Bitmine Immersion Technologies lifted its Ethereum treasury to nearly 5.8 million tokens after another weekly buy, nearing a 5% supply target while staking most of the stack for projected yield
Bitmine Immersion Technologies has pushed its Ethereum holdings higher again, reporting another weekly purchase that lifts the company closer to a publicly stated share of the network's circulating supply. For the week ending August 3, the firm added 10,399 ETH, bringing its treasury to 5,797,813 ETH. At about $1,840 per token, that position was valued near $10.9 billion and represented roughly 4.8% of all ETH in circulation.
The company has purchased ETH every week since it launched its Ethereum treasury strategy in June 2025. The latest block of tokens was similar in size to the 9,946 ETH acquired the prior week. Management says Bitmine is now about 96% of the way toward holding 5% of ETH's circulating supply, which it pegs at roughly 120.7 million tokens.
Treasury Scale
Chairman Tom Lee linked the ongoing purchases to Ethereum's relative strength in July. According to the company, ETH outperformed the Nasdaq 100 by 2,500 basis points last month, which Lee described as the asset's widest monthly margin over that equity index since July 2025. He pointed to the period after that earlier outperformance, when ETH moved from around $2,375 to above $4,000 within roughly a month, and argued that strong ETH performance versus equities has historically preceded gains in Bitmine's own shares. The company framed the July reading as a signal of firmer crypto fundamentals rather than a guarantee of future price action.
Of the 5,797,813 ETH held, 4,917,189 tokens are staked through Bitmine's MAVAN platform and external staking partners. Those staked holdings were valued at about $9.2 billion. Bitmine projects the position could generate approximately $247 million in annualized staking revenue, a figure that depends on network rewards, validator performance, fees, and ETH's dollar price and should not be treated as fixed income.
Share Buybacks
Alongside the ETH accumulation, Bitmine repurchased 4.5 million of its own common shares during the same week. Total buybacks since July 1 have reached 16.1 million shares under a $4 billion repurchase program authorized earlier this year. Lee said the company moved because it viewed the stock as attractively priced at recent levels. Equity buybacks and crypto treasury builds are separate capital decisions; neither automatically supports the other asset's market value.
Beyond Ethereum, Bitmine reported 209 Bitcoin, a $180 million equity stake in Beast Industries, a $61 million stake in Eightco Holdings, and $173 million in cash and marketable securities. Combined assets reached about $11.3 billion as of August 2, 2026. Corporate digital-asset strategies continue to diversify across tokens and related products, including moves such as gold-backed token certification for Islamic finance markets that widen the menu of institutional crypto-linked holdings.
Supply Concentration
Controlling nearly 5% of circulating ETH would place a single corporate treasury among the largest disclosed non-protocol holders of the asset. Concentration at that scale can matter for staking participation, governance signaling, and secondary-market liquidity if large transfers ever occur, though Bitmine has presented the strategy as a long-term treasury and staking program rather than a trading book. U.S. investors watching corporate crypto treasuries should separate on-balance-sheet token counts from claims about future token prices, equity performance, or network control.
Ethereum's circulating supply, staking ratio, and reward rate change over time as issuance, burns, and validator behavior shift. A company can report token counts and dollar marks at a point in time while market prices, yield estimates, and percentage-of-supply figures move the next day. Readers comparing Bitmine's disclosures with other corporate treasuries should check measurement dates, staking lockups, custody arrangements, and whether figures are company-reported or independently verified on-chain.
Large corporate Ethereum treasuries sit at the intersection of balance-sheet strategy and network economics. When a firm stakes most of its ETH, it forgoes some liquidity in exchange for protocol rewards paid in the same volatile asset, so dollar returns can diverge sharply from token-denominated yields if prices fall. Staking also introduces operational and counterparty considerations when external partners or proprietary platforms run validators, including downtime, commission structures, and any slashing exposure defined by the protocol. For equity holders, the crypto book can amplify both asset gains and drawdowns relative to a cash-heavy treasury, while share repurchase programs compete for the same capital. None of these mechanics make ETH accumulation equivalent to a diversified operating business, and percentage-of-supply milestones remain accounting and strategy markers rather than proof of lasting market influence.
