Bitmine Immersion Technologies (BMNR) shares popped 13% Monday after a fresh treasury update. It was the best-performing stock of the day on Wall Street. The Ethereum (ETH) firm’s $11.8 billion in crypto, cash, and equity stakes reassured Wall Street investors.
The company now holds 5.79 million ETH tokens, equal to 4.8% of Ethereum’s 120.7 million circulating supply. That puts Bitmine very close to its 5% accumulation target it set 13 months ago.
BitMine Buybacks Signal Confidence
Bitmine repurchased 6.1 million shares last week, up from 5.5 million the week before. That brought total repurchases to 11.6 million shares since July 1, under a $4 billion buyback program. Bitmine unveiled that program at its April NYSE main-board debut.
Chairman Tom Lee framed the accumulation as a long-term commitment rather than opportunistic trading.
“Bitmine has bought ETH every week since the inception of the ETH Treasury Strategy on June 30, 2025.”
— Lee
The firm also runs MAVAN, its own Ethereum staking network, which now holds 4.9 million staked ETH. Bitmine currently projects $254 million in annualized staking revenue. That could reach $299 million once its entire ETH position is staked.
A Wider Institutional Bet
Backers including Cathie Wood’s ARK Invest, Pantera Capital, and Galaxy Digital have supported Bitmine’s strategy. That reflects institutional appetite for Ethereum treasury companies well beyond retail traders.
BMNR now ranks among the most actively traded US stocks by dollar volume, Fundstrat data show.
The rally comes as other Ethereum treasury firms, including SharpLink, keep building ETH positions despite a choppy year. Whether Bitmine’s buyback pace and staking revenue hold up may determine if Wall Street’s patience with crypto treasuries continues.
Bitrue