Bitmine’s 5.8M Ether Bet Swells as BMNR Stock Takes a Beating

Bitmine Immersion Technologies scooped up another 7,391 ether tokens last week, lifting its ethereum war chest to 5.81 million ETH and putting the company within striking distance of controlling 5% of the entire ethereum supply.

As of Aug. 9 at 6:30 p.m. ET, Bitmine controlled 5,805,238 ETH, valued around $1,928 per token using Coinbase’s reference price. That stash represents 4.8% of ethereum’s circulating supply, currently totaling 120.7 million tokens.

Most of that ethereum held by Lee and company isn’t collecting dust. Bitmine has staked 5,067,309 ETH, or 87% of its holdings, worth roughly $9.8 billion, effectively putting the treasury to work. Bitmine says it has staked more ETH than any other single entity, producing a 2.63% annualized yield and projected $257 million in yearly revenue, which Lee said could hit $294 million once fully staked through MAVAN, the company’s validator network.

Bitmine also kept hammering its own buyback button, repurchasing 3 million shares over the past week and lifting the total since July 1 to 19.1 million shares under its $4 billion authorization. Lee called it the largest repurchase by any digital asset treasury company and said management still believes the market is undervaluing the shares.

The tape tells a much messier story. BMNR shares slipped 0.98% over the past day but gained 2.96% over five days and 22.04% during the past month. Zoom out and the damage becomes harder to ignore, with BMNR down 9.36% over six months, 33.45% year to date and 56.80% over the past year, despite the company’s ballooning crypto holdings.

Bitmine also landed in the Russell 1000 Large-Cap Index on June 26, while its preferred stock now trades on the NYSE under the ticker BMNP.

He added that ethereum crushed the Nasdaq 100 by 2,500 basis points in July, the widest spread since July 2025, while beating bitcoin by 1,100 basis points. Lee stressed that similar performance gaps have historically been followed by Bitmine shares outperforming ethereum during subsequent months.

Heavyweight backers named in the update include Ark Invest’s Cathie Wood, Founders Fund, Pantera, Galaxy Digital, Kraken, DCG and investor Bill Miller III. The pressure points now are Bitmine’s weekly ETH purchases, September’s Fed decision and whether battered BMNR shares finally start catching up with the company’s expanding crypto treasury.

So far, the ether stash has buried the company in billions of dollars in unrealized losses. Percentage-wise, the drawdown is painful but hardly catastrophic for a leveraged, pure-ETH strategy built during and after the 2025 peak.