Bitmine Stock Surges 13% on Monday as ETH Treasury Hits 5.79 Million Tokens

According to an official statement, Bitmine Immersion Technologies (BMNR) shares surged 13% on Monday, July 28, becoming Wall Street's best-performing stock of the day. The move came after the company disclosed holdings of 5.79 million ETH tokens, valued at $11.8 billion in total crypto, cash, and equity stakes. The ETH position represents 4.8% of Ethereum's 120.7 million circulating supply, bringing Bitmine near its 5% accumulation target set 13 months ago.

Bitmine repurchased 6.1 million shares last week, bringing total buybacks to 11.6 million since July 1 under a $4 billion program launched at its April NYSE debut. Chairman Tom Lee stated: "Bitmine has bought ETH every week since the inception of the ETH Treasury Strategy on June 30, 2025." The firm also operates MAVAN, its Ethereum staking network, currently generating $254 million in projected annualized staking revenue.