BitMine Closes In on 5% Ethereum Supply Target with $11.8 Billion Treasury

BitMine Immersion Technologies (NYSE: BMNR) has accelerated its Ethereum accumulation strategy, closing in on its target of holding 5% of the entire circulating supply. The company's treasury now stands at $11.8 billion, following a recent purchase of 9,946 ETH that brought its total to approximately 4.8%. Chairman Tom Lee stated: '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.'

In June, BitMine completed a preferred stock offering that raised nearly $274 million to fund additional Ethereum purchases, infrastructure development, share buybacks, and expansion of its institutional-grade staking platform MAVAN. The company's total staked ETH stands at 4,917,189, worth approximately $9.6 billion at $1,948 per ETH. BMNR shares rose by roughly 13% during early Monday trading in response to the latest acquisition news.

BitMine's aggressive accumulation strategy mirrors the Bitcoin treasury playbook pioneered by Strategy. The company remains significantly underwater on its average buying price, which sits at nearly twice the current market value of Ethereum.