Bitmine Immersion Technologies boosted its Ethereum holdings by 9,946 ETH last week, bringing its total stash close to 5.79 million tokens, or nearly 4.8% of Ethereum's circulating supply. This move reflects the company's ongoing strategy to increase exposure to ETH while simultaneously reducing its share count through a large-scale buyback program.

As of July 26, Bitmine reported holding 5,787,414 ETH, valued at approximately $11.27 billion based on a Coinbase price of $1,948 per coin. The company is inching toward its goal of owning about 5% of all Ethereum tokens, with roughly 247,586 ETH still needed to hit that mark. Earlier in 2026, Bitmine was snapping up over 100,000 ETH weekly, but recent purchases have slowed as the firm shifts focus to retiring shares.

Bitmine retired 6.1 million common shares last week, adding to the 5.5 million shares bought back the previous week. Since July 1, the company has repurchased 11.6 million shares under a $4 billion authorization, making it one of the largest buyback efforts tied to an Ethereum or Bitcoin digital asset treasury. Bitmine Chairman Tom Lee noted the increased repurchases coincided with the ETH/BTC price ratio hitting a three-month peak at 0.3000, even as prospects for the Clarity Act have dimmed.

Staking Generates Steady Revenue

A significant portion of Bitmine's ETH, about 85% or 4.9 million tokens, is staked through its Made in America Validator Network (MAVAN) and partners. With a current annualized yield near 2.65%, the staking operation is expected to generate around $254 million in yearly revenue. Management forecasts this figure could rise to $299 million once the entire ETH treasury is staked, distinguishing Bitmine from bitcoin-focused treasuries that lack native protocol income.

Alongside Ethereum, Bitmine holds 208 BTC, $268 million in cash and marketable securities, and stakes in companies like Beast Industries and Eightco Holdings, collectively valued at about $11.8 billion. The firm’s dual approach of expanding its ETH position while shrinking its share base points to a confident outlook on the asset and its own stock.