Key Takeaways:
Bitmine Immersion Technologies held 5,797,813 ETH, about 4.8 percent of Ethereum's supply, as of Aug. 2, anchoring an $11.3 billion crypto and cash treasury disclosed Monday.
"In July, ETH outperformed the Nasdaq 100 by 2,500 basis points, the largest since July 2025, and we believe it is reflective of the strengthening fundamentals of crypto," Thomas "Tom" Lee, chairman of Bitmine, said.
The company added 10,399 ETH in the past week, extending weekly purchases since the treasury strategy began June 30, 2025. Bitmine staked 4,917,189 ETH, worth $9.2 billion at $1,880 per token, projecting $247 million in annualized staking revenue. It also repurchased 4.5 million shares in the past week, bringing buybacks to 16.1 million since July 1 under a $4 billion program.
The disclosure positions Bitmine as the largest Ethereum treasury and second-largest digital asset treasury globally, behind Strategy Inc., which holds 843,775 BTC valued at about $57 billion. BMNR traded near $17.06 on Aug. 3, down 1.3 percent, testing resistance at $17.15, with support at the 78.6 percent Fibonacci level of $15.24.
Staking and buybacks
Bitmine's staked position represents 85 percent of its ETH holdings, generating a 7-day annualized yield of 2.67 percent. At full scale, projected annualized staking rewards reach $291 million, Lee said. The company launched MAVAN, its institutional staking platform, earlier in 2026, and plans to expand it to external custodians and ecosystem partners.
The buyback is the largest ever executed by any Ethereum, Bitcoin or crypto digital asset treasury, Lee said. Since Bitmine pivoted to an Ethereum treasury strategy last June, sizable monthly ETH outperformance against the Invesco QQQ Trust has typically been followed by BMNR shares outperforming ETH the next month, he added.
Risks and outlook
DropsTab estimates Bitmine carries an unrealized loss of about $8.8 billion on its Ethereum position, exposing BMNR investors to ETH price volatility, the company's cost basis and staking operational risk. Bitmine management said the GENIUS Act and the SEC's Project Crypto could reshape financial services as much as the 1971 end of the Bretton Woods gold standard.
This article is for informational purposes only and does not constitute investment advice.
