Bitmine Adds 10,399 ETH to the Pile, Calls Its Own Stock the Real Bargain 📉

Bitmine Immersion Technologies, the Ethereum treasury company chaired by Tom Lee, said Monday it acquired 10,399 ETH, valued at roughly $19.5 million, over the past week, extending a year-long buying streak that has made it the world's largest corporate holder of Ethereum ($ETH). The purchase brings Bitmine's holdings to 5,797,813 ETH, worth about $10.9 billion at a price of $1,880 per CoinGecko, with total crypto, cash and investment assets valued at $11.3 billion. The company's Ethereum stash represents about 4.8% of the network's circulating supply, putting it 96% of the way toward its stated goal of acquiring 5% of all ETH.

Bitmine said approximately 4.9 million ETH, or about 85% of its holdings, is staked through its institutional staking platform MAVAN, projecting annualized staking revenue of $247 million, an estimate that depends on future network conditions and other assumptions. In addition to the ETH purchase, Bitmine repurchased 4.5 million shares of common stock over the past week, bringing total buybacks since July 1, 2026, to over 16.1 million shares under its previously authorized $4 billion share repurchase program. BMNR shares were down nearly 2% amid the announcements.

Chairman Tom Lee framed the moves in a statement, tying Ethereum's recent market performance to the case for Bitmine's equity. "Since Bitmine pivoted to an Ethereum Treasury strategy on June 30 of last year, sizable outperformance of ETH vs QQQ (monthly) has typically been followed by Bitmine's shares outperforming ETH over the following month," Lee said. "Hence, Bitmine repurchased 4.5 million shares of common stock in the past week, as Bitmine's management team continues to view Bitmine shares as attractively valued."

Lee also pointed to Ethereum's July trading, noting that ETH outperformed the Nasdaq 100 by 25 percentage points in July, which he described as the largest outperformance since July 2025, and said it reflected strengthening crypto fundamentals. The latest ETH purchase follows a series of 2026 acquisitions, including a 101,627 ETH purchase in April, a 126,971 ETH purchase worth about $214 million in June during a broader crypto selloff, and an additional $49 million worth of ETH in July. Bitmine launched its Ethereum treasury strategy on June 30, 2025, and said its buyback program is the largest ever executed by any Ethereum, Bitcoin ($BTC), or crypto Digital Asset Treasury.