Bitmine Adds 10,399 More Ether, Continues Stock Buyback Push

Bitmine Immersion purchased another 10,399 ETH last week, worth approximately $19.1 million at current prices. The move lifted the company’s total holdings to nearly 5.8 million ETH, roughly 4.8% of Ethereum’s entire circulating supply, according to a Monday company update. The purchase closely matched the prior week’s acquisition of 9,946 ETH, continuing a weekly buying pattern the firm has maintained since launching its Ethereum treasury strategy in mid-2025.

Buyback Program Also Expands

Alongside its ether purchases, Bitmine repurchased 4.5 million shares of its own common stock, bringing total recent buybacks to 16 million shares.

Chairman Points to Ether’s Strength Against Tech Stocks

Chairman Tom Lee highlighted ether’s performance relative to the Nasdaq 100 as a sign of improving crypto fundamentals, noting that ether outperformed the index by 2,500 basis points in July, its strongest showing since mid-2025. Lee pointed out that a similar outperformance last year preceded a rally that pushed ether from around $2,375 to over $4,000 within a month.

Company Holdings and Staking Revenue

Bitmine’s total crypto, cash and marketable securities reached $11.3 billion as of August 2. The firm has staked roughly 85% of its ether holdings and projects annualized staking revenue near $247 million.