Bitmine Immersion Technologies continued its consistent accumulation of Ethereum last week, acquiring 9,946 ETH and raising its total holdings to 5,787,414 tokens. The position now accounts for approximately 4.8% of Ethereum’s estimated circulating supply of 120.7 million tokens, placing the company within reach of its long-stated goal of controlling 5% of the network’s supply.

At a reference price of $1,948 per ETH, the Ethereum treasury alone is valued at more than $11.2 billion. When combined with 208 bitcoin, $268 million in cash and marketable securities, a $180 million stake in Beast Industries and a $61 million position in Eightco Holdings, the company’s overall crypto, cash and related holdings total $11.8 billion. Bitmine ranks as the largest corporate Ethereum treasury and the second-largest crypto treasury overall, behind only Strategy Inc.

Steady Weekly Buying and Accelerating Share Repurchases

The latest purchase exceeds the 7,430 ETH acquired the prior week and extends an unbroken streak of weekly Ethereum acquisitions that began when the company launched its treasury strategy on June 30, 2025. Bitmine describes its objective as the “Alchemy of 5%.” At current supply levels the target equals roughly 6.04 million ETH, leaving the company about 247,586 tokens short and approximately 96% of the way to the goal after 13 months.

Alongside the Ethereum purchases, Bitmine stepped up its share repurchase activity. The company bought back 6.1 million common shares last week, an increase from 5.5 million the week before. Since July 1 it has retired 11.6 million shares under its previously authorized $4 billion buyback program. Management has characterized the program as the largest common-stock repurchase ever executed by an Ethereum or bitcoin digital-asset treasury company.

BMNR shares rose more than 9% following the disclosure and traded as high as the mid-$17 range on Monday, though the stock remains substantially lower on a year-to-date and six-month basis. Average daily dollar volume over a recent five-day period reached $597 million, ranking the shares among the most actively traded U.S.-listed equities.

Staking Operations and Revenue Projections

Bitmine has staked 4,917,189 ETH, or about 85% of its holdings, through its Made in America Validator Network (MAVAN) and partner platforms. The staked position is valued at approximately $9.6 billion. Using a recent seven-day annualized yield of 2.65%, the company projects current annualized staking revenues of $254 million. Management estimates that figure could rise to roughly $299 million once the full treasury is staked.

Unlike bitcoin treasury companies whose holdings generate no native yield, Bitmine’s staking activity creates an ongoing revenue stream while locking a substantial portion of Ethereum supply. The company has indicated that MAVAN, originally built to support its own treasury, is being positioned to serve external institutional investors, custodians and ecosystem partners.

Market Context and Price Outlook

Ethereum has advanced roughly 24% to 27% over the past month and recently reached a 10-week high. The ETH/BTC ratio climbed to a three-month peak of 0.3000, a metric often watched as a gauge of relative strength and risk appetite within digital-asset markets. Spot Ethereum ETFs recorded net inflows of about $104 million in the most recent week, continuing a streak of positive flows.

Bitmine was added to the Russell 1000 index on June 26 and its Series A preferred stock trades under the ticker BMNP. The company has drawn support from a range of institutional investors and continues to frame its strategy around long-term accumulation of Ethereum as a primary treasury reserve asset.

Future weekly updates will show whether Bitmine maintains its pace of Ethereum purchases while continuing to deploy capital toward share repurchases as it approaches the 5% ownership threshold.