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Key Takeaways
- Bitmine shares rose about 13% Monday after the firm reported $11.8 billion in total holdings, including 5,787,414 ETH, or 4.8% of circulating supply.
- The company accelerated its stock buybacks, repurchasing 6.1 million shares last week under its $4 billion buyback program.
- Bitmine’s staking platform, MAVAN, has 85% of its ETH staked and projects up to $299 million in annualized staking revenue once fully staked.
Bitmine Immersion Technologies shares rose about 13% on Monday after the company said its Ethereum holdings and buyback program continued to expand. The stock closed near $17.79, up from Friday’s $15.79 close, according to trading data.
Company Reports $11.8 Billion in Holdings
Bitmine said in a July 27 statement that its combined crypto, cash, and equity stake holdings reached $11.8 billion. The company reported holding 5,787,414 ETH as of July 26, valued at $1,948 per token, along with 208 Bitcoin, a $180 million stake in Beast Industries, and a $61 million stake in Eightco Holdings.
Bitmine said its ETH position equals 4.8% of Ethereum’s 120.7 million circulating token supply. That puts the company 96% of the way toward its stated goal of accumulating 5% of all ETH, a target it set 13 months ago. These figures are the company’s own reported holdings and have not been independently audited for this article.
Bitmine Chairman Tom Lee said the company added 9,946 ETH over the past week. Lee said in the statement:
“Bitmine has bought ETH every week since the inception of the ETH Treasury Strategy on June 30, 2025.”
Buybacks Accelerate Alongside Token Purchases
Alongside its ETH accumulation, Bitmine has been repurchasing its own stock. The company said it bought back 6.1 million shares last week, up from 5.5 million the week before, bringing total repurchases to 11.6 million shares since July 1 under a $4 billion buyback program the company announced at its April NYSE listing.
Lee tied the increased buyback pace to Bitmine’s reading of the ETH/BTC price ratio, which he said reached a three-month high of 0.30. He said:
“We increased our equity buyback as we view the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign crypto prices are strengthening.”
Staking Operations Add to Revenue Projections
Bitmine also runs MAVAN, its own Ethereum staking platform. The company said it currently has 4,917,189 ETH staked, equal to 85% of its total ETH holdings, and projected $254 million in annualized staking revenue from current operations. Bitmine said that figure could rise to $299 million once its full ETH position is staked.
These are the company’s own projections based on current staking yields and are not guaranteed outcomes.
Wider Institutional Backing
Bitmine’s shareholder base includes ARK Invest’s Cathie Wood, Pantera Capital, and Galaxy Digital, among other institutional investors, according to the company’s statement. Bitmine’s stock has traded an average daily dollar volume of roughly $597 million over the past five sessions, ranking it 171st among all U.S.-listed stocks by that measure, according to data the company cited from Fundstrat and Statista.
Ethereum itself traded near a 10-week high on Monday. Other Ethereum treasury companies, including SharpLink, have continued building ETH positions this year despite broader price volatility across the sector. It remains unclear whether Bitmine’s buyback pace and staking revenue projections will hold up in the months ahead.
