BitMine Immersion Technologies purchased 10,399 ETH during the week ended August 2, bringing its total holdings to 5,797,813 ETH. The company stated that the position represents 4.8% of Ethereum's 120.7 million-token supply, making BitMine one of the largest known corporate holders of the asset. The approach follows a broader trend of publicly traded companies adopting cryptocurrency treasury strategies, a model popularized by MicroStrategy's Bitcoin acquisitions beginning in 2020. In addition to the Ethereum acquisition, BitMine repurchased 4.5 million shares under its existing $4 billion buyback program.

Weekly Accumulation Strategy

The Ethereum treasury firm described the latest purchase as a continuation of its weekly accumulation strategy, which it adopted last year. In the prior week, BitMine had acquired 9,946 ETH. The company has continued expanding its holdings despite a broader downturn in cryptocurrency markets and paper losses tied to its Ethereum-focused approach.

According to DropsTab, BMNR could have unrealized losses of approximately $8.8 billion from its Ethereum portfolio. The extent of these paper losses varies with the market value of ETH.

Chairman Tom Lee, a widely followed market strategist known for his frequent equity and crypto market commentary, reiterated his positive outlook for Ethereum, the second-largest cryptocurrency by market capitalization. In July, he stated that Ethereum had outperformed the Nasdaq 100 by 25% in returns. Lee also noted that ETH climbed from $2,375 in July 2025 to $4,057 by the end of the following month, though he cautioned that historical gains do not guarantee similar future performance.

🚨 BITMINE BUYS MORE ETH Tom Lee's BitMine just bought 10,399 ETH worth $19M. ↳ TOTAL HOLDINGS: 5,797,813 $ETH ↳ AVERAGE BUY PRICE: $1,880 $ETH Institutional Ethereum accumulation isn't slowing down. pic.twitter.com/1YZXeckEZ0 — Crypto Aman (@cryptoamanclub) August 3, 2026

ETH Staking Operations

BitMine has been continuously staking a significant portion of its ETH reserves. Ethereum's proof-of-stake consensus mechanism, operational since the network completed its Merge transition in September 2022, enables token holders to stake ETH to help validate transactions and earn rewards. According to the company, 4,917,189 ETH were staked with an estimated value of approximately $9.2 billion, representing roughly 85% of BitMine's total ETH holdings. BitMine projected annualized staking rewards of $247 million.

Staking enables the firm to generate ETH-denominated rewards while retaining Ethereum on its balance sheet. However, staking rewards may fluctuate based on staking yields, validator performance, and changes in the market value of Ethereum, which can influence dollar-denominated returns.

Treasury Strategy and Shareholder Considerations

BitMine's treasury strategy provides US investors with stock-market exposure to Ethereum without requiring direct token custody. However, BMNR shareholders face risks beyond ETH price movements, including the company's cost basis, potential dilution from capital raises, financing decisions, and operational risks associated with staking.

BMNR also differs from a spot Ethereum exchange-traded fund. While an ETF primarily tracks the underlying asset, holding BMNR stock exposes investors to corporate management and capital allocation decisions. The company's financing choices can therefore affect shareholder returns independently of ETH price movements.

Lee also discussed the historical correlation between Ethereum, the Invesco QQQ Trust (QQQ), and BMNR shares. According to Lee, in months when ETH outperformed QQQ, BMNR subsequently outperformed Ethereum the following month. His observation was based on monthly performance data since BitMine shifted its strategy toward Ethereum.

BMNR Stock Performance

Following BitMine's latest Ethereum purchase and share-buyback announcement, BMNR shares moved higher. According to Yahoo Finance data, the stock was trading at $17.34, up 0.38% at the time of writing.