Bitmine owns 4.8% of all Ethereum with 5.82 million ETH

Bitmine Immersion Technologies (NYSE: BMNR) is further expanding its Ethereum position. The company bought an additional 9,926 ETH last week, bringing its total holdings to 5,815,164 ETH. That represents 4.8% of the total Ethereum supply of 120.7 million coins. At the same time, Bitmine reports that the combined value of crypto, cash, marketable securities and other investments stood at $11.4 billion on 16 August.

Ethereum is available at OKX and Bybit.

In short:

• Bitmine holds 5.82 million ETH, 4.8% of the total supply, with a total portfolio value of $11.4 billion.
• 87% of the ETH holdings are staked, with an expected annual staking yield of $250 million.
• The company bought back 1.7 million of its own shares last week, bringing the total buyback programme to more than 20.8 million shares.

Staking generates $250 million per year

Of its total ETH holdings, Bitmine has staked 5,067,309 ETH through its own validators and staking partners. This represents a value of $9.6 billion at a price of $1.893 per ETH. It concerns 87% of the company’s total ETH assets.

According to the press release on PR Newswire, the expected annual staking yield is approximately $250 million, based on a seven-day annualised return of 2.61%. Once the full ETH portfolio is staked through its own MAVAN platform, the company estimates the yield at $287 million per year. MAVAN, which stands for the Made in America VAlidator Network, is the institutional staking platform that Bitmine launched earlier in 2026.

In addition to its ETH assets, Bitmine also holds 210 Bitcoin, a $180 million stake in Beast Industries and $73 million in Eightco Holdings (NASDAQ: ORBS), a listed company that offers indirect exposure to OpenAI. Cash and marketable securities amount to $78 million.

Chairman sees ETH/BTC ratio as a positive sign

Thomas Lee, chairman of Bitmine, points to the rising ETH/BTC ratio as a sign that markets are beginning to price in the emergence of tokenisation and AI applications. According to him, previous crypto cycles benefited from ICOs, NFTs and stablecoins respectively, while he expects the current cycle to be driven by Wall Street tokenising assets on the blockchain and by AI using blockchains. These are Lee’s own statements, not established facts.

Lee also states that Bitmine’s own shares are undervalued. Last week, the company bought back 1.7 million of its own shares. Since early July 2026, the total buyback programme has already reached more than 20.8 million shares, within a previously approved share buyback programme of $4 billion. According to the company, this is the largest share buyback programme ever executed by a crypto treasury company.

Bitmine describes itself as the largest Ethereum treasury in the world and the second-largest crypto treasury globally, after Strategy Inc., which according to its own statements holds 840,447 Bitcoin worth approximately $58 billion. The company aims to eventually control 5% of the total ETH supply and says it has succeeded in 96% of that goal, more than 14 months after the start of that strategy.