Bitmine Immersion Technologies (NYSE: BMNR) reported Ethereum holdings of 5,787,414 ETH as of July 26, 2026, alongside total crypto, cash, and “moonshot” holdings of $11.8 billion. The position equals 4.8% of the 120.7 million ETH in circulation.
Key Takeaways
- Bitmine holds 5.79 million ETH, putting it 96% of the way to its goal of owning 5% of all Ethereum in 13 months.
- Total holdings reached $11.8 billion, including 208 Bitcoin and $268 million in cash and marketable securities.
- Staked ETH stands at 4,917,189 tokens worth $9.6 billion, about 85% of the company’s Ethereum.
- Bitmine bought back 6.1 million shares in one week under its $4 billion repurchase program.
- Chairman Tom Lee pointed to a 10-week high in ETH prices and a 3-month high in the ETH/BTC ratio.
What Happened?
Bitmine disclosed the figures in its weekly treasury update, which values ETH at $1,948 per token based on Coinbase pricing. The company describes itself as the largest Ethereum treasury in the world and the second-largest crypto treasury overall, behind Strategy , which reportedly owns 843,775 BTC valued at approximately $59 billion.
The $11.8 billion total breaks down as follows:
- 5,787,414 ETH, the core of the treasury strategy.
- 208 Bitcoin.
- A $180 million stake in Beast Industries.
- A $61 million stake in Eightco Holdings (NASDAQ: ORBS), which the company calls one of the only listed equities offering indirect exposure to OpenAI.
- $268 million in cash and marketable securities.
Bitmine added 9,946 ETH during the week, a purchase worth roughly $19 million at current prices. The company has bought ETH every week since the treasury strategy began on June 30, 2025, a streak that anchors its “Alchemy of 5%” campaign. Its backers include ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, MOZAYYX, and Bill Miller III.
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— Bitmine (NYSE-BMNR) $ETH (@BitMNR) July 27, 2026
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BitMine provided its latest holdings update for July 27, 2026
$11.8 billion in total crypto + “moonshots”:
– 5,787,414 ETH at $1,948 per ETH per ETH (per @coinbase)
– 208 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $61 million stake in Eightco…
Staking Scales Through MAVAN
The staked portion of the treasury now generates projected annualized revenue of $254 million, based on the company’s own 7-day yield of 2.65% annualized. At full scale, when the entire ETH position is staked through MAVAN (the Made in America VAlidator Network, Bitmine’s institutional staking platform) and its partners, the company projects that figure rising to $299 million.
Lee said Bitmine has staked more ETH than any other entity in the world. MAVAN launched earlier in 2026 to serve the company’s own treasury and intends to expand to institutional investors, custodians, and ecosystem partners.
Buybacks Accelerate as ETH/BTC Ratio Climbs
Bitmine repurchased 6.1 million common shares in the past week, up from 5.5 million the week before, bringing total repurchases since July 1, 2026 to 11.6 million shares under the $4 billion authorization. Lee said in the release:
Lee tied the faster pace to the ETH/BTC ratio reaching 0.3000, a 3-month high, which he reads as a sign of strengthening crypto prices even as Polymarket odds of the Clarity Act passing in 2026 decline. Tom DeMark of DeMark Analytics, a Bitmine advisor, sees $2,000 and $2,500 as near-term ETH targets if the comparison to the S&P 500’s path after October 1987 continues to hold.
The stock itself has become one of the most traded US equities. Fundstrat data ranks BMNR at #171 by 5-day average daily dollar volume of $597 million among 5,704 US-listed stocks. The company joined the Russell 1000 large-cap index in June, and its Series A Preferred Stock trades on the NYSE as BMNP.
CoinLaw’s Takeaway
The update shows a two track capital strategy running at once. The company keeps buying ETH weekly while also executing what Lee calls the largest common stock buyback of any digital asset treasury. Staking is what changes the model most. With 85% of the position earning yield, the treasury is no longer a static asset pile but a business with a projected nine figure revenue stream.
All figures are self reported by the company in its release, and the update leaves open questions. It does not say when the 5% target will be reached, whether accumulation continues past it, or how much of the $4 billion authorization remains. For readers already holding BMNR or tracking the treasury race, the numbers worth checking each week are the staked share of holdings, the 7-day yield trend, and the buyback pace. Those three metrics, not the headline total, will show whether the strategy is compounding or stalling.
