Bitmine's 5.8M Ether Bet Swells as BMNR Stock Takes a Beating

Bitmine Immersion Technologies has expanded its Ethereum holdings to 5.8 million ETH, putting the company within striking distance of controlling 5% of the total Ethereum supply. As of August 9, the Norwalk, Connecticut-based firm holds 5,805,238 ETH, valued at approximately $1,928 per token, representing 4.8% of Ethereum’s circulating supply of 120.7 million tokens.

Bitmine has been consistently buying ETH every week since launching its ‘Alchemy of 5%’ strategy on June 30, 2025, and is now 96% of the way toward its goal. The company added 7,391 ETH last week alone. Chairman Tom Lee emphasized the company’s commitment to weekly purchases.

Beyond Ethereum, Bitmine holds 209 bitcoin, a $180 million stake in Beast Industries, a $69 million position in Eightco Holdings, and $104 million in cash and securities, bringing total holdings to $11.6 billion. The company has staked 87% of its ETH (5,067,309 ETH) through its MAVAN validator network, generating a 2.63% annualized yield and projected $257 million in yearly revenue, which could rise to $294 million once fully staked.

Despite the growing crypto treasury, BMNR shares have struggled. The stock is down 0.98% over the past day but gained 2.96% over five days and 22.04% over the past month. However, over longer timeframes, BMNR has declined 9.36% over six months, 33.45% year-to-date, and 56.80% over the past year. The company has been aggressively buying back shares, repurchasing 19.1 million shares since July 1 under a $4 billion authorization, including 3 million last week.

Lee expressed disappointment that the CLARITY Act, a bill aimed at clearer crypto regulations, will not receive a Senate vote before the August recess. He noted that cooling inflation and jobs data have reduced September Fed rate-hike odds to 40% from 75% two weeks earlier, a shift he believes could boost crypto prices. He also highlighted that Ethereum outperformed the Nasdaq 100 by 2,500 basis points and Bitcoin by 1,100 basis points in July.

Bitmine’s major backers include Ark Invest’s Cathie Wood, Founders Fund, Pantera, Galaxy Digital, Kraken, DCG, and investor Bill Miller III. The company’s fate hinges on continued ETH purchases, the Fed’s September decision, and whether BMNR shares can catch up to the expanding crypto treasury. Currently, the massive ETH stash has resulted in billions of dollars in unrealized losses, but the company remains committed to its pure-ETH strategy.

Source: https://news.bitcoin.com/crypto-news/bitmines-5-8m-ether-bet-swells-as-bmnr-stock-takes-a-beating/