- Bitmine acquired roughly $19.55 million worth of Ethereum tokens over the past week, increasing its reserves to approximately 5.8 million ETH.
- The company now controls more than 4.8% of Ether’s circulating supply.
- Chairman Tom Lee expects the business to generate up to $247 million in passive income annually from its staked ETH.
- It also outperformed the Nasdaq-100 by 2,500 bps in July.
Bitmine Immersion Technologies (BMNR) continued its streak of weekly Ethereum (ETH) token acquisitions since the inception of its digital asset treasury (DAT) strategy in June last year. The company has also executed a major common stock repurchase over the past week to strengthen its balance sheet.
Along the way, Chairman Thomas “Tom” Lee boasted that Bitmine has significantly outperformed a major index.
Bitmine’s Latest Ethereum Purchase
On Monday, Bitmine announced it had bought 10,399 ETH over the past week. The latest batch of transactions cost approximately $19.55 million based on ETH’s prevailing exchange rate of $1,880 per token at the time of the company’s disclosure.
The move increases Bitmine’s crypto portfolio to 5,797,813 ETH, equivalent to roughly $10.9 billion using the same exchange rate. The business has already locked in more than 4.8% of Ether’s 120.68 million circulating supply, edging it closer to its goal of capturing a 5% slice of the network’s tokens under its “Alchemy of 5%” initiative.
Bitmine’s Ether holdings stack with its 209 Bitcoin (BTC) holdings, $180 million stake in Beast Industries, $61 million stake in Eightco Holdings (ORBS), and $173 million in total cash and marketable reserve securities.
To optimize the earning potential of its Ether holdings, Bitmine staked almost 85% of it across its proprietary MAVAN (Made in America Validator Network) platform and partners. Lee projects the venture to generate $247 million in passive income annually for the company.
Outperforming Nasdaq-100
Lee proudly revealed that Bitmine outperformed the Nasdaq-100, a major stock market index tracking 100 of the largest non-financial companies on the Nasdaq exchange, by 2,500 basis points (bps) or 25 percentage points in July. It marked the business’s largest outperformance of the index since July 2025.
The chairman claimed the feat reflected the “strengthening fundamentals of crypto.” Additionally, he highlighted that Bitmine’s consistent performance has enabled it to repurchase 4.5 million shares of its common stock over the past week. He emphasized that the institution’s management team continues to view BMNR as “attractively valued.”
To date, Bitmine remains the largest Ethereum-focused DAT company. The second-largest in this category, Sharplink, trails it by a long shot with its 888,521 ETH portfolio. Meanwhile, it’s second in the global crypto treasury rankings, falling only behind Strategy’s (MSTR) colossal 843,775 BTC holdings.
Due to the persistent market headwinds and bearish sentiment, Bitmine’s unrealized losses in its Ether bet remain at more than $8 billion.
