Bitmine Ethereum holdings reach 5.79 million ETH as treasury hits $11.8B

Bitmine Ethereum holdings have climbed to 5.79 million ETH, the crypto treasury firm said Sunday, putting the company close to its stated goal of holding 5% of Ethereum’s supply. For retail investors watching ETH, the update shows how public companies are turning crypto balance sheets into a core strategy, with staking income and share buybacks tied to token prices.

BitMine Immersion Technologies said its combined crypto, cash, marketable securities and strategic investments now total $11.8 billion. The company said its ETH position is worth about $11.3 billion and equals roughly 4.8% of Ethereum’s circulating supply.

How much Ethereum does Bitmine own?

Bitmine said it holds 5.79 million ETH, which it also rounded to 5.8 million ETH in its update. The company also reported 208 Bitcoin, valued at about $13.6 million, plus $268 million in cash and marketable securities.

Its non-crypto investments include a $180 million position in MrBeast’s Beast Industries and a $61 million investment in Eightco Holdings, according to the company.

A crypto treasury company uses its balance sheet to hold digital assets, in this case mostly Ethereum, rather than keeping most reserves in cash or traditional investments. That can make the company’s stock more sensitive to the price of the token it owns, while also giving it a way to earn staking rewards if the assets are put to work on the network.

What Bitmine is doing with its ETH

Bitmine said 4.9 million ETH is now staked through its Made in America Validator Network, known as MAVAN. Staking means locking ETH to help validate transactions on Ethereum’s proof-of-stake network, in exchange for rewards paid by the protocol.

The company launched MAVAN in March to support institutional staking. Bitmine said it expects about $299 million in annualized staking rewards once all of its ETH is staked through MAVAN and its partners.

Chairman Tom Lee said in the company’s statement that Bitmine increased its stock repurchase activity because it views the ETH-to-Bitcoin ratio as a sign that crypto prices are strengthening, even as he cited lower odds for passage of the Clarity Act in 2026. Lee said the ratio had reached a three-month high of 0.3000 and said the company believes that points to possible further strength in ETH prices.

Bitmine said it bought back 6.1 million shares over the past week under a previously approved $4 billion repurchase program. Since July 1, the company said total buybacks have reached 11.6 million shares.

How Bitmine got here

The latest update follows several months of expansion under Lee. Bitmine passed 5 million ETH in April, according to the company. In May, Lee said Bitmine’s addition to the Russell 1000 Index could help widen its institutional investor base as its ETH holdings reached about 4.3% of Ethereum’s circulating supply.

In June, Bitmine completed a preferred stock offering that raised nearly $274 million, which the company said would support more Ethereum purchases, infrastructure spending, stock buybacks and the growth of MAVAN. Earlier this month, the company said it bought another $73 million of ETH, pushing its holdings above 5.74 million ETH before the latest update.

ETH was trading around $1,900 with a market value of about $232 billion, according to the market data cited in the company coverage.

This story draws on original reporting from Decrypt.