Bitmine Expands ETH Holdings to 4.8% of Total Supply
Bitmine Immersion Technologies has expanded its Ethereum (ETH) holdings by 10,399 tokens, bringing its total to 5,797,813 ETH. This latest purchase, completed during the week ending August 3, 2026, represents 4.8% of the total circulating supply of ETH. At the current price of approximately $1,840 per token, Bitmine's ETH position is valued at around $10.9 billion.
The company has been consistently buying ETH every week since adopting its treasury strategy in June 2025. The latest acquisition was nearly as large as the 9,946 ETH it acquired the previous week. Bitmine is now 96% of the way toward its goal of holding 5% of ETH's total supply.
Chairman Tom Lee attributed the continued buying to ETH's strong performance in July, where it outperformed the Nasdaq 100 by 2,500 basis points. This margin was the largest monthly outperformance since July 2025. Following a similar outperformance in 2025, ETH's price rose from $2,375 to above $4,000 within a month. Lee also noted that periods of strong ETH performance relative to equities have historically preceded gains in Bitmine's stock price.
Of the total ETH held, 4,917,189 tokens are staked through Bitmine's MAVAN platform and external partners, valued at roughly $9.2 billion. The company projects this position will generate approximately $247 million in annualized staking revenue. Additionally, Bitmine repurchased 4.5 million of its own common shares during the same week, bringing total buybacks since July 1 to 16.1 million shares under a $4 billion repurchase program. Beyond ETH, Bitmine holds 209 Bitcoin (BTC), a $180 million equity stake in Beast Industries, and a $61 million stake in Eightco Holdings, with total assets reaching $11.3 billion as of August 2, 2026.