Last week, Bitmine Immersion Technologies increased its holdings of Ethereum by 9,946 ETH and bought back 6.1 million of its own shares. This move suggests the company believes both Ethereum and its own stock are valuable and also reduces the amount of Ethereum available on the market.
Key Takeaways
- Bitmine added 9,946 ETH, lifting its treasury to 5.79 million tokens.
- BMNR retired 6.1 million shares as its $4 billion buyback accelerated.
- Bitmine targets $299 million yearly after staking its full ETH treasury.
As of 7 p.m. EDT on July 26, Bitmine disclosed it held 5,787,414 ETH worth about $11.27 billion at a Coinbase price of $1,948. The company announced the purchase the following Monday and said that the position represents roughly 4.8% of ethereum’s estimated 120.7 million-token supply.
Bitmine announced it holds 208 Bitcoin, $268 million in cash and investments, a $180 million investment in Beast Industries, and $61 million in Eightco Holdings, a company focused on digital asset management. When combined, these assets – including cryptocurrency, cash, and other investments – are valued at $11.8 billion.
Bitmine Closes In on Its 5% Target
The latest purchase exceeded the prior week’s 7,430 ETH addition and extended an uninterrupted run of weekly buys dating to June 30, 2025. Bitmine said it is now 96% of the way toward its “Alchemy of 5%” target of roughly 6.035 million ETH.
The company is currently about 247,586 ETH away from reaching its target. While they aren’t buying as much each week as they were earlier in 2026 – when weekly purchases exceeded 100,000 ETH – the total amount of ETH held by the company continues to grow because management is dedicating more funds to these repurchases.
Last week, Bitmine bought back 6.1 million of its own shares, following a repurchase of 5.5 million shares the previous week. Overall, since July 1st, the company has repurchased 11.6 million shares, utilizing a $4 billion share buyback program.
Bitmine Chairman Tom Lee called it “the largest ever common stock buyback for any ETH or Bitcoin Digital Asset Treasury.” He said the company increased repurchases because the ETH/BTC ratio reached a three-month high of 0.3000, even as the odds of the Clarity Act passing in 2026 weakened.
There’s a clear benefit to buying ETH, but it also carries some risk. Purchasing ETH increases the company’s investment in it, and reducing the number of outstanding shares could increase the value of each share when BMNR’s trading price is lower than what management believes its assets are worth.
Staking Turns the Treasury Into Revenue
Bitmine has staked 4.92 million ETH – representing 85% of their total holdings. Based on current rates, they estimate this will generate around $254 million in staking rewards annually, with a recent annualized yield of 2.65%.
Bitmine projects potential revenue of around $299 million when all funds are utilized through its network (MAVAN) and partnerships. This ability to generate income sets Bitmine apart from other Bitcoin holding companies, which typically don’t produce additional earnings from their assets.
Still, yield does not erase the central risks. Ethereum price swings directly affect treasury value, while staking operations, tax treatment, accounting rules, and BMNR’s premium or discount to net asset value can all alter shareholder outcomes.
Bitmine (BMNR) stock jumped over 9% following the recent announcement, reaching $17.39 per share by noon EDT on Monday. However, despite this increase, the stock is still down 37% for the year and 41% over the past six months.
Now, investors are focused on seeing if Bitmine can maintain its current performance – specifically, hitting the 5% target, continuing weekly purchases of Ethereum, and maintaining the same level of stock buybacks they executed last month.
2026-07-27 19:58