Bitmine Immersion Technologies (BMNR) shares traded at $16.05, gaining 2.29% after the company disclosed an $11.5 billion crypto treasury. The stock advanced during morning trading before easing from its session high and holding near the $16 level. The update highlighted continued Ethereum accumulation, a large share repurchase and expanding staking operations.
Bitmine Immersion Technologies, Inc., BMNR
Bitmine reported total crypto holdings, cash, marketable securities and strategic investments worth approximately $11.5 billion as of July 19. The company held 5,777,468 ETH valued at $1,879 each and 207 Bitcoin. Additionally, it reported $385 million in cash and marketable securities.
The treasury also included a $180 million stake in Beast Industries and a $58 million investment in Eightco Holdings. Together, those strategic positions formed part of the company’s additional investment portfolio. Bitmine strengthened its balance sheet beyond direct cryptocurrency holdings.
The company stated that its Ethereum holdings represent about 4.8% of the estimated 120.7 million ETH supply. Therefore, Bitmine remains the largest corporate Ethereum treasury globally. Meanwhile, Strategy continues to hold the largest overall crypto treasury through its reported Bitcoin reserves.
Bitmine repurchased approximately 5.5 million common shares during the past week at an average price of $15.6156. The transaction formed part of the previously approved $4 billion share repurchase program. Moreover, the company continued buying Ethereum despite directing capital toward the buyback.
Chairman Thomas Lee said, “We view the purchase of our common shares as accretive to shareholder value.” He also said the company acquired 7,430 ETH during the week. Ethereum purchases slowed because the share repurchase received greater capital allocation.
Bitmine has purchased Ethereum every week since launching its Ethereum Treasury Strategy on June 30, 2025. The company maintained its long-term accumulation plan while reducing outstanding shares. The combined approach increased both treasury size and capital management activity.
Bitmine reported that 4,917,189 ETH currently remain staked through its MAVAN institutional staking platform. Based on the reported Ethereum price, those staked assets carry an estimated value of about $9.2 billion. The staked amount represents roughly 85% of the company’s total Ethereum holdings.
The company projected annualized staking rewards of approximately $290 million when all Ethereum becomes fully staked. It also projected annualized staking revenue of about $247 million using a reported seven-day yield of 2.67%. Staking continues supporting Bitmine’s broader treasury strategy alongside asset accumulation.
Earlier this year, Bitmine introduced the Made in American VAlidator Network, known as MAVAN, to manage institutional Ethereum staking. The platform initially supported the company’s treasury operations before expanding toward custodians and institutional clients. Meanwhile, management linked recent U.S. digital asset policy developments with long-term financial market modernization, reinforcing the company’s focus on Ethereum-based infrastructure and treasury growth.
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