Bitmine repurchases 5.5M shares, ETH treasury nears 5.78M

Bitmine Immersion Technologies repurchased roughly 5.5 million common shares over the past week at an average price of $15.6156 under a previously authorized $4 billion buyback program, the company reported in its weekly shareholder update. The firm now holds about 5.78 million ether tokens and disclosed other treasury details on July 19.

The company reported a balance of 5,777,468 ETH valued at $1,879 per coin, equal to about 4.8% of the roughly 120.7 million ether supply. Bitmine added 7,430 ETH last week after launching its treasury strategy on June 30, 2025. The pace of ether purchases slowed as capital was allocated to the share repurchase.

The repurchase occurred while BMNR shares traded well below their 52-week high of $71.74. Over the last two weeks shares generally moved between about $14 and $17 and daily volume frequently topped 20 million shares. The company reported a five-day average daily dollar volume of $579 million.

Bitmine has staked 4,917,189 ETH, about 85% of its ether holdings, through MAVAN, the Made in America Validator Network the company launched earlier this year. The firm reported a seven-day staking yield of 2.67% annualized, producing a projected $247 million in annual staking revenue. The company estimates projected annual yield could reach $290 million once its full ether position is staked through MAVAN and partners. In the update, Tom Lee wrote, “Bitmine has staked more ETH than other entities in the world.”

The treasury breakdown included 207 bitcoin, a $180 million stake in Beast Industries, a $58 million stake in Eightco Holdings and about $385 million in cash and marketable securities, bringing combined crypto, cash and equity stake holdings to $11.5 billion.

Bitmine’s reported market capitalization ranged between about $9.3 billion and $9.5 billion, below the $11.5 billion in combined assets on its balance sheet. The company described its ether position as the largest held by a publicly traded company and the firm ranks second in total crypto treasury size behind another large holder of bitcoin.

Bitmine was added to the Russell 1000 index on June 26. Its Series A Preferred shares trade on the NYSE under the ticker BMNP. The company reported a beta near 4.5, reflecting higher volatility compared with the broader market.

Investors in Bitmine include Ark Invest, Founders Fund, Pantera Capital, Kraken, DCG, Galaxy Digital and Bill Miller III, along with Tom Lee’s personal stake. Bitmine wrote that its next weekly update will indicate whether ether purchases remain reduced while the buyback program is active or whether larger weekly buys will resume as it approaches a 5% share of ether supply.