Summary
- Bitmine has increased its Ethereum holdings to 5.79 million ETH, valued at approximately $11.3 billion.
- This amount corresponds to nearly 4.8% of the circulating Ethereum supply.
- The company has intensified its staking efforts and share buybacks.
Bitmine Immersion Technologies announced on Sunday that it has boosted its Ethereum holdings to 5.79 million ETH, which elevates its total assets—including cryptocurrencies, cash, marketable securities, and strategic investments—to $11.8 billion as it nears its objective of controlling 5% of Ethereum's total supply.
The firm reports its assets include 5.8 million ETH, 208 Bitcoin valued at around $13.6 million, $268 million in cash and marketable securities, a $180 million stake in Mr. Beast’s Beast Industries, and a $61 million investment in Eightco Holdings.
Bitmine Chairman Tom Lee remarked, “We have ramped up our equity buyback as we interpret the increasing ETH/BTC ratio, despite the diminishing chances of the Clarity Act passing in 2026, as an indicator of strengthening crypto prices.” He noted that this ratio has reached a three-month high of 0.3000, which he believes is promising for future ETH price increases. (Note: Tom Lee is also an investor in Dastan, the parent company of Decrypt.)
Lee indicated that Bitmine repurchased 6.1 million shares last week as part of its ongoing $4 billion buyback initiative, bringing the total number of shares repurchased since July 1 to 11.6 million. He expressed optimism about the rising ETH-to-Bitcoin ratio as a good sign for Ethereum, anticipating that the cryptocurrency may soon target price levels of $2,000 and $2,500. Currently, ETH trades at approximately $1,900, with a market capitalization of $232 billion.
The company reported that 4.9 million ETH is staked via its Made in America Validator Network (MAVAN), which was established in March to facilitate institutional staking. Bitmine estimates that the annual staking rewards could reach about $299 million once all its ETH is staked through its network and partners.
This announcement is part of Bitmine's rapid growth under Lee’s leadership.
In April, the firm surpassed the 5 million ETH mark. By May, Lee indicated that Bitmine’s inclusion in the Russell 1000 Index could expand its institutional investor base, as its holdings constituted roughly 4.3% of Ethereum's circulating supply. In June, the company completed a preferred stock offering that generated almost $274 million to finance further Ethereum acquisitions, infrastructure improvements, and share buybacks while enhancing its MAVAN staking platform. Earlier this month, Bitmine acquired an additional $73 million worth of ETH, pushing its total holdings above 5.74 million ETH ahead of the latest purchase announcement.
This development occurs amid a trend where several public companies—including Sharplink, Bit Digital, and Bitmine—are adopting Ethereum treasury strategies, akin to the long-standing Bitcoin treasury approach.