BitMine Nears 5% of Ethereum With $11.8B Treasury

BitMine Immersion Technologies reported on Sunday that it holds 5.79 million ETH, roughly 4.8% of Ethereum’s circulating supply, and has built a crypto treasury valued at $11.8 billion after expanding staking operations and accelerating stock buybacks.

The company’s reported holdings combine 5.79 million ETH with 208 Bitcoin, $268 million in cash and marketable securities, a $180 million stake in Beast Industries and a $61 million investment in Eightco Holdings, bringing combined assets to about $11.8 billion. The update follows recent purchases that raised its ETH balance above 5.7 million earlier this month.

BitMine said 4.9 million of its ETH is staked through the Made in America Validator Network (MAVAN), a staking platform the company launched in March to support institutional staking. The firm projects annualized staking rewards of about $299 million once all of its ETH is staked through MAVAN and partner validators.

The company completed a preferred stock offering in June that raised nearly $274 million to fund additional Ethereum purchases, infrastructure and share repurchases. It also accelerated a previously authorized $4 billion buyback program.

Tom Lee, BitMine’s chairman, stated in a release that the company repurchased 6.1 million shares over the past week under the buyback and that total repurchases since July 1 now stand at 11.6 million shares. He added: “We increased our equity buyback as we view the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign crypto prices are strengthening. In fact, this ratio is now at a 3-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices.”

Lee also noted potential price levels for Ether of $2,000 and $2,500; Ether was trading near $1,900 at the time of the announcement, with an approximate market capitalization of $232 billion.

BitMine’s drive to hold a larger share of Ethereum mirrors a trend among some publicly traded crypto firms to increase ETH exposure in their treasuries. The company reported surpassing 5 million ETH in April and said in May that potential inclusion in the Russell 1000 Index could expand its institutional investor base. Earlier this month BitMine added about $73 million of ETH, lifting holdings to roughly 5.74 million before the most recent purchases.

Disclosure: Tom Lee is an investor in Dastan.