Bitmine Stacks More ETH and Shrinks Its Float Toward 5%

Bitmine Immersion Technologies bought another 7,391 ETH last week and now holds 5,805,238 tokens, or 4.8% of Ethereum’s roughly 120.7 million supply, while also repurchasing 3 million BMNR shares. The dual move keeps the company on a 14-month weekly purchase streak and pushes it to 96% of its stated goal of owning 5% of all ETH.

Chairman Tom Lee framed the latest update against softer inflation and jobs data that have cut September Fed hike odds, even as the CLARITY Act missed a Senate vote before recess. The stock traded near $18-19, roughly in line with the company’s $11.6 billion crypto-plus-cash-and-moonshot total.

Weekly Stack Lifts Holdings to Nearly 5%

As of August 9 at 6:30 p.m. ET the company reported 5,805,238 ETH and $11.6 billion total holdings at $1,928 per ETH on Coinbase. That stake equals 4.8% of the 120.7 million ETH supply cited by Bitmine and sits 96% of the way to the “Alchemy of 5%” target set when the Ethereum treasury strategy began on June 30, 2025.

• 7,391 ETH acquired in the latest week
• 5,805,238 ETH total, valued near $11.2 billion
• 209 BTC plus $180 million Beast Industries and $69 million Eightco (ORBS) stakes
• $104 million cash and marketable securities

The purchase extends an unbroken weekly buying record that now spans about 14 months. Bitmine ranks as the largest Ethereum treasury and the second-largest crypto treasury overall, behind Strategy’s bitcoin position. On-chain watchers noted possible additional flow after the official window, underscoring the structural bid the strategy creates.

Share Buybacks Keep Shrinking the Float

Alongside the ETH buys, Bitmine repurchased 3 million common shares last week. Cumulative repurchases since the start of July now stand at 19.1 million shares under the previously authorized $4 billion program. Lee called the buyback the largest ever by any Ethereum, bitcoin or crypto digital-asset treasury company and repeated that management views BMNR shares as undervalued.

The company was added to the Russell 1000 Large-cap index on June 26. Earlier coverage on this site tracked earlier Bitmine treasury and buyback steps and a prior week when ETH buys slowed for repurchases. Reducing share count while ETH holdings climb directly lifts ETH per share for remaining holders.

Staking Turns the Treasury into a Yield Engine

Bitmine has staked 5,067,309 ETH, or 87% of its total position, worth about $9.8 billion at the same $1,928 price. That is more staked ETH than any other entity, according to the company. Its own staking operations produced a 7-day annualized yield of 2.63%.

Projected annualized staking revenue sits at $257 million currently and would reach $294 million once the full position is staked through MAVAN (Made in America Validator Network) and partners. MAVAN began as internal infrastructure and is expanding to serve institutions, custodians and ecosystem partners. The yield converts a static treasury into a cash-flowing one without selling the core asset.

• Staked amount: 5,067,309 ETH
• Share of holdings staked: 87%
• Current projected annualized revenue: $257 million
• Full-scale projection: $294 million

Readers tracking supply dynamics can review how ETH supply changes over time on the official Ethereum site; Bitmine’s 4.8% slice is already large enough that its staking choices matter to network security.

Tom Lee Ties the Moves to Macro and a Familiar Pattern

We are disappointed that the CLARITY Act will not see a Senate vote before the August recess, but financial markets seem more focused on the recent softer inflation and jobs data. The odds of a Sept. hike by the Federal Reserve have fallen to 40% from 75% two weeks ago. We expect easing financial conditions to be a tailwind for crypto.

Thomas “Tom” Lee, Chairman of Bitmine and co-founder of Fundstrat, made that assessment in the release. He also noted that sizable monthly outperformance of ETH versus bitcoin has typically been followed by BMNR shares outperforming ETH over the next one to two months. July saw ETH beat bitcoin by 1,100 basis points, a setup that previously preceded strong relative BMNR gains.

Lee pointed investors to the latest Chairman’s Message, “ETH is the cure for the Uncanny Valley of Wealth,” and to the company’s Alchemy of 5% investor materials. The broader thesis links blockchain rails to AI agents and financial modernization on the scale of the 1971 end of Bretton Woods.

Institutions Quietly Build Positions

Bitmine lists support from ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and Lee himself. On X, detailed posts highlighted Bank of New York Mellon’s third straight quarterly increase, taking its stake to roughly 1.5 million shares after a 335% jump in Q2 alone. BlackRock filings have also drawn attention in the same circles.

High-engagement posts treated the 14-month weekly cadence itself as the signal. One widely shared summary put the latest purchase at $14.2 million and the ETH treasury near $11.1-11.2 billion. Crowd commentary stressed that consistency through volatile weeks creates a structural buyer even when headline prices are soft. Possible additional on-chain transfers after the official week kept the conversation live into August 11.

What Concentration Looks Like Near the 5% Line

At current supply, 5% equals roughly 6.035 million ETH. Bitmine needs on the order of 230,000 more tokens. Every weekly buy and every share retired moves the same two levers: absolute ownership of the asset and ownership concentration per remaining share.

The stock has climbed more than 30% in the past month while ETH rose about 6%, yet it still trades close to the headline value of the treasury. Lee’s undervaluation claim rests on the combination of staking cash flow, the buyback’s accretion, Russell 1000 inclusion, preferred stock BMNP, and the moonshot stakes (including Eightco’s OpenAI-linked exposure). Market-cap figures near $11.3-11.8 billion sit roughly alongside the $11.6 billion holdings total, leaving little premium for the operating platform or future yield.

The second-order effect is already visible in the ownership base. Institutions that once ignored pure treasury vehicles are adding as the float shrinks and the yield engine scales. Whether the next 4% of the journey to 5% is financed by further dilution, cash flow or asset sales will determine how much of that concentration accrues to today’s holders. For now the company is doing both: stacking ETH every week and retiring millions of shares at the same time.

Frequently Asked Questions

How much Ethereum does Bitmine hold after the latest purchase?

Bitmine reported 5,805,238 ETH as of August 9, 2026, equal to 4.8% of the 120.7 million supply figure it cites, after adding 7,391 ETH in the prior week; that total was valued at roughly $11.2 billion at $1,928 per token.

When did Bitmine start its Ethereum treasury strategy?

The company pivoted to the Ethereum treasury strategy on June 30, 2025, and has purchased ETH every week since then, a streak of about 14 months by the August 10, 2026 update.

What portion of Bitmine’s ETH is staked and what yield does it produce?

5,067,309 ETH (87% of holdings) is staked; the company’s own operations generated a 7-day annualized yield of 2.63%, supporting current projected annualized revenue of $257 million and a full-scale figure of $294 million.

How large is Bitmine’s share repurchase program?

The authorization is $4 billion; since July 1, 2026 the company has bought back 19.1 million common shares, including 3 million in the most recent week covered by the release.

What is the Alchemy of 5% goal?

It is Bitmine’s target to own 5% of the total ETH supply; at the latest count the firm was 96% of the way there after 14 months of weekly accumulation.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrency and equity values fluctuate; do your own research.