BitMine Immersion Technologies (BMNR) expanded its Ethereum treasury by 9,946 ETH last week, pushing its total holdings to 5,787,414 ETH — approximately 4.8% of all ETH in circulation. The latest purchase, part of a weekly buying streak that began at the start of 2026, was disclosed on Monday alongside a sharp rally in the company’s stock price. BMNR closed at $17.51, gaining 10.89% on the day as Ethereum reclaimed the $1,900 level.
The company now controls about $11.3 billion worth of Ethereum, based on a Coinbase reference price of $1,948. Its broader treasury — including 208 Bitcoin, $268 million in cash and marketable securities, and $241 million in strategic equity stakes — stood at $11.8 billion. BitMine also repurchased 6.1 million of its own shares last week, bringing cumulative buybacks under its $4 billion program to 11.6 million shares. Chairman Tom Lee linked the accelerated repurchases to improving crypto market conditions and a strengthening ETH/BTC ratio.
Most of BitMine’s ETH is generating staking rewards through its institutional-grade MAVAN platform. As of July 26, 4,917,189 ETH (about 85% of the treasury) was staked, supporting projected annualized staking revenue of roughly $254 million. Management sees staking as a key pillar of long-term treasury expansion, with a fully staked position potentially yielding $299 million annually.
BMNR stock remains below its 100-day moving average at $18.95, a level that if cleared could extend the recovery toward $20. The rebound was supported by a rising trendline from late June and a close above the 50-day moving average, though a low ADX reading of 17.22 suggests the trend is not yet firmly established. Institutional interest was highlighted by ARK Invest’s purchase of 5,264 BMNR shares through its ARK Innovation ETF last week.
