Bitmine buys 9,926 ETH, pushing holdings to 5.82 million tokens

Bitmine Immersion Technologies added 9,926 ETH last week, lifting its holdings to 5.82 million tokens worth about $11 billion at $1,893 per token.

"We are encouraged to see the ETH/BTC ratio at 0.02994 and rising," Thomas "Tom" Lee, chairman of Bitmine, said. "This ratio has moved above the long-term downtrend in place over the last few years and is a sign that markets are beginning to see materialization of tokenization and agentic-AI applications, which should benefit Ethereum."

The company's 5,815,164 ETH represents 4.8% of the 120.7 million token supply, according to the Aug. 17 press release. Bitmine has staked 5,067,309 ETH, or 87% of holdings, worth $9.6 billion, generating a 2.61% annualized seven-day yield. It projects $250 million in annualized staking revenue, rising to $287 million if fully staked through its MAVAN platform.

The purchase brings Bitmine to 96% of its goal to acquire 5% of all ETH, a target pursued with weekly buys since June 30, 2025. Lee said Wall Street tokenization and agentic-AI using blockchains will drive the ETH/BTC ratio higher in the current cycle, echoing prior bull runs fueled by ICOs, NFTs and stablecoins.

Bitmine also repurchased 1.7 million common shares last week, bringing total buybacks to 20.8 million shares since July 1 under its $4 billion program. Lee called the repurchase the largest ever executed by any Ethereum, Bitcoin or crypto treasury company, and said the common stock remains undervalued.

The company's combined crypto, cash, marketable securities and "moonshot" investments total $11.4 billion, including 210 Bitcoin, $78 million in cash and marketable securities, a $180 million stake in Beast Industries and a $73 million stake in Eightco Holdings. Bitmine ranks as the world's largest Ethereum treasury and the second-largest crypto treasury globally, behind Strategy, which holds 840,447 BTC valued at about $58 billion.

Bitmine was added to the Russell 1000 large-cap index on June 26, 2026, and its 9.50% Series A perpetual preferred stock trades on the NYSE under BMNP. In July, ETH outperformed the Nasdaq 100 by 2,500 basis points, the largest gap since July 2025, according to the company.

The accumulation comes as corporate demand for Ethereum strengthens. Bitmine's weekly purchases remove tokens from circulating supply, and its staked position locks up 87% of holdings, tightening available supply. Lee expects easing financial conditions to be a tailwind for crypto.

This article is for informational purposes only and does not constitute investment advice.