Summary
- Bitmine acquired 10,399 ETH in the last week, continuing a buying trend that started in June 2025.
- The firm's total Ethereum holdings now stand at 5.8 million ETH, representing approximately 4.8% of the total circulating supply of Ethereum.
- In addition, Bitmine repurchased 4.5 million shares last week as part of its ongoing $4 billion buyback initiative.
On Monday, Bitmine Immersion Technologies announced that it has purchased an additional 10,399 ETH, valued at around $19.5 million, continuing a year-long trend that has positioned it as the largest corporate holder of Ethereum globally.
The company now boasts a total of 5,797,813 ETH, which is worth about $10.9 billion based on a price of $1,880, according to CoinGecko.
When factoring in its other crypto assets, cash, and investments, Bitmine's overall holdings are estimated at $11.3 billion. The company's Ethereum reserve accounts for around 4.8% of the circulating supply, nearing its target of 5% ownership of all ETH.
Tom Lee, Chairman of Bitmine, stated, "Since we shifted to an Ethereum Treasury strategy on June 30 of last year, we have seen a pattern where significant outperformance of ETH against QQQ (monthly) has typically led to Bitmine's shares outperforming ETH in the following month. This insight guided our decision to repurchase 4.5 million shares last week, as we believe Bitmine shares are currently undervalued."
This latest acquisition aligns with a growing trend among publicly traded companies that are shifting focus from Bitcoin treasuries to Ethereum, as they seek to capitalize on the potential returns from holding and staking this cryptocurrency while offering investors indirect exposure to digital assets.
Notably, approximately 4.9 million ETH, or around 85% of Bitmine’s total holdings, are staked through its institutional platform, MAVAN. The company projects its annual staking revenue could reach $247 million, although this forecast is contingent on future network conditions and other variables.
Lee highlighted Ethereum's impressive market performance, noting that ETH outperformed the Nasdaq 100 by a margin of 25 percentage points in July. He reiterated the management's belief that the company's shares are undervalued, which contributed to the decision to repurchase 4.5 million shares under its previously approved $4 billion buyback program.
"This week's buyback of 4.5 million shares brings our total repurchases to over 16 million common shares, making this the largest buyback ever conducted by any Ethereum, Bitcoin, or crypto DAT (Digital Asset Treasury)," Lee remarked. "Since July 1, 2026, we have repurchased a total of 16.1 million shares under the authorized $4 billion repurchase program."
Earlier this year, the firm made its largest Ethereum purchase to date, acquiring 101,627 ETH in April, which increased its holdings to nearly 5 million ETH. In June, Bitmine purchased another 126,971 ETH for about $214 million during a downturn in the broader crypto market, which Lee described as "superficial."
In July, the company further invested approximately $49 million into ETH, motivated by early demand for Robinhood's Ethereum-based layer-2 network, Robinhood Chain. They later reported holdings of roughly 5.79 million ETH, while also expanding their staking operations and share repurchases.
The price of Ethereum has risen about 6% in the past month, hovering around $1,880 per coin with a market cap of $255 billion. Current traders on Myriad, a prediction market from Decrypt's parent company Dastan, suggest there is a higher probability of ETH dropping to $1,500 before it climbs to $3,000, estimating a 75% chance of this bearish scenario occurring.