Bitmine's ETH Stack Hits 5.8M as Cash Reserves Shrink Faster Than a Liquidity Pool 🏦

Bitmine Immersion Technologies added 7,391 ETH over the past week, spending roughly $14 million at average prices to bring its holdings to 5,805,238 ETH as of Friday evening, according to a Monday update from the Ethereum treasury company. Total crypto, cash and "moonshot" investments reached $11.6 billion, up from $11.3 billion the prior week, with CEO-attributed chairman Tom Lee noting most of the gain came from price appreciation rather than fresh buying. ETH rose 2.6% over the week to $1,928, adding about $280 million to the value of a stack that grew by $14 million in purchases.

The firm's cash position continues to thin. Cash and marketable securities stood at $104 million, down from $173 million a week earlier and $482 million as of July 12, a 78% decline over roughly one month. Bitmine also disclosed holdings of 209 Bitcoin, a $180 million stake in Beast Industries and a $69 million stake in Eightco Holdings. The company repurchased 3 million shares during the week, down from 4.5 million the prior week, bringing cumulative buybacks to 19.1 million shares since July 1 under a $4 billion authorization. Lee said the company "continues to view Bitmine's common shares as undervalued," calling the program the largest executed by any crypto treasury company.

Staking now covers 5,067,309 ETH, or 87% of holdings, up from 85% a week earlier, with Lee projecting annualized staking revenue of $257 million based on a seven-day yield of 2.63%. Bitmine's stack represents 4.8% of Ethereum's 120.7 million supply, and the company again described itself as 96% of the way to its "Alchemy of 5%" target, the same figure cited a week ago and the fifth consecutive week at 4.8%. Reaching 5% would require roughly 229,800 additional ETH, or about 31 weeks at the prior week's pace. The firm has purchased ETH every week since launching the strategy on June 30, 2025, including $214 million in June during a selloff Lee called "superficial," $49 million in July tied to early demand for Robinhood Chain, and continued accumulation after crossing 5.79 million ETH.

Lee said he was "disappointed" the Clarity Act would not reach a Senate vote before the August recess, but pointed to softer inflation and jobs data, putting the odds of a September Federal Reserve rate hike at 40%, down from 75% a fortnight earlier. Those odds have since risen to 46% according to CME FedWatch.