Bitmine Immersion Technologies (NYSE: BMNR), a public company building a large Ethereum treasury, announced on July 27, 2026, that it now holds 5,787,414 ETH tokens.
BitMine recently added another 9,946 ETH to its holdings, bringing its total Ethereum supply to around 4.8% of the roughly 120.7 million tokens currently available. This, along with its other assets like cryptocurrency, cash, investments, and equity, gives BitMine a combined portfolio value of $11.8 billion, according to their latest announcement.
Show
Fundstrat, led by Thomas Lee, is continuing its regular weekly purchases of Ethereum as part of a strategy that began on June 30, 2025. Bitmine still holds the most Ethereum among companies worldwide and has the second-largest digital asset treasury overall, only surpassed by Strategy Inc.’s Bitcoin holdings.
Steady Progress Toward the “Alchemy of 5%”
Bitmine aims to own 5% of all Ethereum (ETH) currently available, calling this their primary goal. After only thirteen months, they’ve already acquired 96% of that amount through consistent purchasing. Based on a recent valuation of $1,948 per ETH, these holdings make up the bulk of the company’s $11.8 billion in assets.
In addition to the 5.79 million Ether, the portfolio also holds 208 Bitcoin, $180 million worth of Beast Industries stock, $61 million in Eightco Holdings (NASDAQ: ORBS) – which provides some connection to OpenAI – and $268 million in cash and investments.
Lee observed that the price of Ether (ETH) recently peaked at a ten-week high, and its value compared to Bitcoin (BTC) reached a three-month high of 0.3000, which he sees as a positive sign. Based on analysis from DeMark Analytics, he suggests potential price targets for ETH of $2,000 and $2,500.
On June 26, 2026, Bitmine became part of the Russell 1000, a major index of large U.S. companies. Its preferred stock (ticker symbol BMNP) is listed on the New York Stock Exchange and is among the most frequently traded stocks in the country, based on the total value of shares traded.
Share Buybacks Accelerate Alongside ETH Accumulation
Bitmine continued buying back its own stock last week, repurchasing 6.1 million shares – up from 5.5 million the previous week. This is part of a previously approved $4 billion program. Since July 1st, 2026, the company has now bought back a total of 11.6 million shares.
Lee explained that the company’s stock buybacks will increase value for shareholders. He also noted that Bitmine has completed the biggest stock repurchase program so far among companies holding Ethereum or Bitcoin. The company is increasing its stock buybacks while still purchasing ETH, because management believes current market conditions allow them to both grow their holdings and provide returns to investors.
Staking Scale and Yield Generation Advance
Most of Bitmine’s Ethereum (ETH) is already earning rewards. As of July 26, 2026, they had staked 4,917,189 ETH – about 85% of their total holdings – which was worth around $9.6 billion.
Currently, the company estimates it earns about $254 million per year from staking. This is based on recent returns of 2.65%. If the company staked all of its holdings through its Made in America Validator Network (MAVAN) and its partners, it could potentially increase those annual earnings to around $299 million.
MAVAN, which began operating in early 2026, provides secure staking services designed for institutions. It originally supported the staking needs of its parent company, Bitmine, and is now being offered to other institutional investors, custodians, and partners in the crypto space. Bitmine states that it stakes more Ethereum than any other organization.
Bitmine’s recent announcement highlights its two main strategies: building a long-term Ethereum reserve and earning rewards through staking. At the same time, the company is returning value to shareholders by buying back shares. Bitmine believes Ethereum has strong future potential, particularly with the growing trend of tokenizing real-world assets and the possible use of blockchains in advanced AI.
2026-07-27 16:06