Bitmine grew its ETH treasury to 5.8M tokens worth ~$10.9B after another weekly buy, as Chairman Tom Lee said Ethereum beat the Nasdaq 100 by 2,500 bps in July.
Ethereum News
Bitmine Immersion Technologies now controls 4.8% of all Ethereum (ETH) in circulation after adding another 10,399 ETH during the week ending Aug. 3. The purchase brought its total treasury to 5,797,813 ETH. At roughly $1,840 per token, that position is worth approximately $10.9 billion.
The company has bought ETH every week since it adopted its Ethereum treasury strategy in June 2025. The latest purchase was close in size to the 9,946 ETH it acquired the week before. Bitmine now sits 96% of the way toward its stated goal of holding 5% of ETH's 120.7 million-token circulating supply.
ETH Outpaces Nasdaq by 2,500 Basis Points
Chairman Tom Lee tied the continued buying to ETH's performance in July. He said ETH outperformed the Nasdaq 100 by 2,500 basis points last month, calling that the asset's largest monthly margin over the index since July 2025.
Lee pointed to what happened after the last time ETH posted a similar outperformance. Following July 2025's strong reading, ETH climbed from around $2,375 to above $4,000 within the next month. He also noted that periods of strong ETH performance relative to equities have historically come before gains in Bitmine's own stock price. "In July, ETH outperformed the Nasdaq 100 by 2,500 basis points," Lee said in a company statement. "We believe it is reflective of the strengthening fundamentals of crypto."
Staking Revenue and Share Buybacks
Of the total 5,797,813 ETH held, 4,917,189 tokens are staked through Bitmine's MAVAN platform and external staking partners. Those staked holdings are valued at roughly $9.2 billion. The company projects that position will generate approximately $247 million in annualized staking revenue.
Related Article: Wall Street Is Moving Onto Ethereum — Why Isn't ETH Price Moving With It?
Bitmine also repurchased 4.5 million of its own common shares during the same week. Total buybacks since July 1 have reached 16.1 million shares under a $4 billion repurchase program authorized earlier this year. Lee said the company acted because it considered the stock attractively priced at current levels.
Beyond ETH, Bitmine holds 209 Bitcoin (BTC), a $180 million equity stake in Beast Industries, and a $61 million stake in Eightco Holdings. The company also reported $173 million in cash and marketable securities. Combined, its total assets reached $11.3 billion as of Aug. 2, 2026.
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