Bitmine Now Swims in 5.79M Ether, Eyes the 5% Supply Whale 🐳

Bitmine Immersion Technologies said Sunday it has expanded its Ethereum holdings to 5.79 million ETH, a stash worth combined crypto holdings, cash, marketable securities, and strategic investments — touching $11.8 billion as the firm pushes toward its stated goal of controlling 5% of Ether's total supply. The crypto treasury firm also holds 208 Bitcoin worth approximately $13.6 million, $268 million in cash and marketable securities, a $180 million stake in 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," he added. Lee noted the company has 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, and suggested ETH could next challenge the $2,000 and $2,500 price levels. ETH is currently trading for around $1,900 at a $232 billion market cap. (Disclosure: Tom Lee is an investor in Dastan, Decrypt's parent company.)

Bitmine said 4.9 million ETH is currently staked through its Made in America Validator Network, or MAVAN, launched in March to support institutional staking, and projected annualized staking rewards of about $299 million once all of its ETH is routed through the platform and partner validators. The firm now holds roughly 4.8% of Ether's circulating supply, having purchased nearly 10,000 ETH over the past week on July 26, according to its Monday update.

The disclosure comes as ETH has outperformed BTC over the past seven days, gaining about 2.4% while Bitcoin has fallen roughly 0.7%, according to CoinGecko data. Bitmine's accumulation strategy has recently diverged from Strategy's, which has paused Bitcoin purchases in recent weeks; on Monday, Strategy announced it had raised $544.5 million through stock sales, repurchased $25 million of its STRC preferred shares, and increased its US dollar reserve to $3.75 billion while maintaining holdings of 843,775 BTC. Bitmine joins Sharplink, Bit Digital, and other public companies pursuing Ethereum treasury strategies that mirror Strategy's longtime Bitcoin playbook.