Bitmine Immersion Technologies (NYSE: BMNR), the publicly traded company focused on building the world’s largest corporate Ethereum treasury, announced on July 27, 2026, that its ETH holdings have climbed to 5,787,414 tokens.
The latest weekly acquisition of 9,946 ETH brings the company to approximately 4.8% of Ethereum’s circulating supply of about 120.7 million tokens. Combined with other crypto, cash, marketable securities, and strategic equity stakes, BitMine’s total holdings have now reached $11.8 billion, as per its latest release.
The firm, chaired by Thomas “Tom” Lee of Fundstrat, continues its consistent weekly purchases under the Ethereum treasury strategy launched on June 30, 2025. Bitmine remains the largest corporate holder of ETH globally and ranks as the second-largest digital asset treasury overall, behind Strategy Inc.’s Bitcoin position.
Steady Progress Toward the “Alchemy of 5%”
Bitmine frames its accumulation goal as the “alchemy of 5%”—ownership of 5% of the total ETH supply. The company is now 96% of the way to that target after just 13 months of focused buying. At the valuation of $1,948 per ETH used in the latest report, the ETH position alone represents the core of the $11.8 billion balance sheet.
Beyond the 5.79 million ETH, the portfolio includes 208 Bitcoin, a $180 million stake in Beast Industries, a $61 million position in Eightco Holdings (NASDAQ: ORBS), described as offering indirect exposure to OpenAI, and $268 million in cash and marketable securities.
Lee noted that ETH prices recently reached a 10-week high and pointed to the ETH/BTC ratio hitting a three-month high of 0.3000 as a constructive signal. Technical targets of $2,000 and $2,500 for ETH were highlighted, referencing analysis from DeMark Analytics.
Bitmine was added to the Russell 1000 large-cap index on June 26, 2026, and its Series A Preferred Stock trades on the NYSE under the ticker BMNP. The stock ranks among the more actively traded names in the U.S. equity market by dollar volume.
Share Buybacks Accelerate Alongside ETH Accumulation
In a notable dual-track capital allocation move, Bitmine repurchased 6.1 million shares of common stock during the week, an increase from the 5.5 million shares bought the prior week. The purchases occurred under the company’s previously authorized $4 billion share repurchase program. Since July 1, 2026, total buybacks have reached 11.6 million shares.
Lee described the buybacks as accretive to shareholder value and stated that Bitmine has executed the largest common stock repurchase program of any Ethereum or Bitcoin digital asset treasury company to date. The decision to step up equity purchases while continuing to acquire ETH reflects management’s view that current conditions support both treasury growth and returns of capital to shareholders.
Staking Scale and Yield Generation Advance
A substantial portion of the ETH holdings is already generating yield. As of July 26, 2026, Bitmine had staked 4,917,189 ETH, roughly 85% of its total position, valued at approximately $9.6 billion.
The company projects current annualized staking revenue of about $254 million, based on a recent seven-day yield of 2.65%. Fully staking the entire treasury through its Made in America Validator Network (MAVAN) and partners could raise projected annualized rewards to around $299 million.
MAVAN, launched earlier in 2026 as institutional-grade staking infrastructure, was initially built to support Bitmine’s own holdings and is intended to expand to serve external institutional investors, custodians, and ecosystem partners. Bitmine claims to have more ETH staked than any other single entity.
The latest update underscores Bitmine’s dual emphasis on aggressive long-term accumulation of Ethereum as a treasury reserve asset and operational yield generation through staking, while simultaneously returning capital via share repurchases. The company continues to cite structural tailwinds for Ethereum, including tokenization of traditional assets and the potential role of public blockchains in agentic AI systems.
Also read: Ethereum’s Outperformance: ETH Price Jumps 4% After Dodging Multi-Year Breakdown Risk
