Bitmine Immersion Technologies Acquires Nearly 10,000 ETH, Bringing Holdings to 4.8% of Ethereum Supply

Bitmine Immersion Technologies acquired 9,946 ETH last week, boosting its total holdings to 5.79 million ETH ($11.2 billion), or roughly 4.8% of Ethereum's circulating supply. Under Chairman Tom Lee, the firm is nearing its 5% treasury target while accelerating its share buybacks, repurchasing 6.1 million shares last week. Staking remains Bitmine's primary revenue driver, with 4.9 million ETH staked via its MAVAN platform, projecting $254 million in annualized revenue.

Bitmine ETH acquisition strategy

• ▪Bitmine Immersion Technologies holds approximately 4.8% of Ethereum's total circulating supply of 120.7 million ether, nearing its long-term target of 5%
• ▪Bitmine Immersion Technologies acquired 9,946 ether last week, bringing its total holdings to 5,787,414 ether, which is valued at approximately $11.2 billion
• ▪Bitmine Immersion Technologies has purchased ether every week since launching its digital asset treasury strategy on June 30, 2025

Ethereum staking revenue projections

• ▪Bitmine Immersion Technologies projects annualized staking revenue of approximately $254 million based on a seven-day yield of 2.65%, which could reach $299 million if its entire ether balance is staked
• ▪Bitmine Immersion Technologies has staked 4,917,189 ether, representing approximately 85% of its total ether holdings and valued at $9.6 billion at a reference price of $1,948 per ether
• ▪Bitmine Immersion Technologies generated $45.7 million in staking and validation revenue for the three months ended May 31, 2026, representing approximately 98% of its total quarterly revenue

MAVAN institutional staking platform

• ▪Bitmine Immersion Technologies launched the Made in America Validator Network (MAVAN) in 2026 as an institutional-grade staking platform to support its treasury and external institutional partners
• ▪Bitmine Immersion Technologies has staked 4,917,189 ether, representing approximately 85% of its total ether holdings and valued at $9.6 billion at a reference price of $1,948 per ether

Share repurchase program execution

• ▪Bitmine Immersion Technologies has repurchased a cumulative total of 11.6 million shares of common stock since July 1, 2026, under its authorized $4 billion share repurchase program
• ▪Bitmine Immersion Technologies repurchased 6.1 million shares of common stock last week, an increase from the 5.5 million shares repurchased the prior week

ETH price technical targets

• ▪The ETH/BTC trading ratio reached a three-month high of 0.3000, which Bitmine Immersion Technologies management cited as a signal of strengthening cryptocurrency prices
• ▪Bitmine Immersion Technologies Chairman Tom Lee and advisor Tom DeMark identified $2,000 and $2,500 as the next key technical resistance levels for ether

Institutional investor support

• ▪Bitmine Immersion Technologies was added to the Russell 1000 Index on June 26, 2026, which management indicated could broaden its institutional investor base
• ▪Bitmine Immersion Technologies is supported by institutional and personal investors including Cathie Wood's ARK, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, Digital Currency Group, Galaxy Digital, and Tom Lee