Bitmine Immersion Technologies crossed a fresh milestone Monday. The company's ethereum holdings climbed to 5.8 million ETH, worth roughly $9.2 billion at the firm's price assumptions. That puts the company at 4.8% of ethereum's total circulating supply, just shy of its stated 5% target.
The treasury now sits at $11.3 billion a number that includes 209 bitcoin, $173 million in cash and marketable securities, plus stakes in Beast Industries ($180 million) and Eightco ($61 million). Bitmine launched this accumulation push back in June 2025 and has been methodical about it. Last week alone the company added 10,399 ETH to its holdings.
Staking Generates Real Cash Flow
Here's where the strategy starts paying immediate dividends. About 4.9 million of those ethereum coins are already locked up through Bitmine's Made in America Validator Network, or MAVAN. That staking operation is generating roughly $247 million in annualized revenue at current yields. Once the remaining holdings move into staking, the company projects that number could climb to $291 million annually.
Chairman Tom Lee framed the move as a bet on ethereum fundamentals. He noted that ethereum outpaced the Nasdaq 100 by 25 percentage points during July alone. The company has also been aggressive on its own stock, repurchasing shares under a $4 billion buyback program. Lee said Bitmine acquired 16.1 million shares during the period covered in Monday's disclosure.
Getting to 5% ownership won't move the needle on ethereum's actual network operations, but it does position Bitmine as a heavyweight holder with skin in every protocol upgrade that comes down the line. The company is 96% of the way to its goal based on current circulating supply estimates of 120.7 million ETH.
This material is informational only and does not constitute financial advice or investment recommendation.
