Bitmine Immersion Technologies saw its stock jump 13% on Monday, marking the top performer on Wall Street that day. The catalyst was a new treasury update revealing the company’s strong position in Ethereum assets, including crypto, cash, and equity stakes totaling $11.8 billion.
Bitmine now controls 5.79 million ETH tokens, which accounts for nearly 4.8% of the total 120.7 million Ethereum coins circulating globally. This is a significant milestone, bringing the firm close to its long-stated goal of owning 5% of Ethereum’s supply, a target set 13 months ago.
Alongside its growing crypto stash, Bitmine has been aggressively buying back shares. Last week alone, it repurchased 6.1 million shares, an increase from 5.5 million the previous week. Since July 1, the company has bought back 11.6 million shares as part of a $4 billion buyback program launched during its main board debut on the NYSE in April.
Chairman Tom Lee emphasized that Bitmine’s Ethereum accumulation is a steady, long-term strategy rather than a short-term play. "Bitmine has bought ETH every week since the inception of the ETH Treasury Strategy on June 30, 2025," Lee explained.
The firm’s Ethereum strategy extends beyond holding tokens. Bitmine operates MAVAN, its own Ethereum staking network, currently managing 4.9 million staked ETH. This operation generates an estimated $254 million in annual staking revenue, expected to climb to $299 million when the full ETH position is staked.
Institutional investors like Cathie Wood’s ARK Invest, Pantera Capital, and Galaxy Digital back Bitmine’s approach, signaling strong interest in Ethereum treasury firms beyond retail investors. Fundstrat data ranks BMNR among the most actively traded U.S. stocks by dollar volume.
This positive momentum comes as other Ethereum treasury companies such as SharpLink continue expanding their ETH holdings despite market volatility. The sustainability of Bitmine’s share buybacks and staking revenue will likely influence Wall Street’s ongoing trust in crypto treasury models.
