Bitmine Adds 10,399 ETH to Treasury, Total Holdings Reach 5.8 Million Tokens

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Bitmine Immersion (BMNR) added 10,399 ETH to its treasury last week, valued at $19.1 million at $1,840 per ETH. Total holdings now stand at 5.8 million tokens, or 4.8% of the circulating supply. The firm also repurchased 4.5 million shares, bringing total buybacks to 16 million. Tom Lee, Bitmine’s chairman, noted ETH outperformed the Nasdaq 100 by 2,500 basis points in July, the largest margin since July 2025. The move aligns with a strong risk-to-reward ratio and reflects a core principle of value investing in crypto.

TL;DR:

  • Bitmine acquired 10,399 ETH last week for approximately $19.1 million, bringing its total holdings to nearly 5.8 million Ethereum tokens.
  • The company also bought back 4.5 million of its own shares, accumulating 16 million repurchased shares in the recent period.
  • Chairman Tom Lee noted that ETH outperformed the Nasdaq 100 by 2,500 basis points in July, the largest margin since July 2025.

Bitmine Immersion(BMNR), the largest Ethereum treasury company, acquired 10,399 ETH during the past week, for an approximate value of $19.1 million at the current price of $1,840 per unit. This purchase brought its total holdings to nearly 5.8 million ETH, equivalent to 4.8% of the circulating supply, according to the weekly update published by the company.

The operation is consistent with the purchase of 9,946 ETH recorded the previous week and extends the streak of weekly acquisitions the company has maintained since it adopted its Ethereum treasury strategy in June 2025. The firm also repurchased 4.5 million shares of its common stock, bringing the total of recent buybacks to 16 million shares.

The Logic of Tom Lee Behind Every Bitmine Purchase

Tom Lee, chairman of Bitmine and co-founder of Fundstrat, linked the company’s strategy to the relative performance of ETH against technology stocks. “In July, ETH outperformed the Nasdaq 100 by 2,500 basis points,” Lee stated in the press release. “It is the largest gap since July 2025, and we believe it reflects the strengthening fundamentals of the crypto market.” The executive also recalled that the last time ETH recorded a similar monthly performance — in July 2025 — the cryptocurrency moved from approximately $2,375 to over $4,000 in the following month.

Bitmine Ethereum

Lee also argued that Ethereum’s relative strength has historically preceded gains in the company’s stock since it transformed its business model into an Ethereum-based treasury.

Bitmine‘s assets, including cryptocurrencies, cash, and marketable securities, reached $11.3 billion as of August 2. In addition to its ETH position, the firm holds 209 bitcoin, $173 million in cash and securities, and equity stakes in Beast Industries and Eightco Holdings. The company has 4.9 million ETH staked — nearly 85% of its holdings — and projects annualized staking revenue of approximately $247 million through its MAVAN platform.

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