BitMine Immersion Technologies acquired another 7,391 ETH over the past week, pushing its total Ethereum holdings to 5.81 million tokens — about 4.8% of ETH's entire 120.7 million supply. The company has now staked 5,067,309 of those tokens, roughly 87% of its total holdings, putting its staked position above the 5 million ETH mark for the first time.
According to BitMine's own announcement, the ETH position is worth roughly $11.2 billion at current prices, and combined with $104 million in cash and marketable securities plus additional venture positions in Beast Industries and Eightco, the company's total crypto and cash holdings now stand at $11.6 billion.
A Weekly Buying Streak Approaching Its Target
The latest purchase is part of a run BitMine has kept up since June 30, 2025, buying ETH every week without interruption. The company has described its accumulation goal as the “Alchemy of 5%” — acquiring 5% of the total ETH supply — and this week's addition puts it at 96% of that target after roughly 14 months of steady buying, a pace that stands in sharp contrast to how quickly some bitcoin treasury companies have reversed course on their own holdings this year.
Staking Infrastructure Doing the Heavy Lifting
Rather than simply holding ETH passively, BitMine has built out staking infrastructure — a platform it calls MAVAN — that the company projects could generate $294 million in annualized rewards once running at full capacity. That staking yield is a meaningful part of the investment case: with 87% of holdings staked, BitMine is treating its ETH position less like a passive treasury asset and more like an income-generating business line.
Related: Strategy Sells 1,690 BTC for $108.6M to Fund Preferred Stock Buyback
The company has also been buying back its own stock, repurchasing 19.1 million shares since July 2026 under a $4 billion program — running a dual strategy of accumulating the underlying asset while also signaling confidence in its own equity, even as some corporate crypto treasuries elsewhere have been doing the opposite with their holdings this year.
With the 5% ETH supply target now 96% complete, the more interesting question going forward may be what BitMine does once it actually gets there — whether the weekly buying continues, slows, or shifts entirely toward optimizing yield on the position it has already built.
