BitMine Immersion Technologies said Sunday that its Ethereum holdings have risen to 5.79 million ETH, worth about $11.3 billion, bringing the crypto treasury firm closer to its stated objective of acquiring 5% of Ethereum’s total supply.

In a company announcement, BitMine said its combined crypto holdings, cash, marketable securities, and strategic investments now total $11.8 billion. The company’s Ethereum position represents roughly 4.8% of ETH’s circulating supply, making its treasury strategy a closely watched example of how public companies are applying balance sheet models first popularized around Bitcoin to Ethereum.

According to BitMine, its balance sheet now includes 5.8 million ETH, 208 Bitcoin worth approximately $13.6 million, $268 million in cash and marketable securities, a $180 million stake in Mr Beast’s Beast Industries, and a $61 million investment in Eightco Holdings.

“We increased our equity buyback as we view the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign crypto prices are strengthening,” BitMine Chairman Tom Lee said in a statement. “In fact, this ratio is now at a 3-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices,” he added.

Disclosure: Tom Lee is an investor in Dastan, Decrypt’s parent company.

Lee said BitMine repurchased 6.1 million shares over the past week under its previously authorized $4 billion buyback program. That brings total repurchases since July 1 to 11.6 million shares. He also said the company views the strengthening ETH-to-Bitcoin ratio as a positive signal for Ethereum and believes ETH could next challenge the $2,000 and $2,500 price levels. ETH is currently trading around $1,900, with a market capitalization of $232 billion.

BitMine said 4.9 million ETH is currently staked through its Made in America Validator Network, or MAVAN, which launched in March to support institutional staking. The company said it expects annualized staking rewards of about $299 million once all of its ETH is staked through the platform and its partners. For Ethereum-focused treasuries, staking is a key operational distinction from Bitcoin treasury strategies because it can generate protocol rewards while also requiring validator infrastructure and related risk controls.

The update marks the latest step in BitMine’s rapid expansion under Lee.

In April, the company surpassed 5 million ETH. In May, Lee said BitMine’s inclusion in the Russell 1000 Index could broaden its institutional investor base as its holdings reached about 4.3% of Ethereum’s circulating supply. In June, the company completed a preferred stock offering that raised nearly $274 million to fund additional Ethereum purchases, infrastructure, and share buybacks, while also expanding its MAVAN staking platform.

Earlier this month, BitMine added another $73 million worth of ETH, lifting its holdings above 5.74 million ETH ahead of the latest reported purchase.

The announcement comes as more public companies, including Sharplink, Bit Digital, and BitMine, have moved toward Ethereum treasury strategies, echoing Strategy’s long-running Bitcoin treasury approach. The next disclosures investors and industry watchers are likely to track include whether BitMine reaches its 5% ETH supply target, how much of its remaining ETH is moved into staking, and how the company balances additional purchases with its buyback program and other investments.