Ethereum treasury company Bitmine Immersion Technologies (NYSE-BMNR) announced Monday that it purchased 7,391 ETH over the past week, valued at approximately $14 million, bringing total holdings to 5,805,238 ETH as of Friday evening. The acquisition marks a slowdown from the prior week, when the firm bought 10,399 ETH. Bitmine is one of several publicly traded companies that have adopted a crypto treasury model—raising capital specifically to accumulate a single digital asset—following a blueprint pioneered by Bitcoin-focused firms such as MicroStrategy, but applied to Ethereum.

Total crypto, cash, and what the company designates as "moonshot" investments reached $11.6 billion, up from $11.3 billion the previous week. The majority of that increase stemmed from price appreciation, with ETH rising 2.6% over the week to $1,928—adding roughly $280 million to the value of a stack that grew by $14 million through purchases.

🧵 1/ BitMine provided its latest holdings update for August 10, 2026

$11.6 billion in total crypto + "moonshots": - 5,805,238 ETH at $1,928 per ETH per ETH (per @coinbase) - 209 Bitcoin (BTC) - $180 million stake in Beast Industries @MrBeast - $69 million stake in Eightco…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) August 10, 2026

Cash Position Declines Sharply

Bitmine's cash and marketable securities fell to $104 million, down from $173 million reported a week earlier and $482 million reported for July 12—a decline of 78% within a single month. At the most recent weekly purchase rate of approximately $14 million, the remaining cash buffer represents roughly seven to eight weeks of ETH buying capacity, absent additional capital raises or asset sales.

Alongside its ETH holdings, Bitmine holds 209 Bitcoin (BTC), a $180 million stake in Beast Industries, and $69 million in Eightco Holdings.

Share Repurchase Program

The company repurchased 3 million shares during the week, down from 4.5 million the previous week, bringing the cumulative total to 19.1 million shares since July 1 under a $4 billion buyback authorization. Chairman Tom Lee stated that the company "continues to view Bitmine's common shares as undervalued" and described the program as the largest executed by any crypto treasury company.

Staking and Supply Targets

Staking now covers 5,067,309 ETH, or 87% of total holdings, up from 85% a week earlier. Lee projected annualized staking revenue of $257 million, based on a seven-day yield of 2.63%. With over 5 million ETH staked, Bitmine is one of the largest single staking entities on the Ethereum network, where total staked ETH across all validators is approximately 35 million.

Bitmine's ETH stack represents 4.8% of Ethereum's 120.7 million token supply. The company again described itself as 96% of the way toward its "Alchemy of 5%" target—the same figure reported a week ago, marking the fifth consecutive week at 4.8%. Reaching the 5% threshold would require approximately 229,800 additional ETH, or roughly 31 weeks at last week's purchase rate.

Acquisition History

The firm has purchased ETH every week since launching its treasury strategy on June 30, 2025. It acquired $214 million worth in June during a selloff that Lee characterized as "superficial," added $49 million in July citing early demand for Robinhood Chain, and then scaled back purchases later that month before surpassing 5.79 million ETH.

Regulatory and Macro Outlook

Lee expressed disappointment that the Clarity Act would not reach a Senate vote before the August recess. The bill, which would establish a market structure framework delineating regulatory jurisdiction between the SEC and CFTC over digital assets, remains a key legislative priority for the crypto industry. He pointed to softer inflation and jobs data, placing the odds of a September Federal Reserve rate hike at 40%, down from 75% two weeks prior. Those odds have since risen to 46%, according to CME FedWatch.