Bitmine disclosed $11.5B in crypto assets, making it the largest corporate Ethereum holder. It also bought back 5.5M shares last week.
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Shares of Bitmine Immersion Technologies (BMNR) traded at $16.05, up 2.29%, after the company disclosed an $11.5 billion cryptocurrency treasury portfolio that makes it the largest corporate holder of Ethereum. The stock rose in early trading before pulling back from its peak, holding near the $16 level.
The disclosure covers crypto assets, cash, marketable securities, and equity stakes as of July 19. The core position: 5,777,468 ETH at $1,879 per token and 207 Bitcoin. Bitmine also held $385 million in liquid assets and marketable securities.
Strategic investments include a $180 million stake in Beast Industries and a $58 million holding in Eightco Holdings. The company said its Ethereum position represents about 4.8% of the estimated 120.7 million ETH total supply, making it the top corporate Ethereum holder. Strategy (formerly MicroStrategy) remains the largest corporate crypto holder overall through its Bitcoin reserves.
Bitmine bought back roughly 5.5 million common shares over the prior week at an average cost of $15.6155 per share, advancing its $4 billion repurchase program. Chairman Thomas Lee said the share repurchases are "accretive to shareholder value" and noted the company also added 7,430 ETH during the same period. The pace of Ethereum buying moderated as management shifted capital toward the buyback.
Bitmine has acquired Ethereum weekly since launching its Ethereum Treasury Strategy on June 30. It now stakes 4,917,189 ETH – roughly 85% of its total Ethereum – through its MAVAN institutional staking infrastructure, worth about $9.2 billion at current prices. The company projected annualized staking income of roughly $290 million once all ETH is deployed, with current revenue near $247 million based on a reported seven-day yield of 2.67%.
The MAVAN network, launched earlier this year, initially handled internal staking before expanding to custodial partners and institutional clients. Lee tied the buildout to recent U.S. digital asset regulatory developments, framing the treasury strategy and platform as complementary bets on Ethereum's role in financial infrastructure.
The dual approach – buying ETH while buying back stock – reduces the share count even as the crypto position grows. Whether that trade works depends on Ethereum keeping its gains. For now, the market is betting it does.
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