Bitmine Buys 9,946 ETH as Ethereum Treasury Reaches 5.79 Million Tokens

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Bitmine Immersion Technologies (NYSE: BMNR) has expanded its Ethereum treasury with the purchase of 9,946 ETH, bringing its total holdings to 5,787,414 ETH, according to the company’s latest treasury update released on July 27. The acquisition comes as Ethereum continues to recover in price, while Bitmine simultaneously increased its share buyback activity, highlighting a dual capital allocation strategy centered on digital assets and shareholder returns.

The latest purchase keeps Bitmine on track toward its stated objective of owning 5% of Ethereum’s total supply. Based on an estimated circulating supply of 120.7 million ETH, the company now controls approximately 4.8% of all Ether in circulation, making it the world’s largest publicly disclosed corporate Ethereum holder.

At a reference price of $1,948 per ETH, Bitmine’s Ethereum treasury is valued at more than $11.2 billion, while the company’s combined crypto assets, cash, marketable securities and strategic investments total $11.8 billion.

Buybacks increase as Ethereum strategy expands

Alongside its latest Ethereum purchase, Bitmine accelerated its stock repurchase program. The company disclosed that it repurchased 6.1 million common shares during the past week under its previously authorized $4 billion buyback program. Since the beginning of July, total repurchases have reached 11.6 million shares, exceeding the pace reported in previous weekly updates. The move suggests Bitmine is deploying capital across multiple priorities instead of focusing exclusively on treasury expansion.

Bitmine’s Ethereum purchases have also accelerated compared with the previous week. On July 20, the company purchased 7,430 ETH, bringing its total holdings to 5,777,468 ETH. In the latest treasury update released on July 27, the company added another 9,946 ETH, increasing its total holdings to 5,787,414 ETH.

Highlights from the latest treasury update

• Purchased 9,946 ETH during the past week.
• Total Ethereum holdings increased to 5,787,414 ETH.
• Holdings represent approximately 4.8% of Ethereum’s circulating supply.
• Total crypto, cash and marketable securities reached $11.8 billion.
• Repurchased 6.1 million common shares in one week.
• Total buybacks now stand at 11.6 million shares under the existing authorization.
• The company also holds 208 BTC, cash, and strategic equity investments.

Bitmine’s ETH generating staking rewards

Bitmine reported that 4,917,189 ETH, or roughly 85% of its treasury, is currently staked through its validator infrastructure and partner network. Based on current staking yields, the company estimates annualized staking revenue of approximately $254 million, with projected earnings approaching $299 million if nearly all treasury ETH becomes fully deployed across its staking platform.

Unlike Bitcoin treasury companies that rely primarily on price appreciation, Ethereum treasury firms can generate recurring protocol rewards through staking, creating an additional revenue stream while maintaining long-term exposure to the asset.

Ethereum rally lifts treasury value

Bitmine’s latest disclosure comes during renewed strength across the Ethereum market. At 12:27 UTC, ETH traded at $1,947.16, up 3.13% over the previous 24 hours. Daily trading volume climbed 159.57% to $10.69 billion, while Ethereum’s market capitalization reached $234.98 billion, reflecting increased investor activity.

The recovery has boosted the value of corporate Ethereum treasuries, including Bitmine’s balance sheet.

Investors watching concentration and capital strategy

While Bitmine continues to add Ether almost every week, investors are increasingly focused on what large-scale treasury accumulation could mean for Ethereum’s market structure.

The company’s holdings are now approaching one-twentieth of Ethereum’s total supply, a level that could influence staking participation and long-term token availability if accumulation continues. At the same time, Bitmine’s decision to expand share buybacks alongside ETH purchases signals a broader capital allocation strategy rather than an asset acquisition program alone.

With Ethereum trading near recent highs and Bitmine nearing its self-imposed 5% ownership target, market attention is likely to remain on whether the company continues its pace of weekly purchases and how its growing treasury affects both shareholder value and the broader Ethereum ecosystem.