Bitmine Immersion Technologies said it held 5,787,414 ETH as of July 26, representing 4.8% of Ethereum’s reported 120.7 million ETH supply and placing nearly $11.3 billion of the company’s balance sheet at an ETH price of $1,948. The company said 4,917,189 ETH, or about 85% of its Ether holdings, had already been committed to staking.
The disclosure puts Bitmine among the largest publicly traded corporate holders of a digital asset, with its ETH position far exceeding its 208 Bitcoin holding. Bitmine valued its combined cryptocurrency, cash, marketable securities and so-called “moonshot” investments at $11.8 billion as of 7:00 p.m. Eastern time on July 26.
A corporate treasury holding nearly one in every 20 ETH creates a more direct connection between Bitmine’s equity valuation, Ethereum’s market price and staking returns than is typical for companies with smaller digital-asset allocations. Its balance sheet is also increasingly tied to Ethereum’s validator economy, where staked ETH earns rewards for helping secure the network.
Nearly $9.6 billion of ETH is staked
Bitmine said its staked ETH was worth approximately $9.6 billion at the stated $1,948 ETH price. Staking involves locking Ether into Ethereum’s validation system in return for protocol rewards, though the assets remain exposed to ETH price movements and operational arrangements with staking providers.
The company projected annualized ETH staking rewards of $299 million once its full ETH balance is staked through MAVAN and other staking partners. It based that estimate on a 2.65% seven-day annualized BMNR yield. Bitmine separately reported projected annualized staking revenue of $254 million.
The difference between projected rewards and revenue was not detailed in the statement. The figures place the company’s earnings model partly on the level of network staking yields, the amount of Ether it can keep deployed, and the price of ETH used to translate rewards into dollars.
Bitmine acquired 9,946 ETH during the prior week, according to the company. It said it has bought Ether every week since launching its ETH Treasury Strategy on June 30, 2025.
At the current reported balance, Bitmine said it had reached 96% of an internal target it calls the “alchemy of 5%,” referring to ownership of 5% of Ethereum’s supply. Reaching that threshold at a fixed total supply of 120.7 million ETH would imply holdings of roughly 6.04 million ETH, around 247,600 ETH above its reported July 26 balance.
Treasury buying can tighten readily available Ether
Bitmine’s holdings do not establish how much ETH is available for trading across centralized exchanges, decentralized venues, custodians or other wallets. Yet the scale of the company’s staking commitment means a substantial portion of its Ether is assigned to validator operations rather than held as an immediately deployable treasury asset.
That can make Bitmine a relevant holder for traders monitoring Ethereum’s supply dynamics. The effect on market liquidity, though, depends on whether the company continues buying in the open market, how much ETH other large holders stake or retain, and the depth of trading activity across venues.
Ethereum staking does not permanently remove ETH from circulation. Withdrawals are possible under Ethereum’s proof-of-stake design, although large holders may need to manage validator exits, provider arrangements and timing before moving a sizeable position. Bitmine’s reported strategy therefore concentrates a large treasury allocation in an asset that can generate yield but remains volatile and subject to market risk.
The company’s total asset figure also included $268 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $61 million position in Eightco Holdings, whose shares trade on Nasdaq under the symbol ORBS. These investments are small relative to the Ether treasury but add non-ETH exposures to the company’s reported value.
Share repurchases add another capital-allocation layer
Alongside its ETH purchases, Bitmine said it repurchased 6.1 million common shares during the past week under a previously authorized $4 billion buyback program. Since July 1, the company said it had repurchased 11.6 million shares under that authorization.
The repurchases show Bitmine is using capital for both balance-sheet expansion and reduction of its outstanding share count. That approach can be consequential for shareholders because the company’s ETH per share can change through two separate channels: changes in the size of the Ether treasury and changes in the number of shares outstanding.
A buyback does not by itself increase the value of Bitmine’s crypto holdings, and its effectiveness depends on the price paid for shares, the company’s financing costs and the future performance of ETH. The program nonetheless gives management a mechanism to return capital while it pursues a treasury strategy built around accumulating and staking Ether.
Bitmine also said it joined the Russell 1000 large-cap index on June 26, 2026. Index inclusion can expand the set of funds required or permitted to hold the shares, though it does not determine demand for the stock. The company’s Series A preferred stock trades on the New York Stock Exchange under the ticker BMNP.
Fundstrat data cited by Bitmine showed the company’s stock averaging $597 million in daily dollar trading volume over the five days through July 24. Fundstrat ranked that volume 171st among 5,704 U.S.-listed stocks, between Hewlett Packard Enterprise and HCA Healthcare.
Bitmine compared its strategy with Strategy Inc., which it said held 843,775 BTC valued at about $59 billion. The comparison underscores a growing corporate-treasury model in which listed companies offer shareholders leveraged exposure to a chosen digital asset, while Bitmine’s version adds a staking-income component unavailable to Bitcoin-focused treasuries.
Bitmine’s massive ETH stake highlights Ethereum’s potential. Deepen your insight with our guide understanding Ethereum today.
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