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ETH Ethereum treasury company Bitmine continues to increase its holdings and become the world's largest corporate holder.
Ethereum treasury company Bitmine Immersion Technologies said on Monday that it has purchased another 10,399 ETH units (approximately US$19.5 million) in the past week. The move continues a year-long buying trend, making it the world's largest Ethereum corporate holder.
The company said it currently holds 5,797,813 ETH units, worth approximately US$10.9 billion based on a CoinGecko price of US$1,880. Including other crypto assets, cash and investments, Bitmine's total holdings are worth US$11.3 billion. The company said its Ethereum reserves account for approximately 4.8% of network circulation supply and are 96% away from achieving its goal of acquiring 5% of all ETH.
Bitmine Chairman Tom Lee pointed out in a statement: "Since Bitmine switched to the Ethereum treasury strategy on June 30 last year, ETH's significant excess performance relative to QQQ (monthly) will usually drive Bitmine's share price to outperform ETH in the following month. As a result, Bitmine repurchased 4.5 million shares of common stock in the past week, and management believes Bitmine's share price is still undervalued."
The latest acquisition continues a larger trend of listed companies moving away from Bitcoin treasury to Ethereum. These companies are betting that holding and pledging the cryptocurrency will both generate returns and provide investors with indirect exposure to digital assets.
Bitmine said that approximately 4.9 million ETH holdings (approximately 85% of the total) were pledged through the institutional pledge platform MAVAN. The company expects annualized pledge revenue of US$247 million, but this estimate depends on future network conditions and other assumptions.
Lee also mentioned Ethereum's recent market performance, saying that ETH outperformed the Nasdaq 100 Index by 25 percentage points in July. He said Bitmine management believed the company's share price was undervalued, which helped justify the repurchase of 4.5 million shares over the past week under a previously authorized $4 billion repurchase program.
Lee added: "We bought back 4.5 million shares last week, bringing our total repurchase of common shares to more than 16 million shares. This is the largest repurchase of any Ethereum, Bitcoin or encrypted digital asset treasury company. Since July 1, 2026, Bitmine has repurchased 16.1 million shares of common stock under the previously authorized US$4 billion share repurchase program."
In April this year, the company announced its largest Ethereum acquisition of the year at the time, purchasing 101,627 ETH units, with a total holding of nearly 5 million units. In June, Bitmine increased its holdings of 126,971 ETH units (worth approximately US$214 million) during the general selling of cryptocurrencies, and Lee described the market weakness as a "superficial phenomenon."
In July, after Lee pointed out early demand for Robinhood's Ethereum-based Layer-2 network, the company purchased another $49 million worth of ETH. Subsequently, it disclosed that it held approximately 5.79 million ETH units, while expanding its pledge business and share repurchase.
In the past 30 days, the price of Ethereum has increased by about 6%, and is currently priced at around US$1,880 each, with a market value of approximately US$255 billion. Traders on the forecast market Myriad currently believe that ETH is more likely to fall first to $1,500 and then rise to $3,000, with a bearish probability of about 75%.
