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ETH BitMine Immersion Technologies increased its holdings in Ethereum to 5.8 million positions
In the week ended August 2, BitMine Immersion Technologies expanded its Ethereum positions to purchase a total of 10,399 ETH, bringing its total positions to 5,797,813 ETH. The company said this figure currently accounts for 4.8% of Ethereum's total supply (approximately 120.7 million ETH units). In addition to the cryptocurrency acquisition, BitMine also bought back 4.5 million shares under its ongoing $4 billion share repurchase program.
Continue to increase its holdings in Ethereum and its market impact
This digital asset finance company, which focuses on Ethereum accumulation strategies, has maintained its weekly buying rhythm through the latest operations. BitMine turned to this accumulation strategy last year, adding 9,946 ETH units in the previous week alone. Despite the overall downturn in the cryptocurrency market and the company continues to face paper losses due to its large holdings of Ethereum, these holdings are still ongoing. BitMine, which is traded on Nasdaq under the symbol BMNR, currently faces unrealized losses of approximately $8.8 billion in its Ethereum portfolio, according to DropsTab data. This valuation will change with market fluctuations, so the actual impact will vary over time.
Despite the short-term decline in the cryptocurrency market, BitMine still insists on opening Ethereum positions every week, even when facing huge unrealized losses. Chairman Tom Lee reiterated his optimism about Ethereum, pointing out in July that Ethereum's returns were 25% higher than the Nasdaq 100 Index. He views Ethereum's market performance as a key pillar of BitMine's financial strategy. Lee specifically mentioned that Ethereum prices rose from $2,375 in July 2025 to $4,057 at the end of August, but he also warned that historical gains do not guarantee the future performance of Ethereum or BMNR shares.
Key data: -Recent purchases of ETH: 10,399-Total positions: 5,797,813 ETH -Proportion of Ethereum supply: 4.8% -Unrealized loss: US$8.8 billion
Pledge Strategies and Earnings
BitMine confirmed that a large portion of its Ethereum positions are pledged, with approximately 4,917,189 ETH units reported to have been pledged, worth approximately US$9.2 billion. According to its estimates, annualized pledge revenue could reach US$247 million, but these figures will fluctuate due to pledge yields and verifier reliability. Pledge allows BitMine to earn ETH denominated earnings while holding Ethereum on its balance sheet. However, dollar-denominated gains are still affected by market fluctuations and the performance of the entire cryptocurrency ecosystem.
The company's practices provide U.S. investors with indirect exposure to the Ethereum stock market. Unlike spot exchange-traded funds, BMNR shares expose shareholders to both cryptocurrency and corporate factors such as management decisions and capital allocation strategies. Other risks faced by shareholders include fluctuations in the cost base, potential dilution from capital raising, various financing options and operational complexity associated with pledge activities.
According to Yahoo Financial data, BMNR shares rose to close at $17.34, or 0.38%, after announcing recent Ethereum purchases and share buybacks. Tom Lee also mentioned the historical correlation between Ethereum, the Nasdaq 100 Index (tracked by QQQ) and BMNR stocks. He observed that in the past few months, when ETH outperformed QQQ, BMNR usually brought higher returns the following month.
BitMine Immersion Technologies is an Ethereum-focused finance company that specializes in large-scale digital asset accumulation, pledge, and providing alternative stock market exposure to the blockchain industry.
(Note: Pledge is a process that allows users to lock their cryptocurrency (such as Ethereum) in a blockchain network to help verify transactions and ensure network security. In return, participants receive a pledge reward, usually paid in the same cryptocurrency.)
