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BTC 
ETH Bitmine Immersion Technologies expanded its Ethereum reserves for the second consecutive week, adding 7,430 ETH items this week, bringing its total holdings to 5,777,468 ETH items. Its cryptocurrency, cash and strategic investment portfolio totaled US$11.5 billion. The latest disclosure further consolidates the company's position as the world's largest known corporate Ethereum vault, while it continues to advance its established goal of holding 5% of Ethereum's circulating supply.
The company said that as of July 19, its Ethereum holdings accounted for approximately 4.8% of Ethereum's total circulating supply (120.7 million units). Based on Coinbase pricing cited in the disclosure, the position was valued at $1,879 per piece.
Compared with previous weeks, Bitmine's increase in holdings is small. Company Chairman Tom Lee attributed the slowdown to the fact that funds were used for share buybacks rather than additional purchases of Ethereum. According to the announcement, Bitmine repurchased approximately 5.5 million shares of common stock under its previously authorized $4 billion share repurchase program.
Treasury strategy switches focus between ETH purchases and repurchase
The latest update shows that Bitmine continues to balance two major capital allocation priorities:
It purchased 7,430 ETH units in the past week;
It repurchased approximately 5.5 million common shares;
It reported a total holdings of 5,777,468 ETH units;
The total amount of cryptocurrency, cash and marketable securities reached US$11.5 billion;
holds approximately 4.8% of Ethereum's circulating supply.
The company said it has purchased Ethereum every week since launching its Ethereum vault strategy in June 2025, but this week's increase in holdings is the smallest in recent months. Previous disclosures showed that before this slowdown, weekly acquisitions exceeded 20,000 ETH units.
On July 13, 2026, Bitmine reported purchasing 27,801 ETH units, increasing its total Ethereum holdings to 5.77 million ETH units. That massive acquisition contrasts with this week's 7,430 ETH holdings, reflecting the company's decision to use more money for share buybacks while continuing to expand the Ethereum vault.
Pledge has become an important contributor to the treasury economy
In addition to accumulating ETH, Bitmine has also continued to expand its pledge business through its MAVAN (American Manufacturing Verifier Network) platform.
According to the company: 4,917,189 ETH items are currently in pledge status; based on the reported ETH price, the pledged position is worth approximately US$9.2 billion; approximately 85% of Bitmine's ETH treasury is currently generating pledge rewards; based on recent network yields, annualized pledge revenue is expected to be approximately US$247 million.
Although these forecasts rely on the relative stability of Ethereum pledge yields and market prices, the data suggests that pledge has become an important part of the company's treasury strategy, rather than just holding digital assets.
The treasury also includes cash, Bitcoin and strategic equity investments
The assets in the Bitmine report are not limited to Ethereum. Its balance sheet includes 207 BTCs, approximately $385 million in cash and marketable securities, a $180 million investment in Beast Industries, a $58 million stake in Eightco Holdings, and its Ethereum positions.
The company also noted that it joined the Russell 1000 Index in June and that its Series A preferred shares are listed on the New York Stock Exchange under the trading symbol BMNP.
The continued growth of corporate Ethereum holdings raises concerns
Bitmine's latest disclosure comes at a time when institutions are increasingly interested in Ethereum vault strategies. Over the past few weeks, the company has steadily increased its ETH reserves while maintaining one of the largest publicly disclosed cryptocurrency vaults, apart from Strategy's Bitcoin holdings.
Ethereum Price Trend
As of 12:25 UTC, Ethereum trading price was US$1,875.25, up 5.44% in the past seven days. According to market data available at the time of release, the cryptocurrency has a market value of approximately US$226.31 billion, with a 24-hour trading volume of US$9.74 billion.
