Bitmine Immersion Technologies (BMNR) has significantly expanded its Ethereum treasury, adding 7,391 ETH in the past week to reach a total of 5,805,238 ETH, the company announced. This represents approximately 4.8% of Ethereum’s 120.7 million circulating supply and is valued at around $11 billion, positioning Bitmine as the largest corporate ether holder globally. The move brings the firm 96% toward its “Alchemy of 5%” goal—owning 5% of all ETH—a target that would require an additional 229,800 ETH at the current purchase pace.
The latest holdings update shows Bitmine’s cash and marketable securities have shrunk to $104 million, down from $482 million a month ago, as the company aggressively deployed capital into ether. Of the total ETH held, 5,067,309 tokens ($9.8 billion) are staked through its MAVAN platform and partners, covering 87% of the treasury. Chairman Tom Lee projects $257 million in annualized staking revenue based on a seven-day yield of 2.63%.
Beyond ether, the treasury includes 209 Bitcoin, a $180 million stake in Beast Industries, and a $69 million stake in Eightco Holdings. Bitmine also repurchased 3 million shares during the week, lifting total buybacks to 19.1 million since July 1 under its $4 billion authorization. Lee noted ether outperformed bitcoin by 1,100 basis points in July and cited market-implied odds of a September Federal Reserve rate hike falling to 40% from 75% two weeks earlier, citing softer inflation data.
The company started its ETH accumulation strategy on June 30, 2025, and has bought every week since. Tom Lee described a recent $214 million purchase in June as capitalizing on a “superficial” sell-off, and expressed disappointment that the Clarity Act would not reach a Senate vote before August recess.
