BitMine nears 5% Ethereum target with new ETH purchase

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BitMine expands Ethereum holdings

Highlights

BitMine now holds 5.79 million ETH.
The company has reached about 96% of its 5% ETH target.
About 85% of its ETH is staked.
BitMine repurchased 6.1 million shares last week.

According to Crypto.News, BitMine acquired an additional 9,946 ETH, bringing its total holdings to 5,792,414 ETH, equivalent to roughly 4.8% of Ethereum's reported circulating supply of 120.7 million coins. The company estimates its digital asset and investment portfolio at $11.8 billion, including 208 Bitcoin, $268 million in cash and marketable securities, and equity stakes in Beast Industries and Eightco Holdings.

Treasury strategy centers on Ethereum

BitMine launched its Ethereum treasury strategy in June 2025 and has added to its position every week since then. The company refers to its long-term objective as the "Alchemy of 5%," targeting ownership of approximately 6.04 million ETH. Based on current supply, BitMine has completed about 96% of that goal and needs fewer than 250,000 ETH to reach the target.

Ethereum remains the dominant asset on the company's balance sheet, increasing its exposure to fluctuations in ETH prices. Regulatory filings also highlight risks tied to digital assets, including market volatility, liquidity constraints, custody arrangements, and potential unrealized losses.

Beyond simply holding Ethereum, BitMine has staked 4.92 million ETH, or about 85% of its total holdings, through its Made in America Validator Network and other partners. Using the company's reference ETH price of $1,948, the staked position is valued at approximately $9.6 billion.

Staking revenue and share buybacks grow

Staking has become BitMine's largest operating business. During the quarter ended May 31, the company generated $45.7 million in staking and validation revenue, representing approximately 98% of total quarterly revenue.

Management estimates current staking activity could generate roughly $254 million in annualized revenue based on recent network yields, although actual rewards depend on Ethereum network participation, validator performance, and protocol conditions.

Alongside expanding its Ethereum treasury, BitMine repurchased 6.1 million common shares during the latest week under its $4 billion buyback authorization. The company has now repurchased 11.6 million shares since the beginning of July, reflecting continued confidence in its capital allocation strategy while increasing its exposure to Ethereum.

Ethereum bets continue to expand

BitMine's strategy highlights a growing trend among publicly traded companies that are building cryptocurrency treasury reserves beyond Bitcoin. At the same time, concentrating most of its assets in Ethereum leaves the company closely tied to ETH prices, staking yields, and future regulatory developments.

We also reported Bank of America boosts BitMine stake to $86 million.

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