Bitmine has acquired 10,399 ETH, raising its total holdings to 5.8 million ETH, while also repurchasing 4.5 million shares as part of a $4 billion buyback program.
Overview
- Bitmine acquired 10,399 ETH last week, maintaining a consistent buying pattern since June 2025.
- The company's total Ethereum holdings have reached 5.8 million ETH, equating to approximately 4.8% of the circulating supply.
- Additionally, Bitmine repurchased 4.5 million shares as part of its $4 billion buyback program.
On Monday, Bitmine Immersion Technologies revealed an acquisition of 10,399 ETH, valued around $19.5 million, reinforcing its status as the largest corporate Ethereum holder worldwide.
The firm now holds a total of 5,797,813 ETH, worth about $10.9 billion based on a current price of $1,880, as reported by CoinGecko.
Including its cash, investments, and other crypto assets, Bitmine's total holdings are estimated at $11.3 billion. Its Ethereum reserves account for roughly 4.8% of the total circulating supply, approaching a target of 5% ownership.
Tom Lee, Bitmine's Chairman, noted, "Since adopting our Ethereum Treasury strategy on June 30 last year, we have observed a pattern where ETH's strong performance against QQQ often leads to improved performance of Bitmine shares the following month. This insight influenced our decision to repurchase 4.5 million shares last week, as we believe our shares are undervalued."
This acquisition reflects a broader trend among publicly traded companies shifting from Bitcoin to Ethereum treasuries, aiming to benefit from the potential returns of holding and staking ETH while providing investors with indirect exposure to digital assets.
Notably, around 4.9 million ETH, or approximately 85% of Bitmine's total holdings, are staked via its institutional platform, MAVAN. The company anticipates annual staking revenues could reach $247 million, contingent upon future network conditions.
Lee highlighted Ethereum's strong market performance, stating that ETH outperformed the Nasdaq 100 by 25 percentage points in July. He reiterated the belief that Bitmine's shares are undervalued, leading to the recent share repurchase under its $4 billion buyback initiative.
"This week's buyback of 4.5 million shares has brought our total repurchases to over 16 million common shares, marking the largest buyback conducted by any Ethereum, Bitcoin, or crypto Digital Asset Treasury," Lee stated. "Since July 1, 2026, we have repurchased a total of 16.1 million shares as part of our authorized program."
Earlier this year, Bitmine made its largest Ethereum purchase, acquiring 101,627 ETH in April, boosting its holdings to nearly 5 million ETH. In June, the company purchased an additional 126,971 ETH for about $214 million, which Lee described as a strategic move during a temporary downturn in the crypto market.
In July, Bitmine invested approximately $49 million into ETH, driven by early demand for the Robinhood Chain, an Ethereum-based layer-2 network. They later reported holdings of around 5.79 million ETH, while continuing to expand their staking operations and share buybacks.
Ethereum's price has increased by about 6% in the past month, currently trading at around $1,880, with a market capitalization of $255 billion. Current predictions on Myriad, a market from Dastan, suggest a higher likelihood of ETH dropping to $1,500 before rising to $3,000, estimating a 75% chance of this bearish outcome occurring.
