BitMine Technologies (BMNR) continued expanding its Ethereum treasury and repurchasing its own stock last week, acquiring an additional 7,391 ETH alongside 3 million BMNR shares in a combined $70 million outlay. The moves place BitMine among the most aggressive corporate adopters of a digital-asset treasury model, a strategy that has gained traction among publicly listed companies seeking exposure to cryptocurrencies beyond Bitcoin.

As of August 10, 2026, BitMine holds 5,805,238 ETH, representing approximately 4.8% of Ethereum's stated total supply of 120.7 million tokens. That positions the firm just short of its long-term target of owning 5% of all ETH. According to the official press release, the company reported approximately $11.6 billion in combined crypto holdings, cash, marketable securities, and strategic investments as of that date.

Ethereum Holdings and Staking Operations

Of BitMine's 5,805,238 ETH holdings, the company has staked 5,067,309 ETH, or roughly 87% of its total position. Based on the current staked amount, BitMine expects to generate approximately $257 million in annualized staking revenue. The ETH holdings are valued at approximately $1,928 per token. Staking revenue of this scale would position BitMine as one of the largest single staking operators on the Ethereum network, where total staked ETH across all validators has grown steadily since the network's transition to proof-of-stake in 2022.

Beyond Ethereum, BitMine's cryptocurrency portfolio includes 209 BTC.

The firm also holds strategic investments outside of digital assets. These include a $180 million stake in Beast Industries, associated with MrBeast, and a $69 million position in Eightco Holdings (NASDAQ: ORBS), both of which the company has categorized as "moonshots." BitMine additionally holds approximately $104 million in cash and marketable securities.

Share Repurchase Program

Concurrent with its ETH accumulation, BitMine purchased 3 million BMNR shares last week. Since July 1, the company has repurchased 19.1 million BMNR shares under its previously announced $4 billion share repurchase program. The latest buybacks have reduced the estimated number of outstanding shares to approximately 584.1 million.

Chairman Tom Lee, co-founder of equity research firm Fundstrat and a widely followed market commentator, has highlighted Ethereum's recent strength relative to Bitcoin and pointed to potential outperformance for BMNR as a result. BitMine has used both ETH purchases and share buybacks as part of a strategy to increase crypto asset exposure per share.

BitMine was added to the Russell 1000 Large-Cap Index on June 26, 2026. Inclusion in the Russell 1000 typically results in automatic buying from passive index funds that track the benchmark, expanding the universe of institutional holders of the stock.

Recent Stock Performance

Over the past month, BMNR shares have gained 25%, and the stock is up 7.67% on a weekly basis. However, BMNR remains down approximately 40% since the start of 2026 and down over 68% over the trailing year, reflecting weakness in ETH pricing over that period.

Strategy and Next Milestones

BitMine's three-pronged strategy consists of continued ETH accumulation, staking a substantial portion of its holdings, and repurchasing BMNR shares when management considers the stock undervalued. This approach is designed to increase per-share exposure to Ethereum as the share count declines. At the same time, the concentration in a single digital asset increases the company's sensitivity to Ethereum price volatility, a risk profile that differs materially from diversified crypto or traditional mining firms.

The next milestone will be whether BitMine reaches its 5% ETH supply target while sustaining its share repurchase program. Key metrics going forward include staking revenue generation and BMNR's valuation relative to the company's underlying crypto assets.

Source: The Market Periodical