Bitmine Immersion Technologies Buys $19.5M More ETH, Extends Buying Streak

Ethereum treasury company Bitmine Immersion Technologies said Monday it bought another 10,399 ETH, or roughly $19.5 million worth, over the past week, extending a year-long buying streak that has made it the world's largest corporate holder of Ethereum.

The company said it now holds 5,797,813 ETH, worth about $10.9 billion at a price of $1,880, according to CoinGecko.

Including other crypto assets, cash, and investments, Bitmine said its total holdings are valued at $11.3 billion. The company said its 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.

"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,” Bitmine Chairman Tom Lee said in a statement. “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.”

The latest purchase continues a broader trend of publicly traded companies pivoting from Bitcoin treasuries and instead focusing on Ethereum, betting that holding and staking the cryptocurrency can generate returns while giving investors indirect exposure to digital assets.

Bitmine said about 4.9 million ETH—roughly 85% of its holdings—is staked through its institutional staking platform, MAVAN. The company projected annualized staking revenue of $247 million, though that estimate depends on future network conditions and other assumptions.

Lee also pointed to Ethereum's recent market performance, saying ETH outperformed the Nasdaq 100 by 25 percentage points in July. He said Bitmine's management viewed the company's shares as undervalued, helping justify the repurchase of 4.5 million shares over the past week under its previously authorized $4 billion buyback program.

"This past week's 4.5 million buyback brings our total common equity repurchases to over 16 million common shares. This buyback remains the largest ever executed by any Ethereum, Bitcoin, or crypto DAT (Digital Asset Treasury)," Lee added. “Since July 1, 2026, Bitmine has repurchased 16.1 million shares of common stock under the previously authorized $4 billion share repurchase program.

In April, the company announced what was then its largest Ethereum purchase of the year, buying 101,627 ETH and bringing its holdings to nearly 5 million ETH. In June, Bitmine added another 126,971 ETH worth about $214 million during a broader crypto selloff, with Lee describing the market weakness as "superficial."

In July, the company bought another $49 million worth of ETH after Lee pointed to early demand for Robinhood's Ethereum-based layer-2 network, Robinhood Chain, before later disclosing holdings of roughly 5.79 million ETH, while expanding staking operations and share buybacks.