Bitmine Marches Toward 5% of Ethereum Supply After Fresh ETH Buy and Share Purge

As of 7 p.m. EDT on July 26, Bitmine disclosed it held 5,787,414 $ETH worth about $11.27 billion at a Coinbase price of $1,948. The company announced the purchase the following Monday and said that the position represents roughly 4.8% of ethereum’s estimated 120.7 million-token supply.

Bitmine also reported 208 bitcoin ($BTC), $268 million in U.S. dollar reserves and marketable securities, a $180 million stake in Beast Industries, and a $61 million position in Eightco Holdings, a digital asset treasury (DAT) firm that holds WLD. Altogether, its crypto, cash, and so-called “moonshot” holdings totaled $11.8 billion.

Bitmine Closes In on Its 5% Target

The latest purchase exceeded the prior week’s 7,430 $ETH addition and extended an uninterrupted run of weekly buys dating to June 30, 2025. Bitmine said it is now 96% of the way toward its “Alchemy of 5%” target of roughly 6.035 million $ETH.

That leaves the company about 247,586 $ETH short of the goal. The pace has slowed from periods earlier in 2026, when weekly purchases topped 100,000 $ETH, but the treasury is still expanding as management redirects more capital toward repurchases.

Bitmine bought back 6.1 million common shares last week after retiring 5.5 million the week before. Since July 1, the company has repurchased 11.6 million shares under its $4 billion authorization.

Bitmine Chairman Tom Lee called it “the largest ever common stock buyback for any $ETH or Bitcoin Digital Asset Treasury.” He said the company increased repurchases because the $ETH/$BTC ratio reached a three-month high of 0.3000, even as the odds of the Clarity Act passing in 2026 weakened.

The tradeoff is straightforward but not risk-free. Buying $ETH raises the company’s exposure to Ethereum, while shrinking the share count can lift $ETH per share when BMNR trades below management’s estimate of net asset value.

Staking Turns the Treasury Into Revenue

Bitmine said 4,917,189 $ETH, or 85% of its holdings, is staked. At a recent seven-day annualized yield of 2.65%, the company projects about $254 million in yearly staking revenue.

Management estimates revenue could reach roughly $299 million once the full treasury is staked through its Made in America Validator Network, known as MAVAN, and outside partners. That income stream separates Bitmine from bitcoin treasury companies, whose core holdings produce no native protocol yield.

Still, yield does not erase the central risks. Ethereum price swings directly affect treasury value, while staking operations, tax treatment, accounting rules, and BMNR’s premium or discount to net asset value can all alter shareholder outcomes.

BMNR shares rose more than 9% after the announcement, and by 12 p.m. EDT on Monday, Bitmine shares were exchanging hands for $17.39. Still, BMNR is down 37% year-to-date and 41% over the last six months.

Investors will now watch whether Bitmine reaches the 5% threshold, keeps buying $ETH every week, and continues using its buyback authorization as aggressively as it did in July.