Bitmine shares rise 6% as ETH treasury reaches 5.85 million coins
Bitmine Immersion Technologies (BMNR) shares gained around 6% intraday after its weekly update confirmed 5,847,611 ETH in treasury, worth $14.9 billion, as Ethereum posted its largest weekly gain since May 2025.
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Bitmine Immersion Technologies ($BMNR) shares rose around 6% intraday on August 24 as the company's latest weekly treasury update confirmed its position as the world's largest Ethereum holder.
Bitmine's Ethereum position now stands at 5,847,611 $ETH, valued at a reference price of $2,440 per token sourced from Coinbase. The combined crypto, cash, marketable securities and "moonshot" investments reached $14.9 billion, anchored by 5.85 million $ETH and 210 $BTC.
Staking at Scale
Bitmine's $ETH position represents 4.8% of the 120.7 million-coin supply. The company also holds a $180 million stake in Beast Industries and $89 million in Eightco, giving investors indirect exposure to OpenAI. Of its total ETH holdings, 5,067,309 are currently staked, valued at $12.4 billion, generating a 7-day annualized yield of 2.67% and supporting projected annualized staking revenues of around $330 million.
Bitmine added 32,447 $ETH last week, worth roughly $81.2 million at current prices, its biggest weekly haul since early July. The purchase brings the company to within approximately 187,000 tokens of its stated goal of owning 5% of Ethereum's total supply. The company has added $ETH every week since launching its Ethereum treasury strategy on June 30, 2025, around 14 months ago.
ETH Rally and the Broader Market
$ETH traded near $1,900 last Wednesday before surging roughly 30% and briefly topping $2,500, its largest weekly gain since May 2025. Two forces appear to be driving the move: a return of inflows into spot Ethereum ETFs and an accelerating wave of short liquidations that compounded upward price pressure.
Management sees the ETH/BTC ratio rising further in the current cycle, citing Wall Street tokenization on the blockchain and the growth of agentic AI as key tailwinds. At the current supply level, reaching the 5% target would require roughly 6.04 million $ETH, leaving Bitmine about 187,000 tokens short of its goal.
Sources
Bitmine Immersion Technologies official press release via PR Newswire
CoinDesk: Bitmine buys $81 million in ETH amid crypto rally
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Crypto RichRich has been researching cryptocurrency and blockchain technology for eight years and has served as a senior analyst at BSCN since its founding in 2020. He focuses on fundamental analysis of early-stage crypto projects and tokens and has published in-depth research reports on over 200 emerging protocols. Rich also writes about broader technology and scientific trends and maintains active involvement in the crypto community through X/Twitter Spaces, and leading industry events.