Quick Take
- Bitmine acquired 9,926 ETH over the past week, bringing its holdings to 5.815 million tokens, or 4.8% of the 120.7 million ETH supply.
- The company said it has repurchased 20.8 million shares since July 1 under its previously authorized $4 billion buyback program.
Bitmine Immersion Technologies (BMNR) has increased its Ethereum treasury to 5,815,164 ETH, representing 4.8% of the second-largest cryptocurrency's supply, the company said Monday.
The Ethereum treasury is worth roughly $11 billion, positioning Bitmine as the largest corporate ether holder globally and the second-largest corporate crypto treasury overall, trailing only Strategy's $58 billion bitcoin position, according to a statement.
The latest figure marks an increase of 9,926 ETH over the prior week and places Bitmine 96% of the way toward its stated “alchemy of 5%” target, representing 5% of ether's 120.7 million circulating supply.
Of the total ETH held, over 5 million tokens, valued at $9.6 billion, are staked through the company's MAVAN platform and staking partners. Staked ETH represents 87% of Bitmine's total 5.82 million ETH holdings, with the company projecting annualized staking revenues of $250 million.
Beyond ETH, Bitmine said it held 210 BTC, a $180 million stake in Beast Industries, and a $73 million stake in Eightco Holdings. The company also reported $78 million in cash and marketable securities.
Additionally, Bitmine repurchased 1.7 million common shares over the past week, bringing total repurchases since July 1 to 20.8 million shares under its previously authorized $4 billion buyback program, according to Chairman Tom Lee.
Lee said the ETH/BTC ratio stood at 0.02994 and had moved above the long-term downtrend in place over the last several years. He attributed the move to markets beginning to see “materialization of tokenization and agentic-AI applications,” which he said should benefit Ethereum. Lee also said easing financial conditions are expected to be a tailwind for crypto.
“This ETH/BTC ratio has moved up during crypto bull cycles, driven by increasing use of Ethereum relative to bitcoin,” Lee said. “These prior cycles were fueled by ICOs (2017-2018), NFTs (2020-2021), and stablecoins (2025). In this upcoming crypto cycle, we see the ETH/BTC ratio rising, driven by Wall Street tokenizing on the blockchain and by agentic-AI using blockchains.”
Ether traded above $1,900 on Monday, according to The Block's ETH price page. The asset sits approximately 61.7% below its all-time high of $4,946.05 set in August last year.
ETH/USD price chart. Image: The Block/TradingView.
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