BitMine Buys 7,430 More ETH, Claims ~4.8% of Ethereum Supply

BitMine Immersion Technologies disclosed another Ethereum purchase, adding 7,430 ETH to its corporate treasury over the past week as it works toward what it calls its "Alchemy of 5%" goal. The company now reports total Ethereum holdings of 5,777,468 ETH, valued using an ETH price of $1,879 as of July 19. Based on an estimated 120.7 million ETH in circulation, BitMine puts its share at roughly 4.8%. Staking is the core of the strategy. BitMine said 4,917,189 ETH, or about 85% of its ETH treasury, is currently staked. At the stated ETH price, the staked balance is worth about $9.2 billion. The company estimates its staking operation is generating about $247 million in annualized revenue today, and projects that number could rise to about $290 million if its full ETH position were staked via its Made in America Validator Network (MAVAN) platform and partners. Those estimates remain sensitive to staking yields, validator performance and the amount deployed. Chairman Tom Lee said the smaller purchase size versus prior weeks reflects capital being redirected to share repurchases. Over the past week, BitMine repurchased about 5.5 million common shares at an average price of $15.6156 under its previously authorized $4 billion buyback program. The company said the repurchases are intended to enhance shareholder value, with outcomes dependent on future stock performance and capital-allocation choices. The latest buy follows a 27,801 ETH purchase the prior week. BitMine has reported weekly ETH acquisitions since launching its ETH treasury strategy on June 30, 2025, and continues to describe accumulation as a priority even as it allocates funds to buybacks. BitMine began native Ethereum staking in November 2025 and launched MAVAN in March 2026. Staking and validation have become the primary revenue engine: Ethereum staking and validation produced $45.7 million in the quarter ended May 31, representing about 98% of total quarterly revenue of $46.5 million. Beyond ETH, BitMine lists 207 BTC, $385 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $58 million position in Eightco Holdings. The company puts the combined value of its crypto, cash and investments at roughly $11.5 billion. On the public-markets front, BitMine joined the Russell 1000 index on June 26 and reported average daily dollar trading volume of $579 million over the five trading days ending July 17, citing company and Fundstrat data. BitMine says it remains the largest corporate holder of ETH based on its disclosures and is about 96% of the way to its 5% supply target by its own estimates. Investors will be watching staking yields, validator performance, network conditions and future capital-allocation decisions, including additional buybacks, for signals on the pace of ETH accumulation and the business's revenue trajectory.