Bitmine Immersion Technologies, Inc. (BMNR) shares climbed 8.26% to $24.72 after the company reported another major expansion of its Ethereum treasury. Bitmine added 32,447 ETH last week, lifting total holdings to 5,847,611 tokens and moving the company closer to its target of controlling 5% of Ethereum's circulating supply. Bitmine remains the largest public Ethereum treasury company, and its strategy now spans weekly ETH purchases, staking, and smaller Bitcoin and strategic equity positions. The approach adapts the corporate crypto treasury playbook that Strategy popularized with Bitcoin — a listed company steadily accumulating a single digital asset, with the stock increasingly measured against the value of that holding — and applies it to Ethereum.

Treasury Valued at $14.9 Billion

Bitmine valued its crypto assets, cash, marketable securities, and strategic holdings at approximately $14.9 billion on August 23. Alongside its Ethereum position, the portfolio included 210 Bitcoin, $308 million in cash and marketable securities, and two strategic equity positions: a $180 million stake in Beast Industries and an $89 million investment in Eightco Holdings.

The company currently controls about 4.8% of Ethereum's estimated 120.7 million token supply. At the current supply level, reaching the 5% threshold would require approximately 6.04 million ETH. Bitmine therefore remains roughly 187,000 ETH short of its long-term accumulation target.

Staking Underpins the Treasury Strategy

Bitmine has also increased the amount of Ethereum committed to staking through its treasury operations and staking partners. The company reported 5,067,309 staked ETH, representing about 87% of its total Ethereum holdings. At the stated ETH reference price, the staked position carried a value near $12.4 billion. Staking commits ETH to validating transactions on Ethereum's proof-of-stake network, with rewards paid in ETH, allowing a treasury built for long-term accumulation to generate income without selling any of the underlying coins.

Earlier in 2026, Bitmine launched its Made in America Validator Network to support institutional-grade Ethereum staking infrastructure. The platform currently handles part of the company's treasury assets and could later serve outside institutions, connecting Bitmine's Ethereum accumulation plan with recurring staking income generated from its large treasury.

Based on its current staked balance and reported yield, the company projected annualized staking revenue near $330 million. Bitmine also estimated that annual rewards could reach $381 million if its entire Ethereum treasury were staked. The company reported a seven-day staking yield of 2.67% on an annualized basis.

Bitcoin Adds Broader Crypto Exposure

Bitcoin remains a smaller part of Bitmine's treasury, with the company holding 210 BTC alongside its far larger Ethereum position. That structure reflects Bitmine's decision to make Ethereum the central asset behind its corporate treasury strategy, while Bitcoin continues to provide additional exposure to broader cryptocurrency market conditions and liquidity trends. The two holdings give the company exposure to both the largest cryptocurrency by market value and the leading smart-contract platform.

By total digital asset value, Bitmine ranks behind Strategy among major public crypto treasuries. Strategy reportedly holds 840,447 Bitcoin, making it the largest corporate Bitcoin treasury globally. Bitmine, meanwhile, leads the public Ethereum treasury category through the scale of its accumulated ETH position.

Weekly Ethereum Buying Continues

The latest update followed a strong week for Ethereum, which gained about 30% and increased the value of Bitmine's treasury. Management linked the advance to stronger crypto fundamentals, tokenization growth, artificial intelligence demand, and improving financial conditions.

Bitmine has purchased Ethereum every week since launching its treasury strategy on June 30, 2025, and the latest acquisition extends that unbroken weekly record. The company's own stated markers now define what to watch going forward: whether the weekly buying cadence continues, how quickly the remaining gap of roughly 187,000 ETH to the 5% threshold closes, and whether the Made in America Validator Network begins serving outside institutional clients.

Source: Blockonomi