Bitmine Amasses 5.8M ETH, Closes In on 5% Supply Grab

Bitmine Immersion Technologies disclosed Monday that its cryptocurrency treasury has grown to $11.3 billion after increasing its ethereum holdings to nearly 5.8 million ETH, bringing the company within striking distance of owning 5% of the cryptocurrency’s total supply.

As of Aug. 2, Bitmine held 5,797,813 ETH, alongside 209 bitcoin, $173 million in cash and marketable securities, and investments including a $180 million stake in Beast Industries and a $61 million position in Eightco. At current market prices, these assets bring Bitmine’s combined crypto, cash and investment portfolio to roughly $11.3 billion.

Bitmine’s ethereum position now represents 4.8% of the network’s estimated circulating supply of 120.7 million ETH. The company described itself as 96% of the way toward its long-term objective of accumulating 5% of all ether in circulation, a strategy launched in June 2025.

A significant portion of Bitmine’s ethereum holdings is already generating income through staking. Approximately 4,917,189 ETH, valued at $9.2 billion using the company’s price assumptions, is currently staked through its Made in America Validator Network (MAVAN). Management projects annualized staking revenue of about $247 million based on current yields, with potential rewards reaching roughly $291 million once more holdings are fully deployed.

Chairman Tom Lee stated that ethereum outperformed the Nasdaq 100 by 25 percentage points during July, reflecting improving fundamentals. Bitmine purchased 10,399 ETH in the past week and has added ether every week since adopting its treasury strategy. Additionally, the company repurchased 4.5 million common shares in the past week, and since July 1 has bought back 16.1 million shares under its $4 billion share repurchase program, indicating management’s view that the stock remains attractively valued.

Bitmine remains the world’s largest corporate ethereum treasury and the second-largest digital asset treasury overall behind Strategy. The company highlighted support from institutional investors including Cathie Wood, Founders Fund, Pantera, Kraken, Digital Currency Group, and Galaxy Digital as it pursues its ethereum accumulation strategy.

Investors will watch whether Bitmine reaches its 5% Ethereum ownership target, expands institutional adoption of its MAVAN staking platform, and continues using share repurchases alongside cryptocurrency acquisitions to advance its long-term treasury strategy.

Source: https://news.bitcoin.com/crypto-news/bitmine-amasses-5-8m-eth-closes-in-on-5-supply-grab/