Bitmine Surges as Ethereum Stake Hits $11 Billion Milestone

Bitmine Immersion Technologies (NYSE: BMNR) stock surged on Monday after the company provided an update on its holdings. The cryptocurrency-focused investment firm is nearing its goal of controlling 5% of the total supply of Ethereum, with a stake valued at approximately $11.3 billion.

As of July 26, Bitmine held 5,787,414 coins of Ethereum (CRYPTO: ETH), which is currently trading at around $1,948 per coin. The company has already achieved 96% of its target just 13 months after initiating its ETH treasury strategy on June 30, 2025.

Bitmine's Chairman Tom Lee noted the company's consistency in buying ETH every week since the inception of the strategy. The firm also views its own stock as a solid investment, with 6.1 million shares repurchased over the past week under its $4 billion stock buyback program.