Bitmine increases Ethereum treasury to 4.8% supply

BitMine Immersion Technologies said it has raised its Ether treasury to 5,797,813 ETH, putting the company within reach of a stated goal to hold 5% of Ethereum’s supply and making its balance sheet increasingly dependent on the performance and staking yield of the network’s native token.

The company said it acquired 10,399 ETH during the past week. Based on Ethereum’s stated supply of 120.7 million ETH, BitMine’s holdings represent about 4.8% of all Ether, leaving it roughly 96% of the way toward its “alchemy of 5%” target.

Using an Ether price of $1,880, BitMine valued its ETH treasury at approximately $10.9 billion. Its total holdings across cryptoassets, cash, marketable securities and other investments reached $11.3 billion, according to the company.

Most of the Ether is committed to staking

BitMine said 4,917,189 ETH of its treasury, valued at about $9.2 billion at its stated price, is staked through its MAVAN platform and external staking partners. That figure represents roughly 85% of the company’s reported Ether position.

Staking involves committing ETH to Ethereum’s proof-of-stake network in exchange for rewards paid to validators and those delegating funds to validator operators. BitMine projected that its staked Ether could produce $247 million in annual revenue, based on its current staking arrangements and holdings.

The projection implies a yield near 2.7% on the stated $9.2 billion value of staked ETH, before considering changes in Ether’s market price, validator performance, partner fees or adjustments to Ethereum’s reward rates. A treasury of this size gives staking returns a material role in BitMine’s reported financial outlook rather than treating them as a secondary source of income.

BitMine also reported holding 209 Bitcoin, though the company did not provide a valuation for that position in the supplied update.

A 5% supply target would require more than 238,000 ETH

Reaching 5% of Ethereum’s stated 120.7 million-token supply would require a holding of about 6.035 million ETH. On that basis, BitMine would need to add roughly 237,000 ETH beyond its current 5.798 million ETH position.

At the $1,880 reference price used by the company, that remaining amount would be worth around $446 million. The cost could differ substantially if Ether moves before any purchases occur.

BitMine’s supply calculation is based on total ETH supply, rather than the amount actively available for trading. Ethereum’s circulating supply includes tokens held by long-term owners, tokens committed to staking, and assets held in smart contracts. As a result, a 5% share of total supply does not directly establish how much Ether is available on any individual trading venue.

The company compared its crypto balance sheet with Strategy’s bitcoin treasury, which BitMine described as a $57 billion position. The comparison underlines BitMine’s effort to frame Ether as a corporate treasury asset capable of supporting a large publicly traded balance sheet, although the two companies hold different assets and operate under different capital structures.

Buybacks add another use for corporate capital

Alongside the Ether purchases, BitMine said it repurchased 4.5 million common shares over the past week. Total repurchases since July 1 have reached 16.1 million shares under a previously authorized $4 billion buyback program.

Share repurchases reduce the number of shares outstanding when completed and retired, potentially increasing each remaining shareholder’s proportional claim on the company’s assets. In BitMine’s case, the effect depends heavily on the value assigned to its Ether holdings, the market price of its stock, and how much capital remains available for further digital-asset purchases and operations.

The company reported $173 million in cash and marketable securities, a comparatively small figure beside its $10.9 billion Ether treasury. It also listed a $180 million stake in Beast Industries and a $61 million stake in Eightco Holdings among its additional investments.

Those non-crypto positions mean BitMine’s enterprise value cannot be assessed solely through its ETH balance. Yet Ether remains the dominant component by a wide margin, placing the company’s financial profile closely alongside daily movements in the token’s price and the economics of Ethereum staking.

Ether volatility remains central to the treasury strategy

Ether traded above $1,800 on Monday and was down 5.23% over the preceding 24 hours, according to the market pricing data cited in the company’s update. BitMine used a higher reference price of $1,880 for its treasury calculations, illustrating how quickly the reported dollar value of a large ETH position can move.

A $100 change in Ether’s price would alter the value of BitMine’s 5.798 million ETH holdings by nearly $580 million. That sensitivity gives the company a balance sheet with an unusually direct exposure to Ethereum, while staking rewards provide a recurring token-denominated income stream that may partly offset operating costs.

Chairman Tom Lee also cited market data showing Ether outperformed the Nasdaq 100 by 2,500 basis points in July, which he described as the token’s largest monthly outperformance against the index since July 2025. BitMine’s latest disclosure shows that its strategy is now built around converting that market exposure into a permanent treasury position, supplemented by staking income and an active share-repurchase program.