BitMine bags 5.79M ETH, inches tantalizingly closer to its 5% Ethereum dream 🐋

BitMine Immersion Technologies said Sunday it has lifted its Ethereum stash to 5.79 million ETH ($ETH), pushing its combined holdings of crypto, cash, marketable securities, and strategic investments to $11.8 billion as the firm closes in on its stated objective of controlling 5% of Ethereum's total supply. Alongside its $ETH pile, the company disclosed holdings of 208 Bitcoin ($BTC) worth approximately $13.6 million, $268 million in cash and marketable securities, a $180 million stake in Mr Beast's Beast Industries, and a $61 million investment in Eightco Holdings.

"We increased our equity buyback as we view the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign crypto prices are strengthening," BitMine Chairman Tom Lee said in a statement. "In fact, this ratio is now at a 3-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices." Lee noted BitMine repurchased 6.1 million shares over the past week under its previously authorized $4 billion buyback program, bringing total repurchases since July 1 to 11.6 million shares.

$ETH was trading around $1,900 at a $232 billion market cap at the time of the announcement. BitMine said 4.9 million $ETH is currently staked through its Made in America Validator Network, or MAVAN, which launched in March to support institutional staking. The company projects annualized staking rewards of about $299 million once all of its $ETH is staked through the platform and its partners.

The disclosure follows a rapid buildup under Lee's tenure. In April the company surpassed 5 million $ETH, and in May Lee said BitMine's addition to the Russell 1000 Index could broaden its institutional investor base as holdings reached roughly 4.3% of Ethereum's circulating supply. In June, BitMine completed a preferred stock offering that raised nearly $274 million to fund additional $ETH purchases, infrastructure, and share buybacks while expanding the MAVAN platform. Earlier this month, the firm added another $73 million of $ETH, lifting its holdings above 5.74 million $ETH ahead of Sunday's announcement.

BitMine is among a growing cohort of public companies—including Sharplink and Bit Digital—that have adopted Ethereum treasury strategies modeled on Strategy's longtime Bitcoin playbook.