Bitmine now holds 5,787,414 ETH — 4.8% of the total 120.7 million supply — as of July 26, the company disclosed this week. The stash, worth $11.8 billion when including cash, securities, and other crypto bets, makes Bitmine the world's largest Ethereum treasury and the second-largest crypto treasury overall behind Strategy Inc. The firm also said it repurchased 6.1 million shares in the past week, part of a $4 billion buyback program that's now retired 11.6 million shares since July 1.
5.8 million ETH and counting
Bitmine has bought ETH every week since it launched its treasury strategy on June 30, 2025. The bulk of its holdings — 4,917,189 ETH — is staked on MAVAN, the company's institutional-grade staking platform. That staked position alone is projected to generate $299 million in annualized rewards based on a 2.65% 7-day yield, with annualized staking revenues pegged at $254 million.
Beyond Ethereum, Bitmine holds 208 Bitcoin, a $180 million stake in Beast Industries, and a $61 million stake in Eightco Holdings. Cash and marketable securities total $268 million.
Buyback blitz
The $4 billion buyback program is moving fast. After buying 6.1 million shares last week, Bitmine has now repurchased 11.6 million shares in less than a month. The stock's average daily dollar volume sits at $597 million, giving the company plenty of liquidity to keep buying. Chairman Tom Lee has cited a rising ETH/BTC ratio and price targets of $2,000 and $2,500 for ETH as part of the rationale.
Staking revenue engine
MAVAN, Bitmine's staking platform, is the main driver of recurring revenue. With nearly 5 million ETH staked, the company earns a cut of the staking rewards. The projected $299 million in annualized rewards and $254 million in staking revenues underscore how the treasury isn't just sitting idle — it's working.
Who's backing Bitmine
Institutional investors include ARK's Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and Tom Lee himself. Bitmine's Series A Preferred Stock trades on the NYSE under BMNP. The company was added to the Russell 1000 Large-cap index on June 26, giving it another stamp of institutional legitimacy.
Bitmine has bought ETH every week since launching its treasury strategy last year — a streak that shows no sign of slowing.
