Bitmine Immersion Technologies said it held nearly 5.8 million ETH as of Aug. 2, placing 4.8% of Ethereum’s stated 120.7 million-token supply on the balance sheet of a single public company and making staking income central to its treasury strategy.
The company reported total crypto holdings, cash, marketable securities and venture-style “moonshot” positions of $11.3 billion at 4:00 p.m. ET on Aug. 2. Its 5,797,813 ETH position was valued at $1,880 per token, while the company also held 209 Bitcoin, according to Bitmine’s disclosure.
Of the Ether held by Bitmine, 4,917,189 ETH had been committed to staking, a process in which tokens help secure Ethereum’s network in exchange for protocol rewards. At the company’s stated ETH valuation, the staked balance was worth about $9.2 billion and represented roughly 85% of Bitmine’s Ether reserves.
Staking strategy anchors the treasury
Bitmine said its staking operations generated a 7-day annualized yield of 2.67%. The company projected annualized staking rewards of $291 million and annualized staking revenue of $247 million, although it did not provide a detailed breakdown of the difference between the two figures.
The structure gives Bitmine a large exposure to ETH’s price while placing most of that position in Ethereum’s validation system rather than leaving it fully liquid. The company’s reported staking balance of almost 4.9 million ETH means that a substantial share of its treasury is intended to produce token-denominated returns, rather than serve solely as a reserve available for immediate sale.
That approach also increases the company’s sensitivity to Ethereum’s operating conditions. Staking rewards can vary with network activity, validator participation and Ethereum protocol mechanics, while the dollar value of the rewards changes with ETH’s market price. A higher ETH price would raise the reported dollar value of the company’s holdings and staking income, while a decline would have the opposite effect.
Bitmine said it has purchased ETH every week since June 30, 2025, the date it identified as the beginning of its Ethereum treasury strategy. The company acquired 10,399 ETH during the latest week covered by its announcement.
Cash, public securities and private-company stakes
Beyond cryptocurrency, Bitmine reported $173 million in cash and marketable securities. It also listed two “moonshot” investments: a $180 million stake in Beast Industries and a $61 million stake in Eightco Holdings, the Nasdaq-listed company trading under the ORBS ticker.
Those non-ETH positions account for a relatively small part of Bitmine’s reported $11.3 billion total. Based on the company’s own figures, the value of its Ether holdings dominates the balance sheet, leaving the company’s overall financial performance closely tied to the market value of Ethereum.
Bitmine compared its corporate digital-asset treasury position with Strategy Inc., formerly known for its Bitcoin-focused treasury model. Bitmine cited Strategy as holding 843,775 BTC worth approximately $57 billion. The comparison shows how the listed-company treasury model has expanded beyond Bitcoin, with Bitmine attempting to build a similarly large public-market vehicle around Ether and staking yield.
The company also announced the MAVAN platform and said a portion of its ETH has been staked through that system. Bitmine did not provide additional figures showing how much ETH MAVAN handles relative to its total staked position.
Share repurchases run alongside ETH accumulation
Bitmine has paired its cryptocurrency purchases with a large share-repurchase program. The company said it bought back 4.5 million common shares in the past week under a previously authorized $4 billion program.
Since July 1, 2026, Bitmine has repurchased 16.1 million shares, according to the company. Repurchases reduce the number of shares outstanding, which can increase each remaining share’s claim on the company’s ETH reserves, cash and other assets. The effect depends on the prices paid for the repurchased stock relative to the value of the underlying assets.
The company’s dual approach—adding ETH while reducing its share count—makes the value of ETH per share a closely watched measure. Continued share issuance would dilute that measure, while repurchases can support it if the company buys stock at a discount to the value of its holdings. Bitmine’s disclosure did not state the average price paid for the latest repurchases.
Index inclusion and heavy trading activity
Bitmine said it joined the Russell 1000 large-cap index on June 26, 2026. Inclusion places a company in benchmarks tracked by index funds and other portfolio products, potentially broadening the set of market participants able to hold the stock through index-linked strategies.
The company’s Series A Preferred Stock trades on the New York Stock Exchange under the BMNP symbol.
Fundstrat trading data cited by Bitmine showed average daily dollar volume of $698 million over the five days ending July 31. Fundstrat ranked the stock 180th by trading volume among 5,704 U.S.-listed equities, placing it between Schlumberger at 179th and Marsh & McLennan at 181st, according to the figures reproduced by Bitmine.
That liquidity gives traders a readily tradable equity route to Ethereum exposure, though the stock’s performance can diverge from ETH because it also reflects corporate expenses, financing decisions, staking results, share repurchases and the value assigned to Bitmine’s non-crypto investments.
Ethereum’s July performance supports the company’s valuation
Bitmine said ETH outperformed the Nasdaq 100 by 2,500 basis points, or 25 percentage points, in July 2026. The company described that as Ethereum’s largest monthly outperformance against the technology-heavy index since July 2025.
It also pointed to ETH’s move from $2,375 in July 2025 to $4,057 by the end of August 2025 as a recent example of a sharp advance in the asset. Bitmine’s latest balance-sheet valuation, by contrast, used $1,880 per ETH, underscoring how changes in Ethereum’s market price can quickly alter the reported value of a treasury built around the token.
With almost 4.9 million ETH staked and nearly 5.8 million ETH in total holdings, Bitmine has turned Ethereum ownership into the defining feature of its public-company model, combining price exposure with protocol-based staking revenue and an active program to concentrate that asset base across fewer shares.
Want to understand Ethereum like Bitmine? Start with our guide: What is Ethereum and how does it work.
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