BitMine now holds 4.8% of all Ethereum after $19.4M buy

BitMine Immersion Technologies (NYSE: BMNR) now controls roughly 4.8% of Ethereum's circulating supply after buying nearly 9,950 ETH last week for $19.4 million. The purchase brings the company's total ETH holdings to approximately 5.79 million tokens, valued near $11.3 billion at current prices around $1,950.

The company disclosed the milestone on July 27, 2026. BitMine launched its dedicated ETH treasury strategy in late June 2025, and Chairman Tom Lee said the firm is now 96% of the way toward its stated "Alchemy of 5 percent" objective. At current pace, that target could arrive within weeks.

What does BitMine's portfolio look like?

Beyond the Ethereum position, BitMine holds 208 Bitcoin, $268 million in cash and liquid securities, a $180 million stake in Beast Industries, and a $61 million investment in Eightco Holdings. The company highlights Eightco as one of the few publicly listed vehicles offering indirect exposure to OpenAI.

Combined, these holdings total $11.8 billion. The Ethereum position dominates.

About 85% of BitMine's ETH, some 4.92 million tokens, is actively staked. At the reference price of $1,948, those staked assets are worth roughly $9.6 billion and projected to generate approximately $254 million in annualized rewards. BitMine reports a seven-day annualized yield of 2.65% from its own Made in America Validator Network (MAVAN), an institutional-grade staking operation. Full deployment through MAVAN and partners could push annualized staking income toward $299 million.

Share buybacks signal management confidence

BitMine accelerated its share repurchase activity alongside the ETH accumulation. The firm bought back 6.1 million shares of common stock during the week, bringing total repurchases since early July to 11.6 million shares under a previously authorized $4 billion program.

Lee attributed the stepped-up buybacks to a strengthening ETH-to-Bitcoin ratio, which recently hit a three-month high near 0.30. He pointed to Ethereum prices approaching a 10-week high and suggested potential near-term resistance at $2,000 and $2,500.

Russell 1000 inclusion broadens institutional interest

BitMine joined the Russell 1000 Large-Cap Index in late June 2026. Index inclusion typically forces passive fund managers to buy shares, broadening the company's institutional shareholder base. Its Series A preferred stock trades under ticker BMNP.

The company counts ARK Invest, Founders Fund, Pantera, and Galaxy Digital among its institutional backers. That roster makes BitMine one of the largest known corporate holders of Ethereum globally.

A consistent accumulation strategy

BitMine has maintained a weekly ETH purchasing cadence since launching the strategy more than a year ago. The company buys through market fluctuations rather than timing entries. This latest acquisition continues that pattern.

The 5% supply target matters because concentrated ownership of a major cryptocurrency raises questions about market influence and liquidity. Ethereum's circulating supply sits around 120.7 million tokens. BitMine already controls nearly one in twenty.

Whether BitMine reaches its 5% target depends on how aggressively it deploys capital in coming weeks. Market observers will track both the pace of further acquisitions and whether staking yields hold as more validators enter the network.

Source: Crowdfund Insider