Bitmine Immersion Technologies (BMNR) has expanded its Ethereum treasury to 5,815,164 ETH, worth roughly $11 billion and equal to about 4.8% of Ether’s circulating supply, according to company disclosures published Monday.
The latest weekly update shows Bitmine added 9,926 ETH over the previous week, moving the company to 96% of its stated “alchemy of 5%” target based on a 120.7 million ETH circulating supply. The company says it is now the largest corporate ETH holder globally and the second-largest corporate crypto treasury overall, trailing only Strategy’s $58 billion bitcoin position.
More than 5 million ETH, valued at $9.6 billion, are staked through Bitmine’s MAVAN platform and staking partners, representing 87% of its total ether holdings. The company projects annualized staking revenues of about $250 million. Beyond ETH, Bitmine reported 210 BTC, a $180 million stake in Beast Industries, a $73 million stake in Eightco Holdings, and $78 million in cash and marketable securities.
Total crypto, cash, and “moonshot” holdings came to $11.4 billion, down from $11.6 billion a week earlier, reflecting the lower ETH marking price of $1,893 on August 16 versus $1,928 a week before.
Bitmine repurchased 1.7 million common shares in the week ending August 16, the smallest weekly buyback since the program began on July 1 and the third consecutive weekly decline. Total repurchases now stand at 20.8 million shares under a previously authorized $4 billion buyback program. Weekly buyback totals have fallen from a peak of 6.1 million shares in late July to 4.5 million, then 3 million, and now 1.7 million.
Chairman Tom Lee noted the ETH/BTC ratio stood at 0.02994 and has moved above its long-term downtrend. He attributed the shift to markets beginning to see the materialization of tokenization and agentic-AI applications, and said easing financial conditions should be a tailwind for crypto. Lee added that prior bull cycles were driven by ICOs, NFTs, and stablecoins, while the next crypto cycle may be driven by Wall Street tokenization and agentic AI using blockchains.
Ether traded above $1,900 on Monday, but remains about 61.7% below its all-time high of $4,946.05 set in August 2025.
