Key Takeaways:
Bitmine Immersion Technologies bought 10,399 ether last week, lifting its treasury to 5.8 million tokens, or 4.8 percent of Ethereum's circulating supply, as Chairman Tom Lee pointed to ether's strongest monthly run against the Nasdaq in a year.
"In July, ETH outperformed the Nasdaq 100 by 2,500 basis points," Lee, chairman of Bitmine and cofounder of Fundstrat, said in a statement. "This is the largest outperformance since July 2025, and we believe it is reflective of the strengthening fundamentals of crypto."
The purchase, worth about $19.1 million at ether's current price of $1,840, extended a weekly buying streak that has run since the company adopted its Ethereum treasury strategy in June 2025. Bitmine also repurchased 4.5 million shares of common stock, bringing recent buybacks to 16 million shares. The firm has staked 4,917,189 ETH, about 85 percent of its holdings, and projects annualized staking revenue of roughly $247 million through its MAVAN platform.
The accumulation brings Bitmine within reach of its stated goal of holding 5 percent of Ethereum's 120.7 million-token supply, a target it is about 96 percent of the way toward. The update comes as Strategy, the largest corporate bitcoin holder, sold 1,638 BTC worth about $105 million last week while repurchasing $81.2 million of its preferred stock.
Lee tied the company's outlook to ether's relative strength against technology stocks, noting that the last time ETH posted a similar monthly outperformance — in July 2025 — the second-largest cryptocurrency rallied from about $2,375 to more than $4,000 by the end of the following month. He also argued that strong relative performance by ether has historically preceded gains in Bitmine's stock since the company pivoted to its Ethereum treasury strategy.
Bitmine's crypto, cash and marketable securities totaled $11.3 billion as of Aug. 2. Besides its ETH holdings, the company owns 209 bitcoin, $173 million in cash and marketable securities, and equity stakes in Beast Industries and Eightco Holdings. The staked ETH is worth about $9.2 billion at $1,880 per token, with the firm's own staking operations generating a 7-day annualized yield of 2.67 percent.
Shares are down 2.1 percent premarket as ether dipped over the weekend to $1,842. The stock remains one of the most heavily traded on Wall Street, with a five-day average daily dollar volume of $698 million as of July 31, ranking it 180th among 5,704 U.S.-listed equities, according to Fundstrat data cited in the update.
This article is for informational purposes only and does not constitute investment advice.
