BitMine Inches Closer to Its “Alchemy of 5%” Goal After New ETH Buy
BitMine Immersion Technologies has added another 7,430 ETH to its corporate treasury, bringing its disclosed Ethereum holdings to 5,777,468 ETH as it pushes toward a self-stated target of owning 5% of Ethereum’s supply.
Key numbers
- Latest buy: 7,430 ETH
- Total ETH holdings: 5,777,468 ETH (valued at $1,879 per ETH as of July 19)
- Estimated share of supply: about 4.8% of an estimated 120.7 million ETH
- Staked ETH: 4,917,189 (≈85% of the treasury)
- Annualized staking revenue today: ~$247 million (projected up to ~$290 million if the full position were staked)
- Other assets: 207 BTC; $385 million in cash and marketable securities; $180 million stake in Beast Industries; $58 million in Eightco Holdings
- Total crypto, cash and investments: $11.5 billion
Weekly purchases slow as buybacks accelerate
BitMine Chairman Tom Lee said the company acquired 7,430 ETH “over the past week,” noting the more modest purchase size compared with prior weeks reflected capital being redirected to share repurchases. Over the past week BitMine repurchased roughly 5.5 million common shares at an average price of $15.6156 under its previously authorized $4 billion buyback program. The company says these repurchases are intended to enhance shareholder value, though the ultimate impact will depend on future stock performance and allocation choices.
Still accumulating
The 7,430 ETH buy follows a larger acquisition the week before, when BitMine added 27,801 ETH. BitMine has reported making weekly ETH buys since it launched its ETH treasury strategy on June 30, 2025, and continues to cast accumulation as a priority even as capital is temporarily diverted to repurchases.
Staking has become central to the business
Most of BitMine’s ETH is already at work: 4.92 million ETH were reported staked as of July 19. At the company’s stated ETH price, the staked position was valued at roughly $9.2 billion. BitMine estimates its current staking operation could generate about $247 million in annualized revenue; if the entire ETH position were staked through its MAVAN platform and partners, that figure could rise to roughly $290 million (estimates subject to changes in staking yields, validator performance and the amount deployed).
The shift to staking has been rapid. BitMine began native Ethereum staking in November 2025 and launched its Made in America Validator Network (MAVAN) in March 2026. Staking and validation already drove the bulk of recent revenue: Ethereum staking and validation generated $45.7 million in the quarter ended May 31 — about 98% of the company’s $46.5 million quarterly revenue.
Other holdings and market footprint
Beyond ETH, BitMine lists 207 BTC, stakes in other companies (including $180 million in Beast Industries and $58 million in Eightco), and $385 million in cash and marketable securities, bringing the combined value of crypto, cash and other investments to roughly $11.5 billion. The company also broadened its public-market presence after joining the Russell 1000 index on June 26 and reporting average daily dollar trading volume of $579 million over the five trading days ending July 17 (company and Fundstrat data).
What to watch
BitMine remains the largest corporate holder of ETH by its disclosures and is about 96% of the way to its 5% supply target based on its estimates. Moving forward, staking yields, validator performance, network conditions and BitMine’s own capital-allocation decisions — including further buybacks — will shape both the pace of accumulation and the revenue profile of the business.
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