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BitMine bought another 7,391 ETH this week. That purchase, worth roughly $14 million, pushed the company’s total Ethereum holdings to 5,805,238 ETH — a number that’s getting harder to ignore.
The buy didn’t happen in a vacuum. Ethereum’s price climbed 2.6% to $1,928 during the same period, and that move alone added about $280 million to BitMine’s portfolio. So the week’s gain was mostly market appreciation, not the new purchase. Still, BitMine kept buying — same as the week before, when it picked up 10,399 ETH. The company now controls roughly 4.8% of the total Ethereum supply, which sits at an estimated 120.7 million ETH. Its self-described “Alchemy of 5%” target sits about 229,800 ETH away. At the current pace, that’s around 31 weeks out. Maybe less if the buying accelerates.
Total crypto assets, cash, and high-risk investments now stand at $11.6 billion.
Staking Drives Most of the Revenue Math
The staking numbers are where things get interesting. BitMine has 5,067,309 ETH staked — that’s 87% of its total Ethereum holdings, up from 85% the prior week. At a 2.63% yield over the past week, the company projects $257 million in annualized staking revenue. That’s not a small number, and it’s basically the backbone of BitMine’s argument that holding this much Ethereum makes financial sense even as cash reserves shrink.
And they are shrinking. Fast.
Cash and marketable securities dropped to $104 million this week, down from $173 million the week before. Zoom out further and it gets starker: on July 12, BitMine had $482 million in cash. Now it’s at $104 million. That’s a 78% decline in under a month. The company is spending aggressively — on ETH, on buybacks, on maintaining a position that’s enormous by any measure in the crypto treasury space.
It’s worth being clear about what’s happening here. BitMine isn’t a passive holder. It’s deploying capital at a pace that would make most CFOs sweat, betting that staking yields and Ethereum price appreciation will more than cover the cost of running down its cash pile.
Share Buybacks Add Another Layer of Complexity
Alongside the Ethereum buying, BitMine repurchased 3 million shares this week. The week before, it bought 4.5 million. Since July 1, total repurchases have reached 19.1 million shares under a $4 billion authorization. The company calls it the largest buyback ever executed by a crypto treasury company — and that framing matters, because it’s basically saying: we think our stock is cheap, and we’re willing to burn cash to prove it.
That’s a bold move when your cash reserves just fell 78% in a month. But that’s kind of the point. BitMine isn’t managing for short-term liquidity. It’s managing for a specific long-term position in Ethereum — 5% of total supply — and it’s willing to run the balance sheet down to get there.
Beyond Ethereum, BitMine holds 209 bitcoins. It also carries stakes in Beast Industries and Eightco Holdings, valued at $180 million and $69 million, respectively. So the portfolio isn’t purely ETH — but Ethereum is clearly the center of gravity.
The staking shift from 85% to 87% staked in a single week probably isn’t accidental. More staked ETH means more projected yield, which helps the revenue story even as cash shrinks. Whether $257 million in annualized staking revenue is enough to sustain this pace of spending is unclear. The company hasn’t said. No specific guidance on how long the current buyback-plus-accumulation strategy can run before something has to give.
One thing BitMine did flag: it’s watching U.S. monetary policy closely. The probability of a rate hike in September is apparently part of its calculus, though the company didn’t specify exactly how a rate move would change its approach. Rate environment matters for crypto broadly — it affects risk appetite, dollar strength, and the relative appeal of yield-generating assets like staked ETH. So that’s probably a real consideration, not just boilerplate.
What’s clear is that BitMine has built one of the largest concentrated Ethereum positions of any public company, staked the vast majority of it, and is simultaneously buying back its own shares at scale. Cash is down sharply. The 5% target is still 229,800 ETH away.
BitMine’s cash and marketable securities currently stand at $104 million.
Frequently Asked Questions
How much Ethereum does BitMine currently hold?
BitMine holds 5,805,238 ETH after purchasing 7,391 ETH this week, which represents approximately 4.8% of the total Ethereum supply estimated at 120.7 million ETH.
How much staking revenue does BitMine expect from its Ethereum holdings?
With 5,067,309 ETH staked at a 2.63% weekly yield, BitMine projects $257 million in annualized staking revenue.
