Since introducing its Ethereum [ETH] treasury strategy in June 2025, Bitmine Immersion Technologies has been buying ETH every week, and in the past week it bought 9,946 ETH.
With this acquisition, the company’s total balance sheet value – which includes cash, marketable securities, strategic equity investments, and cryptocurrency assets – was $11.8 billion.
That said, these purchases happened at an average ETH price of $1,948, bringing the company’s total holdings to 5,787,414 ETH.
Bitmine’s ETH strategy
With this, Bitmine’s Ethereum holdings currently make up about 4.8% of the 120.7 million ETH in total supply that is in circulation.
Of that sum, 4,917,189 ETH (or about 85% of its holdings) is already staked through its institutional staking platform, MAVAN (the Made in American VAlidator Network).
With an estimated yearly staking revenue of $254 million and an annualized staking reward of roughly $299 million based on its current staking yield of 2.65%, the company clearly sees staking as a substantial source of recurring income in addition to ETH price appreciation.
Bitmine’s chairman has high hopes
Beyond staking and accumulating, Bitmine Chairman Thomas “Tom” Lee noted,
Bitmine repurchased 6.1 million shares of common stock in the past week, an increase from the 5.5 million purchased the week prior.
He added,
We increased our equity buyback as we view the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign crypto prices are strengthening. In fact, this ratio is now at a 3-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices.
According to Lee, the increased buybacks are a result of better crypto market signals. In particular, the ETH/BTC ratio increased to a three-month high of 0.30, indicating Ethereum is outperforming Bitcoin.
Lee also noted that the next significant price targets for ETH are technical resistance levels of $2,000 and $2,500.
Final Summary
- Bitmine’s Ethereum holdings have surged to $11.8 billion, with the company adding 9,946 ETH in the past week.
- Beyond accumulation, Bitmine emphasizes staking as a recurring income source, projecting that this approach could help drive Ethereum’s price momentum.