Bitmine Stock Surges on Ethereum Treasury Strategy Payoff

Bitmine Immersion's stock price surged 13% after revealing its Ethereum treasury strategy has paid off. The company holds $11.8 billion in crypto, cash, and equity stakes, with 5.79 million ETH tokens, accounting for 4.8% of the circulating supply.

This puts Bitmine close to its 5% accumulation target set 13 months ago. In addition to its treasury, Bitmine has repurchased 6.1 million shares last week under a $4 billion buyback program, bringing total repurchases to 11.6 million since July 1.

The company's chairman, Tom Lee, framed the accumulation as a long-term commitment rather than opportunistic trading, noting that Bitmine has bought ETH every week since June 30, 2025.

Bitmine also runs its own Ethereum staking network, MAVAN, which holds 4.9 million staked ETH and projects $254 million in annualized staking revenue, potentially reaching $299 million once the entire position is staked.