Bitmine disclosed it held 5,787,414 ETH worth approximately $11.27 billion as of 7 p.m. EDT on July 26, according to an SEC filing, after purchasing 9,946 ETH and retiring 6.1 million common shares. The company accelerated its $4 billion buyback program while advancing toward its goal of holding roughly 5% of Ethereum's circulating supply. Bitmine's treasury expansion reflects a strategy combining direct ETH accumulation with share count reduction, supported by staking revenue projected at $299 million annually once the full treasury is staked.
Bitmine Advances Toward 5% Ethereum Supply Target
The latest purchase exceeded the prior week's 7,430 ETH addition and extended an uninterrupted run of weekly buys dating to June 30, 2025. Bitmine said it is now 96% of the way toward its "Alchemy of 5%" target of roughly 6.035 million ETH.
That leaves the company about 247,586 ETH short of the goal. The pace has slowed from periods earlier in 2026, when weekly purchases topped 100,000 ETH, but the treasury is still expanding as management redirects more capital toward repurchases.
Bitmine's position represents roughly 4.8% of Ethereum's estimated 120.7 million-token supply. The company also reported 208 bitcoin (BTC), $268 million in U.S. dollar reserves and marketable securities, a $180 million stake in Beast Industries, and a $61 million position in Eightco Holdings, a digital asset treasury firm that holds WLD. Altogether, its crypto, cash, and so-called "moonshot" holdings totaled $11.8 billion.
Bitmine Retires 6.1 Million Shares Under $4 Billion Buyback
Bitmine bought back 6.1 million common shares last week after retiring 5.5 million the week before. Since July 1, the company has repurchased 11.6 million shares under its $4 billion authorization.
Bitmine Chairman Tom Lee called it "the largest ever common stock buyback for any ETH or Bitcoin Digital Asset Treasury." He said the company increased repurchases because the ETH/BTC ratio reached a three-month high of 0.3000, even as the odds of the Clarity Act passing in 2026 weakened.
The tradeoff is straightforward but not risk-free. Buying ETH raises the company's exposure to Ethereum, while shrinking the share count can lift ETH per share when BMNR trades below management's estimate of net asset value.
BMNR shares rose more than 9% after the announcement, and by 12 p.m. EDT on Monday, Bitmine shares were exchanging hands for $17.39. Still, BMNR is down 37% year-to-date and 41% over the last six months.
Staking Operations Project $299 Million Annual Revenue
Bitmine said 4,917,189 ETH, or 85% of its holdings, is staked. At a recent seven-day annualized yield of 2.65%, the company projects about $254 million in yearly staking revenue.
Management estimates revenue could reach roughly $299 million once the full treasury is staked through its Made in America Validator Network, known as MAVAN, and outside partners. That income stream separates Bitmine from bitcoin treasury companies, whose core holdings produce no native protocol yield.
Still, yield does not erase the central risks. Ethereum price swings directly affect treasury value, while staking operations, tax treatment, accounting rules, and BMNR's premium or discount to net asset value can all alter shareholder outcomes.
FAQ
What did Bitmine disclose on July 26?
Bitmine disclosed it held 5,787,414 ETH worth approximately $11.27 billion as of 7 p.m. EDT on July 26, according to an SEC filing. The company purchased 9,946 ETH and retired 6.1 million common shares.
How much of Ethereum's supply does Bitmine hold?
Bitmine's position represents roughly 4.8% of Ethereum's estimated 120.7 million-token supply. The company is 96% of the way toward its "Alchemy of 5%" target of roughly 6.035 million ETH, leaving about 247,586 ETH short of the goal.
How much staking revenue does Bitmine project?
Bitmine said 85% of its holdings is staked. At a recent seven-day annualized yield of 2.65%, the company projects about $254 million in yearly staking revenue. Management estimates revenue could reach roughly $299 million once the full treasury is staked through its Made in America Validator Network and outside partners.
