Bitmine Immersion Technologies reported $78 million in cash and marketable securities on August 17, down from $482 million in its update five weeks earlier, while continuing weekly ether purchases and a share repurchase program.
The company reported $482 million in cash and marketable securities five weeks ago. It has repurchased 20.8 million shares since July 1.
Holdings Total $11.4 Billion
The company’s crypto holdings comprise 5,815,164 ETH valued at $1,893 per token, 210 bitcoin, a $180 million stake in Beast Industries, and a $73 million stake in Eightco Holdings, as of 9:30 p.m. Eastern on August 16, according to the announcement. It sources the ETH price to Coinbase.
Combined with the $78 million in cash and marketable securities, total holdings come to $11.4 billion. The ETH position alone accounts for roughly $11.0 billion of that. The company says its ETH holdings represent 4.8% of the 120.7 million ETH supply.
Bitmine acquired 9,926 ETH over the past week. It has bought ETH every week since the strategy began on June 30, 2025, according to chairman Thomas Lee.
Cash Position Down $404 Million Since July
Bitmine reported $482 million in cash and marketable securities in its July 13 update, alongside 5,770,038 ETH, 206 bitcoin, the same $180 million Beast Industries stake, and a $69 million Eightco stake. The company reported $864 million in cash in April and $607 million in November 2025.
Over the same five-week period, Bitmine repurchased 1.7 million shares in the past week and 20.8 million shares in total since July 1, under a previously announced $4 billion repurchase programme. The announcement does not state how the repurchases were funded or break out the change in the cash position.
Total holdings stood at $11.8 billion in the company’s July 27 update, when it held 5,787,414 ETH. The figure is $11.4 billion today, despite the ETH count rising by roughly 28,000 tokens and the quoted ETH price rising from $1,879 on July 20 to $1,893.
Announcement Does Not State Cost Basis
The announcement gives no average acquisition price for the ETH position and no unrealized gain or loss figure.
Bitmine began accumulating ETH on June 30, 2025, when ETH traded well above current levels. It held 3,559,879 ETH valued at $3,120 per token in November 2025, according to a company update The Crypto Times covered at the time. By April 2026 the position had grown to 4,803,334 ETH at a quoted valuation implying roughly $1,799 per token, as reported previously.
Bitmine’s quarterly and annual filings with the Securities and Exchange Commission are the authoritative source for cost basis. Its most recent annual report covers the fiscal year ended September 30, 2025.
87% of the Position Is Staked
Bitmine reported 5,067,309 ETH staked as of August 16, valued at $9.6 billion at the quoted price and representing 87% of its holdings. That is approximately 4.2% of the total ETH supply staked by a single entity.
Lee said BitMine has staked more ETH than any other entity in the world, and that projected staking rewards would reach $287 million annualized if the full position were staked, using a 2.61% seven-day yield. Current projected annualized staking revenue is $250 million, according to the announcement.
A portion of the position is staked on MAVAN, the Made in America Validator Network, which Bitmine launched earlier in 2026 and says it intends to expand to serve institutional investors, custodians, and ecosystem partners.
Lee Cites ETH/BTC Ratio
Lee said the ETH/BTC ratio stood at 0.02994 and had moved above a multi-year downtrend, which, in his view, signals that markets are beginning to price in tokenization and agentic-AI applications. He said he expects easing financial conditions to support crypto and that the ratio rose during prior cycles driven by initial coin offerings in 2017 and 2018, non-fungible tokens in 2020 and 2021, and stablecoins in 2025.
The announcement states ETH outperformed the Nasdaq 100 by 2,500 basis points in July, the largest margin since July 2025. Lee also said Bitmine’s common shares are undervalued.
Bitmine’s own forward-looking statements section identifies each of those views as forward-looking and lists risks, including the volatility of digital asset prices, the company’s ability to finance operations and repurchases, slashing events and protocol changes, and concentration of assets in a single cryptocurrency.
Company Pivoted From Bitcoin Mining in 2025
Bitmine was a small-cap bitcoin mining and immersion cooling company before announcing a $250 million private placement on June 30, 2025, to fund an Ethereum treasury strategy, with Lee joining as chairman. The stock rose about 500% in a day after the joining of Lee.
Peter Thiel-linked entities disclosed a 9.1% stake weeks later through a Schedule 13G filing, in a placement that also included Pantera Capital, Galaxy Digital, and Kraken, covered here. Shares sold at $4.50 in that raise; closing prices have since ranged from $4.26 to $135.
The company lists its backers as ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and Lee personally. It was added to the Russell 1000 index on June 26, 2026, and its Series A preferred stock trades on the NYSE as BMNP.
According to Strategic Eth Reserve list, Bitmine is the largest Ethereum treasury and the second-largest crypto treasury overall, behind Strategy, which owns 840,447 BTC worth approximately $53 billion as of 2:03 pm UTC.
