BitMine Adds 7,391 Ethereum (ETH) in Treasury Buy

Ethereum News

BitMine Immersion Technologies added 7,391 Ethereum (ETH) to its treasury over the past week, according to the company's Aug. 10 holdings update, extending a buying campaign that began after its June 2025 treasury pivot. The latest purchase lifts BitMine's total position to roughly 5.81 million ETH, equivalent to about 4.8% of total supply and 96% of its stated goal of controlling 5%. The update places the broader balance sheet at approximately $11.6 billion when crypto, cash, marketable securities, a smaller Bitcoin position and other investments are combined. Those other holdings include stakes in Eightco Holdings and Beast Industries, alongside 206 Bitcoin. The latest acquisition was smaller than the prior week's 10,399 ETH. The company also reported that 5,067,309 ETH are now staked, or about 87% of the treasury, a position valued near $9.8 billion at recent market prices. With a seven-day annualized yield of 2.63%, BitMine projects about $194 million in annual staking rewards if that rate persists. That income stream has become central to the business: prior company disclosures show staking and validation produced $45.7 million in its latest reported quarter, accounting for 98% of revenue. Such concentration removes a large amount of ETH from liquid circulation, but it also ties the company's results to Ethereum price swings, validator yields and network issuance policy. BitMine continued its equity repurchase program as well, buying back 3 million BMNR shares and taking cumulative repurchases to 19.1 million under a $4 billion authorization. Chairman Tom Lee said management still considers the shares undervalued and argued that phases in which Ethereum outperforms Bitcoin have often been followed by BMNR outperforming Ethereum during the next month. The stock slipped 2.44% to $18.36 after encountering resistance near $18.63, leaving it below its 100-day average and well under the 200-day average around $24.31. For altcoin investors, the update underscores how concentrated corporate treasuries can affect liquid supply, validator economics and market structure.

The cash side of BitMine's strategy is becoming more constrained. The company's latest figures show cash and marketable securities fell to $104 million, down from $173 million a week earlier and $482 million on July 12, a 78% decline over roughly one month. The latest purchase itself was modest by BitMine's recent standards: 7,391 ETH worth about $14 million as of Friday evening, taking the precise holdings figure to 5,805,238 ETH. Total crypto, cash and so-called moonshot investments rose to $11.6 billion from $11.3 billion, helped by a 2.6% weekly gain in ETH to $1,928, which added about $280 million to the portfolio's value. The company's 4.8% supply position has now held steady for five consecutive weeks, leaving its Alchemy of 5% goal approximately 229,800 ETH away. At the latest weekly pace, reaching 5% of Ethereum's 120.7 million supply would require about 31 more weeks. BitMine has purchased ETH every week since launching the strategy on June 30, 2025, including $214 million during an earlier selloff and $49 million in July amid interest in Robinhood Chain. Lee also said he was disappointed that the CLARITY Act would not receive a Senate vote before the August recess, while softer inflation and jobs data reduced September Federal Reserve hike odds from 75% to 40%, though they later moved back to 46%. Chairman Tom Lee called the buyback program the largest executed by a crypto treasury company, with 3 million shares repurchased this week, down from 4.5 million, and 19.1 million total since July 1 under a $4 billion authorization. The shrinking cash buffer raises a practical question: whether future accumulation will rely more on staking revenue, equity issuance or asset sales, particularly if ETH remains far below its prior all-time-high and treasury vehicles trade under pressure in a bear market for risk assets. The concentration also has implications for liquidity across exchanges and automated market maker pools.

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates Ethereum's nearest support at $1,856 with a 92/100 score, driven by BB Lower and Fibo 0.382 confluence. The $1,902 resistance scores 59/100, backed by SMA 100 and EMA 100, while the stronger $2,046 ceiling scores 62/100 from EMA 200 and SMA 200. Spot trading at $1,871.11 and a 2.78% daily decline leave ETH sideways. Derivatives show a slightly negative perp funding rate, $7.47 billion open interest and a 2.00 long/short account ratio, indicating retail longs remain crowded despite a COINOTAG Fear and Greed reading of 30/100. A reclaim of $1,902 favors a move toward $2,046; a daily close below $1,824 invalidates the near-term bullish case.