BitMine Amasses 5.8 Million ETH, Controls 4.8% of Ethereum Supply

BitMine Immersion Technologies ($BMNR) has deepened its bet on Ethereum (ETH), buying an additional 10,399 ETH worth about $19.1 million over the past week and lifting its total holdings to roughly 5.8 million ETH—about 4.8% of the network’s total supply. The accumulation cements BitMine’s growing profile as a publicly traded proxy for 'institutional demand' seeking ETH exposure through equities rather than direct token ownership.

The company said the purchases were made at an average price of around $1,840 per ETH. Crypto-focused outlets including CoinDesk have highlighted BitMine as the market’s largest corporate ETH treasury holder, a title that has helped propel the stock into the spotlight even as its share price has struggled to sustain momentum.

As of 4:00 p.m. ET on Aug. 2, BitMine reported approximately $11.3 billion in total assets across cryptocurrency holdings, cash, marketable securities, and what it described as a higher-risk 'moonshot' portfolio. The disclosure underscores how central the ETH treasury has become to the firm’s identity, with digital assets now framed as the core store of value alongside more traditional balance-sheet components.

Still, the company’s equity has continued to trade lower, changing hands around $17.00 to $17.30 in recent sessions. The decline has arrived alongside a valuation debate: GuruFocus data cited in local reporting suggested BitMine was trading far above its internal GF Value estimate, implying that expectations for its ETH-heavy strategy may already be priced in. Against that backdrop, BitMine has bought back roughly 16 million shares over the past three weeks, signaling an effort to support the stock and counter concerns about dilution or overextension.

Chairman Tom Lee has pointed to Ethereum’s latest rally as evidence of a broader crypto market recovery, reinforcing the company’s stance that steady weekly accumulation is geared toward long-duration value rather than short-term trading. The approach mirrors the playbook pioneered by other digital-asset treasury firms, but with ETH—rather than Bitcoin (BTC)—as the focal asset, positioning BitMine to benefit from narratives tied to staking economics, decentralized finance activity, and the expanding tokenized-asset ecosystem.

BitMine also maintains equity stakes in companies such as Beast Industries and Eightco Holdings as part of its 'moonshot' allocation, presenting the portfolio as diversified even as ETH holdings and buybacks appear to be the primary levers of its current corporate strategy.

With a growing share of Ethereum supply concentrated on its balance sheet, BitMine is increasingly becoming a bellwether for how public markets price 'crypto treasury' models built around ETH. The coming weeks are likely to test whether continued accumulation can offset valuation skepticism—and whether equity investors remain willing to pay a premium for Ethereum exposure packaged inside a listed stock.