum network conditions change.
Staking has already become BitMine’s primary revenue source. During the most recent quarter, staking and validation services generated $45.7 million, representing nearly 98% of the company’s total quarterly revenue.
Share buyback program accelerates
In addition to expanding its Ethereum treasury, BitMine continues returning capital to shareholders through an aggressive buyback program.
During the latest reporting period, the company repurchased 6.1 million common shares, increasing from 5.5 million shares purchased the previous week.
Since July 1, BitMine has bought back a total of 11.6 million shares under its $4 billion share repurchase program.
Tom Lee said the company increased buybacks after observing improvements in the ETH-to-Bitcoin ratio, which management views as a positive signal for the broader cryptocurrency market.
Ethereum price outlook remains optimistic
Lee also expressed confidence in Ethereum’s future performance, suggesting the cryptocurrency could potentially trade between $2,000 and $2,500 if historical market patterns continue.
However, the company emphasized that these figures represent management’s expectations rather than guaranteed outcomes.
Ethereum’s future performance will continue to depend on market sentiment, adoption, macroeconomic conditions, and broader cryptocurrency trends.
Treasury strategy carries concentration risks
While BitMine’s Ethereum accumulation strategy has attracted significant attention, it also introduces notable risks.
Because Ethereum represents the majority of the company’s assets, BitMine remains highly sensitive to:
- ETH price volatility
- Staking reward fluctuations
- Regulatory developments
- Custody and security risks
- Liquidity conditions
The company’s latest SEC filings acknowledge that changes in any of these factors could materially impact future financial performance.
Outlook
BitMine continues executing one of the most aggressive Ethereum treasury strategies in the market. With nearly 5.8 million ETH already under management and more than 85% of those holdings generating staking rewards, the company is positioning itself as a major institutional participant in Ethereum’s ecosystem.
Its ongoing share repurchase program further reflects management’s confidence in the strategy, while the remaining gap to its 5% Ethereum ownership target continues to narrow.
Future weekly updates will reveal whether BitMine maintains its pace of Ethereum purchases while expanding its staking operations and shareholder return initiatives.
