BitMine Immersion Technologies expanded its Ethereum stash by acquiring 9,946 ETH, spending roughly $19.4 million this past week. This move lifts their total Ethereum holdings to 5,787,414 tokens, valued at about $11.3 billion based on the $1,948 ETH price recorded on July 26. With this, BitMine now holds approximately 4.8% of Ethereum's circulating supply, edging closer to its ambitious goal to control 5%.
Accelerated Buybacks Signal Confidence
The company also ramped up its stock repurchases, increasing weekly buybacks from 5.5 million shares to 6.1 million shares. Since July 1, BitMine has repurchased 11.6 million shares as part of its previously approved $4 billion share buyback program, although it hasn't disclosed the exact spending in the latest round. Chairman Tom Lee attributed the acceleration to a strengthening ETH to Bitcoin ratio, which suggests rising crypto market strength. BitMine has been consistently adding Ethereum to its treasury since initiating its strategy in June 2025.
Staking Strategy and Financial Outlook
Beyond accumulating ETH, BitMine has staked 4,917,189 Ethereum tokens worth an estimated $9.6 billion. This staked position is projected to generate $254 million in annualized staking revenue, providing a steady income stream. Altogether, the company's combined assets including crypto holdings, cash, securities, and strategic investments are valued at $11.8 billion. BitMine's ongoing commitment to Ethereum staking reflects a broader trend among institutional holders seeking yield in a maturing crypto market.
