Bitmine Immersion Technologies (NYSE: BMNR) acquired 7,430 ether (ETH) over the past week, its smallest weekly purchase since launching its treasury strategy, as the company shifted capital toward buying back its own stock, according to a company press release issued July 20.
The purchase lifted Bitmine's holdings to 5,777,468 ETH, worth roughly $10.9 billion at the $1,879 price cited in the release. That stake represents 4.8% of the 120.7 million ETH supply, leaving the company, in its own words, "96% of the way" to its goal of controlling 5% of all ether — the target it markets as the "Alchemy of 5%."
Buyback Explains the Slower Pace
Bitmine repurchased approximately 5.5 million common shares over the past week at an average price of $15.6156, executed under a previously authorized $4 billion share repurchase program.
"We view the purchase of our common shares as accretive to shareholder value," Chairman Thomas "Tom" Lee said in the release. Explaining the reduced ETH buying, Lee added: "The reduced pace of buys reflects that Bitmine repurchased 5.5 million common shares. Bitmine has bought ETH every week since the inception of the ETH Treasury Strategy on June 30, 2025."
$11.5 Billion Across Crypto, Cash and "Moonshots"
Bitmine reported total holdings of $11.5 billion as of July 19, spanning its ETH position, 207 bitcoin (BTC), $385 million in cash and marketable securities, and stakes it describes as "moonshots," including $180 million in Beast Industries and $58 million in Eightco Holdings (NASDAQ: ORBS).
The company said 4,917,189 ETH — about 85% of its stack — is staked, largely through MAVAN, its in-house validator network, generating projected annualized staking revenue of roughly $247 million at a 2.67% seven-day yield.
Bitmine remains the largest corporate ether holder and the second-largest crypto treasury company overall, behind Strategy, which the release said holds 843,775 BTC. Bitmine was added to the Russell 1000 index on June 26.
The slower buying week underscores a tension in the treasury model: with the stock a large driver of the strategy, management is now weighing repurchases against continued accumulation as it approaches the final stretch of its 5% target.