Bitmine Immersion Technologies now holds 5,805,238 ETH worth roughly $11.2 billion, according to a company announcement dated August 9. Combined with 209 BTC, a $180 million stake in Beast Industries, a $69 million position in Nasdaq-listed Eightco Holdings, and $104 million in cash and marketable securities, Bitmine's total crypto and cash holdings reach $11.6 billion.
The 5.8 million ETH figure represents about 4.8% of ether's roughly 120.7 million total supply, putting the company 96% of the way toward the self-described “Alchemy of 5%” target it set 14 months ago, an explicit goal of accumulating 5% of all ETH in circulation.
Staking is doing the heavy lifting
Bitmine isn't simply warehousing its ether. The company has 5,067,309 ETH, 87% of its total holdings, actively staked through its own MAVAN (Made in America VAlidator Network) infrastructure, generating a current annualized yield of 2.63%. At full scale, Bitmine projects staking rewards of $294 million a year, against a current run-rate of roughly $257 million, meaning the company is already capturing the large majority of the yield it expects once remaining unstaked positions are deployed.
That staking-heavy approach distinguishes Bitmine's strategy from bitcoin-focused treasury companies, which have no equivalent yield mechanism available to them. For a company built around accumulating a single asset, converting the bulk of that position into a yield-generating validator stake gives Bitmine a recurring cash flow that pure price-appreciation treasuries lack.
Related: SharpLink Posts $394M Q2 Loss as ETH Staking Revenue Jumps 1,500%
Buybacks and a macro tailwind
Alongside the treasury update, Bitmine disclosed it repurchased 3 million shares in the past week, bringing total buybacks to 19.1 million shares since July under a $4 billion authorization, a signal the company sees its own stock as undervalued relative to its underlying ETH holdings. Chairman Tom Lee, who has built a public profile around bullish macro calls, pointed to “softer inflation and jobs data” as pulling the market's estimate of a Federal Reserve rate hike down from 75% to 40%, a shift he argued could benefit crypto markets broadly.
Bitmine's addition to the Russell 1000 large-cap index on June 26 has also broadened its investor base beyond crypto-focused funds, giving the company's ETH accumulation strategy exposure to passive index capital that wouldn't otherwise touch a digital-asset treasury vehicle directly.
