Bitmine Amasses 5.8M ETH, Closes In on 5% Supply Grab

Bitmine Immersion Technologies disclosed Monday that its cryptocurrency treasury has grown to $11.3 billion after increasing its ethereum holdings to nearly 5.8 million ETH, bringing the company within striking distance of owning 5% of the cryptocurrency’s total supply.

Bitmine explained that its ethereum position now represents 4.8% of the network’s estimated circulating supply of 120.7 million ETH. The company described itself as 96% of the way toward its long-term objective of accumulating 5% of all ether in circulation, a strategy it launched in June 2025.

A significant portion of Bitmine’s ethereum holdings is already generating income through staking, a process that locks up cryptocurrency to help validate transactions on the Ethereum blockchain in exchange for rewards.

Chairman Tom Lee stated that ethereum has outperformed the Nasdaq 100 by 25 percentage points during July, which he believes reflects improving fundamentals across the cryptocurrency sector. He added that Bitmine purchased 10,399 ETH during the past week and has acquired additional ethereum every week since adopting its treasury strategy last year.

Lee also explained that the company repurchased 4.5 million common shares during the past week. Since July 1, Bitmine has bought back 16.1 million shares under its previously announced $4 billion share repurchase program, reflecting management’s view that the stock remains attractively valued.

Looking ahead, investors will be watching whether Bitmine reaches its 5% Ethereum ownership target, expands institutional adoption of its MAVAN staking platform and continues using share repurchases alongside cryptocurrency acquisitions to advance its long-term treasury strategy.