As an analyst tracking BitMine Immersion Technologies, I’ve noted their Ethereum holdings have grown significantly. As of July 26th, they reported holding a total of 5,787,414 ETH, boosted by a recent purchase of 9,946 additional tokens during the past week.
Summary
- BitMine now holds 5.79 million ETH, equal to 4.8% of Ethereum’s reported total circulating supply.
- More than 4.9 million ETH is staked, supporting projected annual revenue of about $254 million.
- BitMine repurchased 6.1 million shares while adding 9,946 ETH during the latest weekly reporting period.
This represents approximately 4.8% of Ethereum’s total supply of 120.7 million, bringing BitMine nearly to its goal of holding 5% of all ETH.
BitMine estimates the total value of its assets at $11.8 billion, based on an Ethereum price of $1,948. This includes holdings of 208 Bitcoin, $268 million in cash and investments, a $180 million investment in Beast Industries, and a $61 million investment in Eightco Holdings. These figures are based on BitMine’s internal valuation process.
BitMine moves closer to its 5% Ethereum target
BitMine is aiming to buy 5% of all existing Ethereum, a project they’ve dubbed “Alchemy of 5%.” This equates to approximately 6.04 million ETH based on current figures. They’ve already acquired about 96% of that amount, meaning they need roughly 247,586 more ETH to reach their goal, assuming the total supply of Ethereum doesn’t change.
BitMine recently shared its asset update as of July 27, 2026, revealing a total of $11.8 billion in crypto and other investments. This includes 5,787,414 Ethereum (ETH), currently valued at $1,948 each (according to Coinbase), 208 Bitcoin (BTC), a $180 million investment in Beast Industries (MrBeast’s company), and a $61 million investment in Eightco.
— Bitmine (NYSE-BMNR) $ETH (@BitMNR) July 27, 2026
BitMine has been consistently buying Ethereum every week since June 30, 2025, as stated by Chairman Tom Lee. They recently increased their holdings by 9,946 ETH, bringing their total to almost 5.78 million, according to previous reports.
This strategy directly links BitMine’s performance to the price of Ethereum. However, it also means BitMine is heavily reliant on Ethereum, as it forms the largest part of their investments. Recent reports highlight several risks associated with these digital assets, including price swings, difficulty in quickly buying or selling, potential security issues, and the possibility of losing money if the value drops.
Staked ETH supports a growing revenue stream
BitMine has staked 4,917,189 ETH, roughly 85% of its total ETH, through its American-made validator network, MAVAN, and collaborations with other partners. They estimate the value of this staked ETH to be $9.6 billion, based on a price of $1,948 per ETH.
Lee estimated that current staking activities could bring in $254 million in revenue per year, calculated from a recent 7-day yield of 2.65%. If BitMine were to stake all of its Ethereum holdings, annual rewards could potentially reach $299 million. It’s important to note these figures are projections, not guaranteed returns. Ethereum rewards fluctuate based on how many people participate in the network, how well validators perform, and overall protocol conditions.
BitMine now earns most of its income from staking. Recent financial reports show the company generated $45.7 million from staking and validation between February and May, which made up about 98% of its total revenue of $46.5 million for that quarter.
Share buybacks rise as ETH purchases continue
BitMine bought back 6.1 million of its own shares this past week as part of a $4 billion program. This is an increase from the 5.5 million shares it repurchased the week before. Since July 1st, the company has now repurchased a total of 11.6 million shares.
Lee explained that the company increased its stock buybacks because the price of Ethereum relative to Bitcoin was going up, which they saw as a positive sign for the overall crypto market. The company noted this ratio had reached a three-month high of 0.3000, but clarified that this is their assessment of the market, not a measure of how BitMine itself is performing.
The chairman suggested that Ether (ETH) could potentially reach $2,000 or $2,500 if its recent performance continues to mirror that of the S&P 500 following the market crash of 1987. However, this is simply a prediction and doesn’t reflect BitMine’s current assets, nor does it guarantee future results for ETH.
Treasury model combines staking, equities and cash
In addition to its investments in Ethereum and Bitcoin, BitMine also owns shares in Beast Industries and Eightco, which it considers high-risk, potentially high-reward ventures. The value of these holdings can fluctuate based on funding rounds, market conditions, and the companies’ progress. A recent report revealed that BitMine’s cash reserves and marketable securities decreased from $385 million to $268 million over the past week.
On June 26th, BitMine was added to the Russell 1000 index and began offering Series A preferred stock, trading under the symbol BMNP. The company reported that its common stock averaged $597 million in daily trading volume over the five trading days ending July 24th. Based on data from Fundstrat and Statista, this performance places BitMine as the 171st most actively traded U.S. stock.
As crypto.news reported before, BitMine’s increasing reserves of cryptocurrency might limit the amount of ETH available to buy and sell, as much of it is currently locked up in staking. This setup also means the company’s success is heavily dependent on the price of ETH and how staking works. According to documents filed with the SEC, changes in staking rewards, new regulations, and the company’s ability to raise money could all impact its performance.
Although still under its goal of holding 5% of all Ethereum, BitMine is getting closer – currently less than 250,000 ETH away at today’s supply level. We’ll see in future reports if BitMine continues to buy Ethereum while also buying back shares.
2026-07-27 16:18