BitMine Immersion Technologies expanded its Ethereum holdings during the week ended August 2, purchasing 10,399 ETH and bringing its total to 5,797,813 ETH. The company reported that this figure now represents 4.8% of Ethereum’s entire token supply, which totals 120.7 million ETH. Alongside the crypto purchase, BitMine repurchased 4.5 million shares under its ongoing $4 billion buyback program.
Ongoing Ethereum accumulation and market impact
The digital asset treasury firm, which focuses on Ethereum accumulation strategies, maintained its weekly purchase rhythm with the latest move. BitMine, which shifted to this accumulation approach last year, had added 9,946 ETH just one week earlier. These additions occurred despite a broader downturn in cryptocurrency markets and ongoing paper losses tied to the firm’s substantial Ethereum position.
Data from DropsTab indicated that BitMine, which trades on the NASDAQ under the ticker BMNR, is facing unrealized losses of approximately $8.8 billion from its Ethereum portfolio. This valuation is subject to market fluctuations, making the actual impact variable over time.
Despite short-term declines in the broader cryptocurrency market, BitMine continued building its Ethereum position on a weekly basis, even in the face of significant unrealized portfolio losses.
Chairman Tom Lee repeated a positive stance on Ethereum, noting in July that returns on the cryptocurrency outpaced the Nasdaq 100 by 25%. He discussed Ethereum’s market performance as a key pillar of BitMine’s treasury strategy.
Lee specifically pointed to the increase in ETH price from $2,375 in July 2025 to $4,057 by the end of August, though he also cautioned that historical gains are not a guarantee of future performance for either Ethereum or BMNR stock.
| Metric | Value |
|---|---|
| Recent ETH Purchase | 10,399 ETH |
| Total Holdings | 5,797,813 ETH |
| ETH Supply Percentage | 4.8% |
| Unrealized Losses | $8.8 billion |
Staking strategy and rewards
BitMine confirmed that a significant portion of its Ethereum holdings are allocated to staking, with 4,917,189 ETH reportedly staked, totaling a value of roughly $9.2 billion. Based on its estimates, annualized staking rewards reach $247 million, though these figures can vary with staking yields and validators’ reliability.
Staking allows BitMine to generate rewards denominated in ETH, while simultaneously holding Ethereum on its balance sheet. Dollar-denominated rewards, however, remain subject to market volatility and performance of the broader cryptocurrency ecosystem.
The company’s approach provides US investors with indirect stock market exposure to Ethereum. Unlike a spot exchange-traded fund, BMNR stock exposes shareholders to both the cryptocurrency and corporate factors like management decisions and capital allocation strategies.
Additional risks to shareholders include volatility in the cost basis, potential dilution from capital raises, various financing choices, and operational complexities connected to staking activity.
BMNR shares rose following the announcement of the recent Ethereum purchase and share buyback. The stock traded at $17.34, marking a 0.38% increase, according to Yahoo Finance.
Tom Lee also cited historical correlations among Ethereum, the Nasdaq 100 (tracked by QQQ), and BMNR shares. He observed that in past months, when ETH outperformed QQQ, BMNR typically delivered enhanced returns the following month.
BitMine Immersion Technologies operates as an Ethereum-focused treasury company specializing in large-scale digital asset accumulation, staking, and providing alternative stock market exposure to the blockchain sector.
Mini dictionary: Staking, a process allowing users to lock up their cryptocurrency—such as Ethereum—in a blockchain network to help validate transactions and secure the network. In return, participants receive staking rewards, typically paid in the same cryptocurrency.
