Shares of Bitmine Immersion Technologies (BMNR) surged over 10% to $17.38 following the release of its latest financial update, which revealed an $11.8 billion crypto treasury. The company boosted its crypto and equity holdings while ramping up share repurchases, signaling growing confidence in its Ethereum-focused strategy.

Ethereum Holdings Reach Record Levels

Bitmine’s crypto portfolio now includes nearly 5.79 million ETH, valued at approximately $11.3 billion based on Coinbase’s reference price of $1,948 per token. This stash accounts for about 4.8% of Ethereum’s circulating supply of 120.7 million ETH. Alongside ETH, the company holds 208 Bitcoins, $268 million in cash and marketable securities, and $241 million in strategic equity stakes, including sizeable investments in Beast Industries and Eightco Holdings.

The firm has maintained a consistent weekly accumulation of Ethereum since launching its ETH Treasury Strategy in mid-2025, recently adding nearly 10,000 ETH in the latest reporting week. Its staking operation, managed via the MAVAN platform, has also expanded to cover almost 4.92 million ETH, roughly 85% of its Ethereum holdings, generating projected annualized revenue of $254 million.

Accelerated Buybacks Reflect Market Optimism

Alongside treasury growth, Bitmine accelerated share buybacks, repurchasing 6.1 million common shares last week alone. Combined with 5.5 million shares bought the previous week, total repurchases since July 1 have reached 11.6 million under the company’s $4 billion repurchase authorization. Chairman Tom Lee attributed the more aggressive buybacks to improving crypto market conditions and a stronger ETH-to-BTC price ratio.

Despite shifting legislative expectations around the Clarity Act, Bitmine continues weekly Ethereum purchases, reinforcing its long-term treasury expansion plan. The boosted staking volume and expanded treasury also position Bitmine as the largest Ethereum treasury and second largest crypto treasury overall.

This content is for informational purposes and does not constitute financial advice.