BitMine Immersion Technologies said Monday that its crypto, cash and "moonshot" holdings totaled $11.3 billion as of 4:00 p.m. ET on Aug. 2, down from the $11.8 billion it reported a week earlier, even after the company bought another 10,399 ETH.
The company said the decline was tied to the price it used to mark its Ether position, not to selling. BitMine reported holding 5,797,813 ETH at $1,880 per token, using Coinbase as the reference, versus 5,787,414 ETH marked at $1,948 in its July 27 disclosure.
That 3.5% lower mark put the value of the ETH stack at roughly $10.9 billion. BitMine said the holding equals 4.8% of the 120.7 million ETH supply, unchanged from the share it reported a week earlier.
Cash position fell while buybacks continued
Cash and marketable securities dropped to $173 million from $268 million. BitMine said it repurchased 4.5 million common shares during the week, bringing total repurchases since July 1 to 16.1 million shares under a previously authorized $4 billion buyback program.
Chairman Tom Lee said management views the stock as attractively valued. He also described the program as the largest share repurchase effort executed by any crypto digital asset treasury company.
Other balance-sheet items were largely unchanged
BitMine said the rest of its balance sheet changed little. The company held 209 Bitcoin, up from 208, along with a $180 million stake in Beast Industries and a $61 million stake in Eightco Holdings. BitMine classifies those two equity positions as "moonshots."
Most of the ETH position is already staked
As of Aug. 2, BitMine said 4,917,189 ETH, or 85% of its holdings, was staked. At the $1,880 mark, that portion was worth $9.2 billion.
The company projected $247 million in annualized staking revenue based on a 2.67% seven-day annualized yield. It said that figure would rise to $291 million once the full position is staked through its MAVAN platform and staking partners. Lee said BitMine has staked more ETH than any other entity in the world.
Lee pointed to ETH performance and the company’s 5% supply target
Lee said ETH outperformed the Nasdaq 100 by 25 percentage points in July, the widest margin since July 2025. He also said the company is 96% of the way to its "Alchemy of 5%" goal of holding 5% of the ETH supply, 13 months after starting its treasury strategy on June 30, 2025.
According to Lee, BitMine has bought ETH every week since then.
BitMine again called itself the second-largest corporate crypto treasury
The company again described itself as the second-largest corporate crypto treasury behind Strategy Inc., which BitMine said owns 843,775 BTC worth about $57 billion. That compares with the roughly $59 billion value it cited on July 27.
BitMine added that all holdings, valuation and staking-yield figures were its own numbers, disclosed in a press release furnished to the U.S. Securities and Exchange Commission under Item 7.01, and were not independently audited or verified.