BitMine adds 7,391 ETH, buys back 3 million BMNR shares, nears 5% Ethereum supply goal

BitMine Technologies (BMNR) continued to build its Ethereum treasury, purchasing an additional 7,391 ETH over the past week. The company said that as of Aug. 10, it held 5,805,238 ETH, equal to about 4.8% of Ethereum's stated 120.7 million total supply, putting it within reach of its long-term objective of owning 5% of all ETH. BitMine also reported that 5,067,309 ETH—around 87% of its holdings—has been staked. Based on its current staking position, the firm expects annualized staking revenue of roughly $257 million. In an Aug. 10 update, BitMine said it had about $11.6 billion in combined cryptocurrency holdings, cash, marketable securities, and strategic investments. The ETH position was valued using an estimated price of $1,928 per ETH. The company also disclosed 209 BTC in its crypto portfolio. Outside of digital assets, BitMine cited a $180 million stake in Beast Industries, associated with MrBeast, and a $69 million investment in Eightco Holdings (NASDAQ: ORBS), which it categorized as "moonshots." It also reported about $104 million in cash and marketable securities. Alongside the ETH purchase, BitMine bought back 3 million BMNR shares last week, bringing the combined spend on ETH and share repurchases to $70 million. Since July 1, the company has repurchased 19.1 million shares under its previously announced $4 billion buyback program, reducing estimated shares outstanding to about 584.1 million. BitMine was added to the Russell 1000 LargeCap Index on June 26, 2026. BMNR shares have shown improved near-term momentum, rising 25% over the past month and 7.67% over the past week. Even so, the stock is down about 40% year-to-date and more than 68% over the last 12 months, a period marked by softness in ETH prices. Chairman Tom Lee has emphasized Ethereum's recent strength versus Bitcoin and suggested BMNR could benefit if that trend continues. BitMine's strategy combines ongoing ETH accumulation, staking a large portion of its holdings, and repurchasing shares when management believes the stock is undervalued. The structure can increase per-share exposure to Ethereum if ETH rises while the share count declines, though it also heightens sensitivity to ETH price volatility. Investors will be watching whether BitMine reaches its 5% ETH target while maintaining its buyback pace, as well as the durability of staking revenue and how BMNR trades relative to the value of the company's underlying crypto and strategic assets. Disclaimer: This content is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and equity markets can be highly volatile, and readers should conduct their own research before making investment decisions.