Bitmine Immersion Technologies added another 9,946 ETH to its balance sheet at the end of July, bringing total holdings to 5,787,414 ETH. The company now controls 4.8% of the circulating Ethereum supply, leaving roughly 250,000 ETH short of its self-imposed 5% target.

Ethereum treasury companies raise capital on public markets and deploy it into a single cryptocurrency, while operating with only a limited traditional business. That structure has made them closely watched because each new purchase directly changes the treasury profile rather than funding day-to-day operations. Bitmine is one of the largest players in that category and is listed on a U.S. exchange. Chairman Tom Lee launched the Ethereum strategy in mid-2025. Backers include ARK Invest, Founders Fund, Bill Miller III, Pantera Capital, Kraken, DCG and Galaxy Digital. In March 2026, the company also introduced its own validator platform, MAVAN.

On the reporting date of the latest disclosure, ETH traded at USD 1,948. At that price, Bitmine’s ETH holdings were worth about USD 11.3 billion. Including 208 BTC, cash and equity stakes, the company’s balance sheet totaled USD 11.8 billion.

How close Bitmine is to the 5% target

The target is straightforward. With roughly 120.7 million ETH in circulation, 5% is about 6.04 million tokens. Bitmine’s 5,787,414 ETH therefore amounts to 4.8% of supply. Formally, about 250,000 ETH remain before the company reaches the mark it calls the "Alchemy of 5%."

The buying pace has slowed notably. In the week ending June 21, Bitmine acquired 52,203 ETH for about USD 90 million. By comparison, the latest purchase of 9,946 ETH was less than one-fifth that size. In total, the company added a little more than 114,000 ETH over the past five weeks. Bitmine had already crossed the 4.8% threshold a week earlier, and the ratio has not changed since.

For the Ethereum market, that level of concentration is unusual. A single balance-sheet holder now controls almost one-twentieth of all outstanding tokens, making weekly disclosures a closely watched signal of how aggressively the strategy is still being executed. The company’s position is even more Ethereum-focused because it holds only 208 BTC. Bitmine also owns stakes in Beast Industries and Eightco Holdings. Investors can follow the accumulation because the company updates its holdings weekly.

How MAVAN generates yield on ETH

MAVAN stands for Made in America Validator Network, a name meant to emphasize that the validators are located in the U.S. Bitmine launched the platform in March 2026 and presented it as the world’s largest Ethereum staking infrastructure.

Ethereum uses proof-of-stake to secure its network. Validators lock up tokens and, in return, confirm transactions and help maintain the blockchain. By operating its own validators, Bitmine performs that role internally rather than outsourcing it to third parties. That means the ETH on its balance sheet is not simply idle.

The platform currently holds 4,917,189 ETH, valued at about USD 9.6 billion, or roughly 85% of the total position. The annualized yield over the past seven days was 2.65%, implying projected annual revenue of about USD 254 million. Based on full staking, the company’s own estimate rises as high as USD 299 million.

Those figures are not fixed. They depend on network yield and the share of ETH that is staked at any given time. About 15% of Bitmine’s holdings remain unstaked, so the revenue profile can change as staking participation shifts. If yield or the staked share declines, the projected revenue falls as well. Recent estimates have ranged from USD 244 million to USD 299 million, depending on the source and reporting date. That staking income is the key distinction from a Bitcoin treasury model, where a position does not generate yield while it is held.

The disputed cost basis of the position

The size of Bitmine’s ETH position is clear, but its cost basis is not. The company has at times cited an average purchase price of about USD 2,840 per ETH, which was close to the spot price at the time of certain announcements. On-chain analysts at Lookonchain, however, estimate the cost basis at roughly USD 3,997. Other market observers place it in the USD 3,800 to USD 4,000 range. Bitmine has not published a detailed breakdown.

That uncertainty matters because it determines the scale of any paper loss. Depending on the assumed cost basis, the unrealized loss differs by several billion dollars. In early June 2026, ETH fell below USD 1,800, well under its October 2025 high, and the unrealized loss at that point was estimated at about USD 8.9 billion. Bitmine did not provide its own breakdown for those estimates. By late June, ETH had fallen to around USD 1,569.

Since then, ETH has recovered to about USD 1,950, lifting the value of Bitmine’s holdings back to roughly USD 11.3 billion. Even so, the position remains deeply underwater relative to the circulating cost-basis estimates. Until any sale occurs, the loss exists only on paper. Without official figures, outsiders cannot determine conclusively how profitable the strategy is.

Bitmine’s place in the Ethereum treasury race

The model follows Strategy, the listed Bitcoin vehicle formerly known as MicroStrategy. Bitmine is applying that template to Ethereum. In both cases, the share price is closely tied to the value of the underlying token. SharpLink Gaming is the company’s direct competitor as it builds its own ETH treasury. Like Bitmine, it funds purchases through the capital markets rather than from operating income, and both companies draw from the same circulating supply.

Tom Lee has continued to connect the buying program with market commentary. He said ETH recently reached a 10-week high and identified USD 2,000 and USD 2,500 as the next technical resistance levels. The first of those levels is only slightly above the latest quoted price. Lee also points to the ETH/BTC ratio as a measure of Ethereum’s relative strength.

The company has also started repurchasing its own shares.

"We have stepped up our share repurchase as we view the rising ETH/BTC ratio ... as a sign of strengthening crypto prices. This ratio is now at a 3-month high of 0.3000, which in our view favors further strengthening of ETH prices." - Tom Lee, Chairman of Bitmine Immersion Technologies

About 250,000 ETH still separate Bitmine from its 5% target. At the latest quoted price, that amount is worth about USD 490 million. Against a crypto and cash position of USD 11.8 billion, it is a relatively modest gap. Ultimately, the cost basis of the existing holdings remains the central measure of the strategy.