Bitmine Immersion Technologies (NYSE: BMNR) said on July 19, 2026 that its Ethereum holdings reached 5,777,468 tokens, putting the company 96% of the way toward its stated goal of controlling 5% of the entire Ether supply.
Key Takeaways
- Bitmine Immersion Technologies held 5,777,468 ETH, equal to 4.8% of Ethereum’s 120.7 million token supply.
- The company valued its combined crypto, cash, and equity holdings at $11.5 billion.
- Chairman Tom Lee said Bitmine bought 7,430 ETH last week while repurchasing 5.5 million of its own shares.
- Bitmine staked 4,917,189 ETH through its MAVAN platform, a position it projects will earn $247 million a year.
- The firm joined the Russell 1000 large-cap index on June 26, 2026.
Bitmine closes in on its 5% Ethereum target
Bitmine valued its Ether at $1,879 per token, a holding that represents 4.8% of the 120.7 million Ether in circulation. The company said the position leaves it close to its “Alchemy of 5%” goal, its target of controlling 5% of all Ethereum, about 12 months after it started buying the token.
The treasury sits within a wider $11.5 billion pool of crypto, cash, and equity stakes, according to the company’s weekly treasury update. Beyond the Ether, Bitmine’s holdings included:
- 207 Bitcoin and $385 million in cash and marketable securities.
- A $180 million stake in Beast Industries, one of two positions the company labels “moonshots”.
- A $58 million stake in Eightco Holding), the second “moonshot”, which Bitmine frames as indirect exposure to OpenAI.
Bitmine joined the Russell 1000 large-cap index on June 26, 2026, and its Series A Preferred Stock trades on the NYSE under the ticker BMNP.
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— Bitmine (NYSE-BMNR) $ETH (@BitMNR) July 20, 2026
BitMine provided its latest holdings update for July 20, 2026
$11.5 billion in total crypto + “moonshots”:
– 5,777,468 ETH at $1,879 per ETH per ETH (per @coinbase)
– 207 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $58 million stake in Eightco…
Share buybacks slow the pace of ETH buying
Bitmine bought 7,430 ETH over the past week, a slower rate that Chairman Tom Lee tied to a competing use of cash. The company repurchased about 5.5 million common shares at an average price of $15.6156, drawing on a previously authorized $4 billion buyback program. Lee said:
The step breaks a long run of pure accumulation. Bitmine said it has bought Ether every week since starting its treasury strategy on June 30, 2025, so spending a week’s cash on its own shares signals that management sees value in the stock at recent prices. The company did not disclose how much of the buyback authorization remains.
Staking becomes the treasury’s revenue engine
Bitmine staked 4,917,189 ETH, worth $9.2 billion at the stated price and equal to 85% of its total Ether. The company routes that staking through MAVAN, the Made in America Validator Network it launched earlier in 2026 for its own treasury and, later, outside institutions.
The staked position earned a 7-day yield of 2.67% on an annualized basis, a rate that tracks broader Ethereum staking yields and that the company projects at $247 million in annualized staking revenue. Lee said the figure could rise to $290 million once Bitmine’s entire Ether position is staked across MAVAN and its partners.
How Bitmine ranks against other treasuries?
Bitmine described its position as the largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Strategy Inc., which it said reportedly holds 843,775 Bitcoin worth about $55 billion, a benchmark among corporate Bitcoin holdings. The framing sets an all-Ether reserve against the Bitcoin-first model that shaped the first wave of corporate crypto treasuries.
Bitmine’s stock has grown heavily traded, and the company cited Fundstrat data putting BMNR at $579 million in average daily dollar volume over the five days through July 17, 2026. That volume ranked 187th among 5,704 US-listed stocks, between Airbnb and Fastenal. Its investor base includes ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, with Lee listed as a personal investor.
CoinLaw’s Takeaway
Bitmine has reached the scale where its capital decisions weigh as heavily as its token buying. Sitting within reach of its 5% target, the firm slowed Ether purchases to buy back stock, a signal that management values its shares at current prices over adding to an already large position. The self reported total rests on the marked Ether price, so the headline number rises and falls with the token.
The staking buildout is what distinguishes this reserve from a passive holding. With the bulk of its Ether staked and the position projected to generate substantial annual revenue, Bitmine now runs the treasury as a cash generating operation, though that projection assumes the current yield holds and the remaining tokens reach validators. Several of the company’s claims stay self reported and unaudited in this release, including the “largest treasury” label, the Fundstrat volume ranking, and the moonshot valuations. Readers tracking BMNR can watch the buyback pace against ETH purchases and the share of Ether actually staked as the clearest near-term gauges of the strategy.
