Bitmine Stock Skyrockets as Ethereum Holdings Top $11 Billion
Bitmine Immersion Technologies' stock jumped on Monday after the company provided an update on its Ethereum holdings. The cryptocurrency-focused investment firm currently holds 5,787,414 coins of Ethereum, valued at approximately $11.3 billion based on the current market price of around $1,948 per coin.
Bitmine is nearing its goal of controlling 5% of the total supply of Ethereum, having already reached 96% of that target just 13 months after initiating its ETH treasury strategy in June 2025.
The company's Chairman, Tom Lee, stated that Bitmine has purchased ETH every week since the inception of the strategy. The firm also benefits from its MAVAN staking network, which allows Ethereum holders to earn rewards by staking their coins.
Bitmine expects to generate annualized staking revenue of $254 million and up to $299 million once its ETH is fully staked. Additionally, the company has increased its repurchases under its $4 billion stock buyback program, buying 6.1 million shares over the past week.