Ethereum treasury company Bitmine Immersion Technologies said Monday that it bought another 10,399 ETH over the past week, a purchase worth roughly $19.5 million. The move extends a year-long accumulation streak that the company says has made it the world’s largest corporate holder of Ethereum.
Bitmine said it now holds 5,797,813 ETH. Using a CoinGecko reference price of $1,880, the company valued that Ethereum position at about $10.9 billion.
Including other crypto assets, cash, and investments, Bitmine said its total holdings are worth $11.3 billion. The company added that 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.
Tom Lee ties the buyback to Bitmine’s valuation
In a statement, Bitmine Chairman Tom Lee said that since the company shifted to an Ethereum treasury strategy on June 30 last year, periods when ETH materially outperformed QQQ on a monthly basis were typically followed by Bitmine shares outperforming ETH over the next month.
“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,” Lee said.
The company said the repurchase was carried out under its previously authorized $4 billion share buyback program. Lee said the latest 4.5 million-share purchase lifted Bitmine’s total common equity repurchases to more than 16 million shares.
“Since July 1, 2026, Bitmine has repurchased 16.1 million shares of common stock under the previously authorized $4 billion share repurchase program,” he added. Lee also described the buyback as the largest ever executed by any Ethereum, Bitcoin, or crypto DAT, or Digital Asset Treasury.
Most of the ETH is staked through MAVAN
Bitmine said about 4.9 million ETH, roughly 85% of its total holdings, is staked through its institutional staking platform MAVAN. The company projected annualized staking revenue of $247 million, while noting that the estimate depends on future network conditions and other assumptions.
The latest ETH purchase also fits a broader shift among some publicly traded companies that are moving away from Bitcoin treasury strategies and toward Ethereum, betting that holding and staking ETH can generate returns while giving investors indirect exposure to digital assets.
Bitmine has been building the position all year
In April, Bitmine announced what it described at the time as its largest Ethereum purchase of the year, buying 101,627 ETH and taking its holdings to nearly 5 million ETH.
In June, the company added another 126,971 ETH worth about $214 million during a broader crypto selloff. Lee described that weakness in the market as “superficial.”
In July, Bitmine bought another $49 million worth of ETH after Lee pointed to early demand for Robinhood’s Ethereum-based layer-2 network, Robinhood Chain. The company later disclosed holdings of roughly 5.79 million ETH while also expanding staking operations and share buybacks.
ETH market data in the report
Lee also pointed to Ethereum’s recent market showing, saying ETH outperformed the Nasdaq 100 by 25 percentage points in July. He said management viewed Bitmine’s shares as undervalued, which helped justify the repurchase of 4.5 million shares over the past week under the $4 billion authorization.
The report said Ethereum is up around 6% over the last 30 days, trading near $1,880 per coin with a market capitalization of about $255 billion.
On Myriad, the prediction market developed by Decrypt parent company Dastan, traders currently see it as more likely that ETH falls to $1,500 before rising to $3,000, assigning roughly 75% odds to that bearish outcome.