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EsBitMine nears 5% of Ethereum supply, ramps up staking, buybacks
BitMine Immersion Technologies now holds 5.79 million ETH, about 4.8% of the circulating supply, and has stepped up staking and buybacks, repurchasing 6.1 million shares last week.
On Sunday, BitMine Immersion Technologies reported holding 5.79 million ether, about 4.8% of Ethereum’s circulating supply, while expanding staking and accelerating share repurchases to reach a 5% supply goal.
The company valued its ETH at roughly $11.3 billion and put combined crypto holdings, cash, marketable securities, and strategic investments at $11.8 billion. It also holds 208 Bitcoin worth about $13.6 million, $268 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $61 million investment in Eightco Holdings. ETH recently traded near $1,900 with a market capitalization around $232 billion, according to the company.
About 4.9 million ETH is currently staked through BitMine’s Made in America Validator Network, launched in March to support institutional staking. The company projects annualized staking rewards of about $299 million once all of its ETH is staked through the platform and partner validators.
Equity repurchases accelerated as well. BitMine bought back 6.1 million shares last week under its previously authorized $4 billion buyback program, bringing total repurchases since July 1 to 11.6 million shares. Buybacks are running alongside continued ETH acquisitions and staking expansion.
Chairman Tom Lee linked the faster buybacks to the ETH-to-Bitcoin price ratio and the regulatory outlook: "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." He added: "In fact, this ratio is now at a 3-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices." Lee said Ethereum could next test the $2,000 and $2,500 levels.
The update follows months of accumulation. In April, BitMine’s holdings passed 5 million ETH. In May, the company said it was added to the Russell 1000 Index as its ETH position reached about 4.3% of circulating supply. In June, a preferred stock offering raised nearly $274 million to fund additional ETH purchases, infrastructure, and share repurchases while scaling MAVAN. Earlier this month, it purchased about $73 million of ETH, lifting holdings above 5.74 million before the latest buys.
More public companies, including Sharplink and Bit Digital, have outlined Ethereum-focused treasury strategies in recent months. BitMine aims to grow staking capacity and increase its ETH holdings toward the 5% supply threshold.
