BitMine Immersion Technologies reported Ethereum holdings of 5,797,813 ETH as of August 2, 2026, equal to 4.8% of the token’s 120.7 million supply. The company also repurchased 4.5 million of its own common shares over the past week.
Key Takeaways
- BitMine holds 5,797,813 ETH, or 4.8% of Ethereum’s 120.7 million token supply.
- Crypto, cash, marketable securities and equity stakes total $11.3 billion at a reference price of $1,880 per ETH.
- Staked ETH reached 4,917,189 tokens, worth $9.2 billion and covering 85% of the treasury.
- Share repurchases since July 1, 2026 total 16.1 million shares under a $4 billion authorization.
- Chairman Tom Lee projects annualized staking revenue of $247 million at the current 2.67% yield.
What Happened?
BitMine Immersion Technologies (NYSE: BMNR), a Bitcoin and Ethereum network company focused on accumulating crypto for long term investment, reported combined crypto, cash, marketable securities and equity stakes of $11.3 billion.
The position breaks into 5,797,813 ETH priced at $1,880 per token, 209 Bitcoin, a $180 million stake in Beast Industries, a $61 million stake in Eightco Holdings and $173 million in cash and marketable securities. BitMine acquired 10,399 ETH over the past week, extending a weekly buying streak that has run since the treasury strategy began.
Chairman Thomas “Tom” Lee tied the accumulation to July price action. Lee said:
Staking Now Covers 85% of the Token Stack
BitMine reported 4,917,189 staked ETH, worth $9.2 billion at the $1,880 reference price and equal to 85% of its tokens. A portion sits on MAVAN (Made in America VAlidator Network), the institutional staking platform BitMine built for its own treasury before opening MAVAN to outside institutions.
Lee gave two revenue figures on different bases. Lee said:
At full staking through MAVAN and its partners, Lee put the projected reward at $291 million annualized on the same 2.67% figure.
That yield runs below the risk-adjusted reward rate of roughly 3.15% APY Ethereum validators averaged in the second quarter of 2025, and Lido Finance still leads the staking market with a 31% share. MAVAN enters against an incumbent, not an empty field.
The Buyback Is the Second Leg
“This past week’s 4.5 million buyback brings our total common equity repurchases to over 16 million common shares. This buyback remains the largest ever executed by any Ethereum, Bitcoin or crypto DAT (Digital Asset Treasury),” said Lee. Repurchases since July 1, 2026 total 16.1 million shares under the $4 billion authorization.
Lee framed the timing off an observed pattern. Lee said:
Liquidity supports a program that size. BMNR traded average daily dollar volume of $698 million on a five-day basis through the end of July, ranking #180 among 5,704 US-listed stocks per Fundstrat research, and the stock joined the Russell 1000 large-cap index on June 26, 2026. BitMine’s Series A Preferred Stock trades on the NYSE as BMNP.
What the Release Leaves Open?
The release states holdings, staking totals and forward revenue projections. It does not state cost basis, unrealized gain or loss on the ETH position, or whether the Beast Industries and Eightco stakes are carried at cost or at market. Four items stay unanswered:
- How much of the $4 billion repurchase authorization remains after 16.1 million shares?
- Whether any staked ETH on MAVAN belongs to third-party institutions rather than BitMine?
- What BitMine paid on average across more than a year of weekly ETH purchases?
- Whether the $247 million and $291 million projections assume the 2.67% yield holds?
Existing holders can find the remaining authorization balance and the updated share count in BitMine’s next quarterly filing, where the buyback’s effect on shares outstanding becomes verifiable.
CoinLaw’s Takeaway
The 4.8% supply figure puts BitMine 96% of the way to its stated 5% target in 13 months, so the accumulation phase is close to finished on the company’s own measure. What changes next is the mix. With 85% of tokens staked and a $247 million annualized revenue line attached to them, the balance sheet now carries an operating yield alongside the mark on the tokens, and the repurchase program spends cash on equity instead of on more ETH.
