Bitmine Immersion Technologies just added another 10,399 ETH to its vault, pushing total holdings to 5.8 million coins. That's roughly 4.8% of Ethereum's entire circulating supply sitting on one company's balance sheet. The accumulation spree continues. Last week they grabbed 9,946 ETH. Over two weeks, more than 20,000 ETH landed in their treasury.
Chairman Tom Lee framed the buying as a bet on Ethereum's fundamentals. ETH outperformed the Nasdaq 100 by 25% in July, he noted, the widest gap since July 2025. The token climbed from $2,375 to $4,057 in that same stretch. Lee called it a sign that crypto's foundations are strengthening. Past returns don't predict future ones, though, and the company's sitting on an estimated $8.8 billion in unrealized losses on its Ethereum position.
The real play is staking. Bitmine has locked 4.9 million ETH into validation, nearly 85% of what it holds. At current prices that position is worth about $9.2 billion and could spin off roughly $247 million in annual staking rewards. The catch: that revenue moves with Ethereum's yields and validator performance, neither of which stays flat.
Bitmine also repurchased 4.5 million of its own shares this week, marking three straight weeks of buybacks. BMNR stock traded near $17.06 with technical indicators flashing weakness.
