On Monday, the company said its holdings totaled 5,797,813 ETH as of Aug. 2, alongside 209 bitcoin, $173 million in cash and marketable securities, and investments including an $180 million stake in Beast Industries and a $61 million position in Eightco. At current market prices used by the company, those assets bring Bitmine’s combined crypto, cash and investment portfolio to roughly $11.3 billion.

Bitmine explained that its ethereum position now represents 4.8% of the network’s estimated circulating supply of 120.7 million ETH. The company described itself as 96% of the way toward its long-term objective of accumulating 5% of all ether in circulation, a strategy it launched in June 2025.

A significant portion of Bitmine’s ethereum holdings is already generating income through staking, a process that locks up cryptocurrency to help validate transactions on the Ethereum blockchain in exchange for rewards.

The company said on Monday that approximately 4,917,189 ETH, valued at $9.2 billion using its stated price assumptions, is currently staked through its Made in America Validator Network, or MAVAN. Management projects annualized staking revenue of about $247 million based on current yields, with potential rewards reaching roughly $291 million once more of its holdings are fully deployed into staking.

Chairman Tom Lee stated that ethereum has outperformed the Nasdaq 100 by 25 percentage points during July, which he believes reflects improving fundamentals across the cryptocurrency sector. He added that Bitmine purchased 10,399 ETH during the past week and has acquired additional ethereum every week since adopting its treasury strategy last year.

Lee also explained that the company repurchased 4.5 million common shares during the past week. Since July 1, Bitmine has bought back 16.1 million shares under its previously announced $4 billion share repurchase program, reflecting management’s view that the stock remains attractively valued.

Bitmine remains the world’s largest corporate ethereum treasury and the second-largest digital asset treasury (DAT) overall behind Strategy, whose bitcoin holdings remain substantially larger by market value. The company also highlighted support from institutional investors, including Cathie Wood, Founders Fund, Pantera, Kraken, Digital Currency Group, and Galaxy Digital, as it continues pursuing its Ethereum accumulation strategy.

Looking ahead, investors will be watching whether Bitmine reaches its 5% Ethereum ownership target, expands institutional adoption of its MAVAN staking platform and continues using share repurchases alongside cryptocurrency acquisitions to advance its long-term treasury strategy.

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