Bitmine Immersion Technologies disclosed $11.3B in holdings, including 5.8M ether, of which 4.9M is staked. Chairman Lee said the company is 96% toward its 5% ether ownership goal. The stock is the most actively traded crypto treasury after MSTR.
Bitmine Immersion Technologies now holds $11.3 billion in crypto, cash and marketable securities, including 5.8 million ether tokens. The company disclosed the figure in a press release Monday, adding that 4.9 million of those ether are staked on its MAVAN platform, generating an annualized yield of 2.67%.
Chairman Thomas Lee said the ether outperformance against the Nasdaq 100 in July was the largest since July 2025. ETH rose 25 percentage points more than QQQ last month. Lee said that pattern, when it has occurred before, was followed by Bitmine shares outperforming ether over the following month. The company repurchased 4.5 million common shares in the past week, bringing the total buyback under a $4 billion program to 16.1 million shares.
Bitmine is 96% of the way to its goal of owning 5% of all ether, Lee said. The company has bought ether every week since it launched the treasury strategy on June 30, 2025. Over the past week it acquired 10,399 ether.
The staking operation, called MAVAN, now handles 4,917,189 ether, worth $9.2 billion at $1,880 per token. Lee projected annualized staking rewards of $291 million once the full stash is staked, and $247 million in the current state. The 2.67% seven-day yield is based on the company's own staking operations.
Bitmine's crypto holdings make it the largest ether treasury in the world and the second-largest crypto treasury behind Strategy Inc. (NASDAQ: MSTR), which holds 843,775 bitcoin worth about $57 billion. Bitmine's shares trade on the NYSE under BMNR. The stock ranks 180th by average daily dollar volume among US-listed stocks, at $698 million, according to Fundstrat data. That places it behind Schlumberger NV (rank 179) and ahead of Marsh & Mclennan (rank 181).
The company also holds $61 million in Eightco (NASDAQ: ORBS), which Lee described as one of the few publicly traded equities offering indirect exposure to OpenAI.
Bitmine's Series A Preferred Stock trades under the symbol BMNP. The company was added to the Russell 1000 Large-cap index on June 26.
Lee said management believes the GENIUS Act and the SEC's Project Crypto initiative could be as transformative for financial services as the end of the Bretton Woods system in 1971. He did not provide a timeline for the legislation or the SEC project.
The risk in the stack
Bitmine's treasury is concentrated in a single asset. Ether's price fell 24% from its May peak of $2,471 to the $1,880 level at which the company values its stake. A further decline would reduce the value of the company's crypto holdings, compress the equity book value, and could pressure the stock price. The company's $4 billion buyback program, if executed at higher prices, would also be less accretive.
Staking yields are not guaranteed. The 2.67% annualized figure is based on the current network issuance rate, which can change with protocol upgrades or shifts in total staked supply. A drop in staking rewards would lower the projected $247 million to $291 million in annual revenue.
Regulatory risk remains. The GENIUS Act and SEC Project Crypto are not yet law. Changes in US digital asset policy could affect the company's ability to stake, hold, or report its holdings. The company's forward-looking statements in the press release caution that actual results may differ.
What would reduce the risk
Ether's price stabilising or rising above recent levels would protect the treasury's value. Continued outperformance of ether against broad equity indexes, as in July, would support the thesis that the company's strategy is working. The weekly buyback, if sustained, could provide a floor for the stock.
What would make it worse
A sharp correction in ether, similar to the 2022 drawdown, would erase a large portion of the treasury's value. A regulatory crackdown on staking or on corporate crypto holdings could force the company to unwind positions. The concentration in a single token leaves no diversification buffer.
AlphaScala context
Among the stocks mentioned in the release, MSTR carries an Alpha Score of 27, indicating weak momentum, while QQQ scores 44, a mixed signal. Schlumberger, the comparator by volume rank, has a Moderate Alpha Score of 62.
Prepared with AlphaScala editorial tooling from the source reporting linked above. Indexable analysis may include a cited Alpha Score value. Publishing checks screen each story before release. Educational coverage, not personalized advice.