Bitmine Immersion Technologies (NYSE American: BMNR) has further strengthened its position as the largest disclosed corporate holder of Ethereum (ETH) after adding 7,430 ETH during the past week. The latest acquisition lifted the company’s treasury to 5,777,468 ETH, representing approximately 4.8% of Ethereum’s estimated circulating supply of 120.7 million coins.
The announcement highlights Bitmine’s continued focus on Ethereum despite allocating part of its capital toward repurchasing its own shares. The company’s latest update also revealed expanding staking operations that have become a significant component of its digital asset strategy.
Ethereum Treasury Continues to Expand
According to Bitmine, its Ethereum holdings were valued using a Coinbase reference price of $1,879 as of July 19, 2026.
The company has steadily accumulated Ethereum since launching its corporate treasury strategy on June 30, 2025, purchasing additional ETH on a weekly basis.
Although the latest acquisition was smaller than previous purchases, management indicated that capital allocation shifted temporarily as the company simultaneously accelerated its share repurchase program.
The continued accumulation reinforces Bitmine’s long-term commitment to Ethereum as a treasury reserve asset while distinguishing the company from corporate Bitcoin-focused strategies.
Company Portfolio Exceeds $11.5 Billion
Beyond Ethereum, Bitmine disclosed a diversified portfolio totaling approximately $11.5 billion across digital assets, cash, securities, and strategic investments.
The company reported:
- 5,777,468 ETH
- 207 Bitcoin (BTC)
- $385 million in cash and marketable securities
- $180 million investment in Beast Industries
- $58 million stake in Eightco Holdings (ORBS)
The diversified balance sheet reflects a broader capital allocation strategy that combines cryptocurrency exposure with traditional corporate investments.
BMNR Share Buyback Accelerates
At the same time Bitmine expanded its Ethereum treasury, the company also increased shareholder returns through stock repurchases.
Chairman Tom Lee confirmed that Bitmine repurchased approximately 5.5 million BMNR common shares during the week at an average purchase price of $15.6156 per share.
The transactions were executed under the company’s previously approved $4 billion share repurchase authorization.
Corporate share buybacks are generally viewed as a capital management tool that can reduce outstanding shares, although their long-term impact depends on future business performance and market conditions.
Majority of ETH Holdings Are Actively Staked
Bitmine’s latest report also showed that staking has become central to its Ethereum treasury strategy.
As of July 19, the company had 4,917,189 ETH actively staked, representing roughly 85% of its total Ethereum holdings.
Based on the same Coinbase valuation, those staking positions were worth approximately $9.2 billion.
A significant portion of the staking activity is managed through MAVAN, Bitmine’s staking network introduced earlier in 2026, alongside external staking partners.
Staking Revenue Adds Another Dimension
The company reported an annualized seven-day staking yield of 2.67%.
Using that performance level, Bitmine estimates annual staking revenue of approximately $247 million.
Management also projected potential yearly staking rewards of roughly $290 million once its full Ethereum treasury becomes deployed across MAVAN and partner infrastructure.
For institutional treasury companies, staking introduces an additional revenue stream that differs from relying solely on changes in cryptocurrency market prices.
Bitmine Remains One of Crypto’s Largest Corporate Holders
According to the company’s disclosures, Bitmine remains the largest publicly disclosed Ethereum treasury and the second-largest corporate cryptocurrency treasury globally.
The largest overall corporate crypto treasury continues to belong to Strategy, formerly known as MicroStrategy, which held approximately 843,775 Bitcoin valued near $55 billion as of July 20, based on BitcoinTreasuries data.
The growing presence of publicly traded companies accumulating digital assets reflects an expanding institutional trend that now extends beyond Bitcoin into Ethereum.
Whale Activity Mirrors Institutional Accumulation
Separate blockchain data also indicated continued accumulation among large Ethereum holders.
Blockchain analytics platform Lookonchain identified a newly created wallet withdrawing 10,000 ETH, valued at approximately $18.6 million, from Binance.
The wallet subsequently staked the full balance, reinforcing broader observations that both institutional investors and large individual holders continue deploying Ethereum into staking rather than leaving assets idle on exchanges.
At the time of publication, Ethereum traded around $1,897.24, gaining roughly 1.7% over the previous 24 hours.
According to CoinMarketCap, ETH traded within a daily range of $1,844.87 to $1,902.44, while the ETH/BTC trading pair strengthened approximately 0.3% to 0.02897 BTC.
Corporate Ethereum Strategies Continue to Evolve
Bitmine’s latest treasury update illustrates how corporate cryptocurrency strategies are becoming increasingly sophisticated.
Rather than simply accumulating digital assets, companies are combining treasury management, staking infrastructure, share repurchases, and diversified investment portfolios to generate additional sources of value.
As more public companies evaluate Ethereum as part of their balance sheet strategy, institutional participation is expanding beyond passive ownership toward active network participation through staking and blockchain infrastructure. Whether this trend continues will likely depend on broader market conditions, corporate capital allocation decisions, and the ongoing evolution of Ethereum’s institutional ecosystem.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
