Bitmine Immersion Technologies added 9,946 ETH and retired 6.1 million shares last week, tightening its grip on ethereum’s supply while signaling that management sees value in both the asset and its own stock.
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.Bitmine also reported 208 bitcoin (BTC), $268 million in U.S. dollar reserves and marketable securities, a $180 million stake in Beast Industries, and a $61 million position in Eightco Holdings, a digital asset treasury (DAT) firm that holds WLD. Altogether, its crypto, cash, and so-called “moonshot” holdings totaled $11.8 billion.
Bitmine Closes In on Its 5% TargetThat leaves the company about 247,586 ETH short of the goal. The pace has slowed from periods earlier in 2026, when weekly purchases topped 100,000 ETH, but the treasury is still expanding as management redirects more capital toward repurchases.
Bitmine bought back 6.1 million common shares last week after retiring 5.5 million the week before. Since July 1, the company has repurchased 11.6 million shares under its $4 billion authorization.
The tradeoff is straightforward but not risk-free. Buying ETH raises the company’s exposure to Ethereum, while shrinking the share count can lift ETH per share when BMNR trades below management’s estimate of net asset value.
Staking Turns the Treasury Into RevenueBitmine said 4,917,189 ETH, or 85% of its holdings, is staked. At a recent seven-day annualized yield of 2.65%, the company projects about $254 million in yearly staking revenue.
Management estimates revenue could reach roughly $299 million once the full treasury is staked through its Made in America Validator Network, known as MAVAN, and outside partners. That income stream separates Bitmine from bitcoin treasury companies, whose core holdings produce no native protocol yield.
BMNR shares rose more than 9% after the announcement, and by 12 p.m. EDT on Monday, Bitmine shares were exchanging hands for $17.39. Still, BMNR is down 37% year-to-date and 41% over the last six months.
Investors will now watch whether Bitmine reaches the 5% threshold, keeps buying ETH every week, and continues using its buyback authorization as aggressively as it did in July.
