BitMine bought Ethereum again, holding 5.78 million ETH positions

BitMine once again increased its holdings in Ethereum, with a total of nearly 5.78 million positions

BitMine Immersion Technologies once again added 7,430 Ethereum (ETH) positions to its company's treasury, bringing its total Ethereum positions to 5,777,468. The company is moving towards its goal of owning 5% of its total network supply.

Highlights

BitMine increased its holdings of 7,430 ETH units, bringing its total Ethereum vault to nearly 5.78 million units.

The company has pledged 4.92 million ETH, accounting for approximately 85% of its total Ethereum position.

BitMine also bought back 5.5 million shares, while weekly ethereum purchases slowed down.

The company valued its ETH position at US$1,879 per piece (as of July 19). It said these positions accounted for approximately 4.8% of Ethereum's total expected supply of 120.7 million units. BitMine also reported that it has $385 million in cash and marketable securities, 207 bitcoins and other investments, bringing its cryptocurrency, cash and investment portfolio to $11.5 billion.

BitMine released its latest position update on July 20, 2026:

-The total value of cryptocurrency and the "moon landing project" is US$11.5 billion:

--5,777,468 ETH (priced at US$1,879 each)

-207 Bitcoin (BTC)

--US$180 million investment in Beast Industries

--US$58 million investment in Eightco

The purchase is much smaller than BitMine's acquisitions in the previous week. The company reportedly added 27,801 ETH positions last week, bringing its holdings to 5.77 million. The latest purchase of 7,430 ETH units further increased this number slightly.

BitMine Chairman Tom Lee attributed the slowdown in Ethereum purchases to the company's decision to allocate funds to its own share buybacks. "In the past week, we have acquired 7,430 ETH units," Lee said. He added that the slowing pace of purchases reflects the company's share repurchase operations. BitMine said it has continued to buy Ethereum every week since it launched its Ethereum vault strategy on June 30, 2025.

Over the past week, BitMine has repurchased approximately 5.5 million shares of common stock at an average price of $15.6156 per share. The transactions were made under its previously authorized $4 billion share repurchase program. Lee said the company believes these buybacks are good for shareholder value, but future effects will depend on the company's stock performance and capital allocation.

This decision marks a shift in the direction of weekly capital deployment rather than a pause in the Ethereum strategy. BitMine remains focused on its so-called "5% alchemy" goal of controlling 5% of Ethereum's supply. According to the company's own estimates, its current position ratio of 4.8% is close to 96% of this target.

BitMine pledged 85% of its Ethereum treasury

BitMine also pledged most of its Ethereum positions. As of July 19, the company reported having pledged 4,917,189 ETH items, accounting for approximately 85% of its 5.78 million ETH treasury. Based on the ETH price announced by the company, the value of pledged assets is approximately US$9.2 billion.

The company said its current pledge business could generate approximately US$247 million in annual revenue based on recent returns. It also expects that if all of its Ethereum positions are ultimately pledged through the MAVAN platform and other partners, annual rewards could reach approximately US$290 million. These figures are still estimates and may change based on Ethereum pledge yields, verifier performance and the amount of ETH invested.

Before the release of the latest data, BitMine's pledge revenue increased significantly. According to reports, in the three months ended May 31, Ethereum's pledge and verification business generated $45.7 million, accounting for 98% of the company's total quarterly revenue of $46.5 million.

BitMine launched native Ethereum pledge in November 2025, and subsequently launched the "Made in America Verifier Network"(MAVAN) in March 2026. The company positions this platform to support its own positions and is also open to institutional investors, custodians and other partners.

Ethereum vault positions are just one step away from 5% target

BitMine's latest acquisition continues its year-long momentum of rapidly accumulating Ethereum. Just a week ago, its vault held 5,770,038 ETH after buying 27,801 tokens. Even when the price of Ethereum is well below the level of the early stages of its accumulation strategy, the company continues to increase its ETH holdings. [TAG

BitMine's growing Ethereum vault has also made pledge a more important part of its operations. Its latest quarterly documents show that pledges and verification have become its main source of revenue, replacing most of its previous Bitcoin mining and equipment operations.

The company also holds investments outside of Ethereum. Its July 20 disclosure showed that it invested US$180 million in Beast Industries, US$58 million in Eightco Holdings, and held US$385 million in cash and marketable securities. BitMine described the total value of its cryptocurrency holdings, cash and other investments as US$11.5 billion.

At the same time, BitMine has also expanded its influence in traditional stock markets. The company joined the Russell 1000 Index on June 26 and said its stock's average daily dollar trading volume reached $579 million in the five trading days ending July 17. The data is based on company and Fundstrat data.

Weekly purchases continue despite the slowdown in accumulation

The latest 7,430 ETH purchases suggest that BitMine has not stopped accumulating Ethereum, although its weekly purchase rate has slowed as the company uses funds for share buybacks.

Based on its disclosed positions, the company remains the largest holder of corporate Ethereum vault. Its position of 5.78 million ETH also puts it close to the 5% supply target that has guided its treasury strategy since 2025.

At the same time, pledges have become an important source of operating income. With approximately 4.92 million ETH units deployed, changes in Ethereum pledge yields now directly affect the revenue generated by most of the assets of BitMine vault. According to previous reports, the company also sees validator performance, network changes and pledge rates as factors that may affect future revenue.