BitMine Immersion Technologies said Sunday that it has increased its Ethereum holdings to 5.79 million ETH, lifting the value of its combined crypto holdings, cash, marketable securities, and strategic investments to $11.8 billion as it moves closer to its goal of acquiring 5% of Ethereum’s total supply.
Breakdown of the treasury
According to the company, it now holds 5.8 million ETH, 208 Bitcoin worth about $13.6 million, $268 million in cash and marketable securities, a $180 million stake in Mr Beast’s Beast Industries, and a $61 million investment in Eightco Holdings.
“We increased our equity buyback as we view the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign crypto prices are strengthening,” BitMine Chairman Tom Lee said in a statement.
“In fact, this ratio is now at a 3-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices,” he added.
Buybacks and market view
Lee said BitMine repurchased 6.1 million shares over the past week under its previously authorized $4 billion buyback program, bringing total repurchases since July 1 to 11.6 million shares. He also said the company sees the stronger ETH-to-Bitcoin ratio as a positive signal for Ethereum and believes the asset could next test the $2,000 and $2,500 levels.
ETH is currently trading at around $1,900, with a market capitalization of $232 billion, according to the report.
Staking through MAVAN
BitMine said 4.9 million ETH is currently staked through its Made in America Validator Network, or MAVAN, which launched in March to support institutional staking.
The company said it projects annualized staking rewards of about $299 million once all of its ETH is staked through the platform and its partners.
Expansion under Tom Lee
The announcement marks the latest step in BitMine’s rapid expansion under Lee.
In April, the company surpassed 5 million ETH. In May, Lee said BitMine’s inclusion in the Russell 1000 Index could broaden its institutional investor base as its holdings reached roughly 4.3% of Ethereum’s circulating supply. In June, the company completed a preferred stock offering that raised nearly $274 million to fund additional Ethereum purchases, infrastructure, and share buybacks while expanding its MAVAN staking platform. Earlier this month, BitMine added another $73 million worth of ETH, taking its holdings above 5.74 million ETH ahead of Monday’s latest purchase.
Shift toward Ethereum treasury strategies
The update comes as a growing number of public companies, including Sharplink, Bit Digital, and BitMine, have shifted toward Ethereum treasury strategies, echoing Strategy’s long-running Bitcoin treasury model.