BitMine Immersion Adds $98 Million in Ether as Cumulative Losses Top $8 Billion

Bitmine Immersion Technologies, chaired by Tom Lee, has purchased ether every week since launching its ETH treasury strategy on June 30, 2025. The company is pursuing its “Alchemy of 5%” target, seeking to control 5% of Ethereum’s supply. With total crypto and cash holdings of about $11.5 billion and roughly 85% of its ETH staked for yield, the share repurchases mark a shift toward balancing treasury expansion with returns to shareholders.

On July 20, Bitmine said it added just 7,430 ETH, worth about $14 million, during the prior week, lifting its holdings to 5,777,468 ETH. It simultaneously spent about $86 million to repurchase 5.5 million shares at an average $15.62 each. A July 27 update showed purchases recovering to 9,946 ETH, taking the treasury to 5,787,414 ETH, while weekly buybacks rose to 6.1 million shares and cumulative repurchases reached 11.6 million.

Bitmine has built its corporate strategy around accumulating Ether and generating staking income, making it one of the largest institutional holders of the cryptocurrency. The scale matters because a single company now controls nearly 5% of circulating ETH, sharpening investor focus on institutional demand, ownership concentration and the amount of Ether readily available for trading as the token outpaces Bitcoin.

In its latest weekly update as of July 21, 2026, Bitmine said it added 7,430 ETH, lifting its treasury to 5.78 million tokens, or about 4.8% of Ether’s circulating supply. Roughly 85% of the company’s ETH holdings are staked, while its combined cryptocurrency assets and cash reserves are valued at $11.5 billion.

BitMine has made Ethereum (ETH) its primary treasury asset, using continued purchases and staking to build the world’s largest Ethereum treasury. Its long-term goal is to hold close to 5% of ETH’s circulating supply. Chief Executive Tom Lee believes the Ethereum network’s applications and yield-generating capacity remain supportive, and that short-term price volatility does not alter the company’s strategy.

In the week through July 19, 2026, BitMine deployed about $92 million during a market decline to buy an additional 127,000 ETH, raising its total holdings to 5.54 million ETH. About 4.72 million ETH had been staked to earn an annualized yield. Lee described the recent selling pressure as a “surface phenomenon” unrelated to fundamentals.

BitMine is the world’s largest corporate Ethereum treasury holder and has made accumulating and staking ETH central to its asset strategy. The company aims to hold 5% of Ethereum’s total supply and is now closing in on that threshold, making its moves consequential for market liquidity, corporate crypto allocations and the Ethereum staking ecosystem.

In the latest week, BitMine bought another 76,000 ETH, lifting its holdings to 5.62 million ETH, or about 4.66% of total supply. Its treasury value at one point approached or exceeded $10 billion. The company also raised $270 million through a preferred-stock offering during the same period and staked more than 83% of its holdings. Subsequent reports showed its position had risen further to about 5.7 million ETH, worth approximately $8.9 billion.

Bitmine Immersion Technologies launched its Ether treasury strategy in July 2025, raising funds through capital markets and steadily accumulating ETH to become the world’s largest publicly traded corporate holder. The model closely ties shareholder returns to Ether’s price and the company’s acquisition cost, making Bitmine an important test of whether corporate crypto treasuries can weather market cycles.

10x Research said on February 23, 2026, that ETH had fallen about 60% over six months and was trading below Bitmine’s average cost of $3,843 per token, leaving the company with a paper loss approaching $8.8 billion. Bitmine nevertheless bought another 45,749 ETH the previous week at an average price of $1,992. The research firm said current prices were testing whether the decline was a cyclical pullback or a deeper structural downturn.

BitMine Immersion Technologies, a publicly traded U.S. crypto treasury company, has continued adding Ether to its corporate assets. Its holdings are closing in on a target of 5% of Ethereum’s circulating supply, potentially giving a single company control over a substantial share of the token supply while allowing it to generate cash flow through staking. The strategy has drawn market attention.

According to its latest announcement, BitMine spent $237 million to buy about 110,000 ETH last week, lifting its total holdings to 5.39 million ETH, or about 4.4% of circulating supply. The company has staked about 4.7 million ETH through its MAVAN network, which it estimates could generate more than $276 million in annual cash flow. A more recent report said its holdings had surpassed 5.54 million ETH as it advances toward its 5% target by year-end.

BitMine Immersion Technologies has amassed Ether on its corporate balance sheet, aiming to control 5% of the global circulating supply while generating yield through staking. The strategy has made it the world’s largest corporate holder of ETH, while closely tying its valuation to the token’s price, regulatory developments and the risks of concentrated ownership.

BitMine said on March 23, 2026, that its total assets had reached $11 billion and that it held 4,660,903 ETH, equal to 3.86% of supply. It added 65,341 tokens worth about $138 million in one week. Holdings had exceeded 5.18 million tokens by May 7. Chairman Tom Lee said the company would slow its purchases as it approached the 5% target and viewed the CLARITY Act as a positive catalyst.

Bitmine Immersion Technologies is shifting fully from bitcoin mining to Ethereum treasury management and staking. It currently holds more than 4.87 million ETH, with its strategy centered on token appreciation and staking yields. Similar to MicroStrategy’s approach, the heavy concentration in a single asset leaves its financial performance directly exposed to swings in ETH prices.

Bitmine’s latest 10-Q showed that ETH staking revenue rose sevenfold from the previous period in the first quarter of 2026. However, falling ETH prices generated a $3.78 billion unrealized loss, contributing to a quarterly net loss of about $3.8 billion. The filing also disclosed an average acquisition price of about $3,794 per ETH, underscoring the concentrated exposure created by its continued buying strategy.

Bitmine Immersion Technologies is pursuing an “Ethereum MicroStrategy” treasury strategy, using corporate assets to acquire Ether as it seeks to raise its holdings to 5% of total supply. The scale of the position tightly links the company's share price and financing capacity to Ether's supply and demand, drawing attention to its move to the New York Stock Exchange's main market.

Bitmine most recently reported holdings of 4.8 million ETH, equivalent to about 3.98% of total supply, and approximately $11.8 billion in crypto assets. It bought another 71,000 ETH in one week, its largest increase since December 2025. The company also uplisted to the NYSE, increased its share-repurchase authorization to $4 billion and staked more than 3.33 million ETH through the Mavan network, with estimated annualized returns of $196 million.