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

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.

BitMine's latest filing also revised its annual staking revenue projection upward to $257 million, with Chairman Tom Lee suggesting the figure could reach $294 million once all holdings are routed through the company's MAVAN validator network—a meaningful increase from the $194 million estimate cited in prior disclosures. The company's Bitcoin position ticked up slightly to 209 coins, while its Beast Industries stake is now valued at $180 million and its Eightco Holdings position at $69 million, the latter offering indirect exposure to OpenAI through Eightco's Worldcoin holdings. BitMine was added to the Russell 1000 large-cap index on June 26, and its preferred shares now trade on the NYSE under the ticker BMNP. Notable institutional backers disclosed in the update include Ark Invest, Founders Fund, Pantera, Galaxy Digital, Kraken, DCG and Bill Miller III.

On-chain data tracked by blockchain analytics terminals showed BitMine receiving an additional 13,000 ETH—worth roughly $24.39 million—from custodian BitGo shortly after the weekly holdings update was published, indicating accumulation continues beyond the reported 7,391-eth weekly pace. Chairman Tom Lee also outlined what he described as an "Ethereum 2.0" thesis, arguing the network is shifting from a phase driven by ICOs, NFTs and ETF inflows toward one anchored by institutional-grade tokenization. He cited BlackRock's BUIDL fund, JPMorgan's MONY token, Securitize and Ondo Finance as evidence of accelerating real-world asset migration on-chain, while highlighting Robinhood Chain—which launched in July on Arbitrum and has already processed over $1 billion in volume with ETH as its native gas token—as a concrete example of ETH beginning to function as settlement money within decentralized financial rails.

(as of 05:27 UTC) COINOTAG's proprietary 42-indicator composite S/R scoring engine rates Ethereum's nearest support at $1,874.89 with an 88/100 score, driven by Flip R→S, Fibo 0.382, Value Area Low and LVN confluence. The $1,892.52 resistance scores 78/100, backed by Flip S→R, Pivot Point, Ichimoku Kijun and BB Middle, while the $1,944.35 ceiling scores 61/100 from Swing High, BB Upper, Fibo 0.500 and R2. Spot trading at $1,876.76 and a 2.12% daily decline leave ETH sideways. Derivatives show a slightly negative perp funding rate of -0.0010%, $7.54 billion open interest and a 2.08 long/short account ratio (67.5% long / 32.5% short), indicating retail longs remain crowded despite a COINOTAG Fear and Greed reading of 29/100. A reclaim of $1,892.52 favors a move toward $1,944.35; a daily close below $1,823.09 invalidates the near-term bullish case.