BitMine $484M Short of 5% Ethereum Target

On July 20, BitMine reported it held 5,777,468 ETH after purchasing 7,430 tokens the previous week. The latest buy cost about $14 million. Using the company’s estimate of 120.7 million ETH in circulation, a 5% position equals 6.035 million tokens, leaving BitMine 257,532 ETH short of that target. At the $1,879 price BitMine used, the remaining ETH would cost about $483.9 million; that dollar figure will change as ether’s market price and supply move.

The firm slowed its weekly ether purchases as it stepped up repurchases of its own stock. During the same reporting period, BitMine bought about 5.5 million BMNR common shares at an average price of $15.6156, a transaction valued at roughly $85.9 million. Combined with the ether purchase, the company deployed nearly $100 million across ETH and shares. The buyback was carried out under a previously authorized $4 billion repurchase program.

In his July chairman’s message, Thomas “Tom” Lee wrote that the company “intended to approach the 5% level gradually and did not plan to accelerate beyond that concentration threshold,” and said management wanted to avoid building a stake substantially larger than 5% amid changes at the Ethereum Foundation.

BitMine’s pace of accumulation has slowed after several large weekly buys. The company added 27,801 ETH in the prior week and nearly 70,000 ETH during the first two reporting periods of July. The latest 7,430-ETH addition was about 73% smaller than the week before.

Equity issuance to fund ETH purchases has expanded BitMine’s share count. Common shares outstanding exceeded 579.7 million as of May 31, up from 232.4 million at the end of August 2025, according to the company’s most recent quarterly filing. The 5.5 million-share repurchase reduces only a small portion of that increase.

BitMine said its combined cryptocurrency, cash, marketable securities and strategic investments were valued at $11.5 billion as of July 19. Holdings reported included 207 BTC, about $385 million in cash and marketable securities, a $180 million stake in Beast Industries and a $58 million investment in Eightco Holdings. The company remains the largest publicly disclosed corporate holder of ETH.

Staking is the primary source of recurring income from BitMine’s ETH holdings. The company has staked 4,917,189 ETH, roughly 85% of its ether. Based on a reported seven-day yield of 2.67%, BitMine projected annualized staking revenue of about $247 million; it said annual rewards could reach roughly $290 million after full deployment through its MAVAN staking platform and external partners. For the quarter ended May 31, staking and validation generated $45.7 million, or 98% of the company’s $46.5 million in revenue.

Those revenue figures did not produce a quarterly profit. BitMine recorded a $92.1 million loss on derivative contracts and posted a net loss of $83.6 million for the period. By token count, the company has completed about 95.7% of the ETH accumulation required to reach a 5% stake.