Tom Lee's BitMine increased its holdings in Ethereum and bought back 6.1 million shares

BitMine Immersion Technologies held 5.787 million shares in Ethereum

BitMine Immersion Technologies said that as of July 26, the company's Ethereum holdings reached 5,787,414 ETH, and it purchased 9,946 tokens that week.

Key Data

BitMine currently holds 5.79 million ETH units, accounting for approximately 4.8% of Ethereum's reported total circulating supply. Among them, more than 4.9 million ETH have been pledged and are expected to bring in annualized revenue of approximately US$254 million. During the latest weekly report period, the company repurchased 6.1 million shares and increased its holdings of 9,946 ETH shares. This position represents approximately 4.8% of Ethereum's supply of 120.7 million units, putting BitMine close to its target of holding 5% of all ETH.

The company valued its overall investment portfolio at US$11.8 billion based on a reference price of US$1,948 per ETH. The total includes 208 BTCs,$268 million in cash and marketable securities,$180 million in investment in Beast Industries and $61 million in investment in Eightco Holdings. The above figures reflect BitMine's own valuation method.

BitMine nears 5% Ethereum target

BitMine calls its plan to acquire 5% of Ethereum's supply the "alchemy of 5%." Based on currently reported supplies, the target is approximately 6.04 million ETH units. The latest positions have enabled the company to achieve approximately 96% of its target. If supply remains unchanged, approximately 247,586 ETH will be needed to reach the target.

Chairman Tom Lee said that BitMine has been buying ETH every week since it launched its cash pool strategy on June 30, 2025. Previously, the company disclosed that it held nearly 5.78 million ETH units, and the latest increase in its holdings increased the balance by another 9,946 units. This strategy exposes BitMine directly to price fluctuations in the Ethereum market and also brings concentration risk-ETH accounts for the vast majority of the reported portfolio. The company's latest quarterly report lists price fluctuations, liquidity restrictions, custody risks and possible unrealized losses as digital asset-related risks.

Pledge ETH to support growing revenue streams

BitMine said it has pledged 4,917,189 ETH units through its Made in America Verifier Network (MAVAN) and other partners, accounting for approximately 85% of its total ETH holdings. The company valued the pledged position at US$9.6 billion using the same reference price of US$1,948.

Lee said that based on a seven-day yield of 2.65%, the current pledge business could generate annualized revenue of US$254 million. If BitMine pledges all ETH balance, it is expected that the annualized reward will reach US$299 million. These are management estimates rather than fixed returns. Ethereum rewards may change based on network engagement, verifier performance and protocol conditions.

Pledges have become BitMine's main source of operating income. Its Form 10-Q shows that for the three months ended May 31, pledge and verification revenue was US$45.7 million, accounting for approximately 98% of the company's total quarterly revenue of US$46.5 million.

Share repurchases increase simultaneously with ETH purchases

BitMine repurchased 6.1 million shares of common stock in the latest week, and its $4 billion repurchase plan is still in progress. The company said the repurchase volume increased from the previous week's 5.5 million shares. Since July 1, the company has repurchased a total of 11.6 million shares. Lee said that management stepped up repurchase efforts because it believed that the increase in ETH/BTC ratio was a signal of strengthening crypto market conditions. The announcement said the ratio had reached a three-month high of "0.3000". This statement reflects management's market views and does not measure BitMine's operating results.

The chairman also said that if comparisons with the S & P 500 index after October 1987 continue, ETH may test "$2,000 and $2,500." This remains a price forecast and does not form part of BitMine's reported position and does not guarantee ETH's future performance.

Capital pool model: integrated pledge, equity and cash

In addition to Taifang and Bitcoin, BitMine also holds shares in Beast Industries and Eightco. The company described these positions as a "moonshot program." Its nominal value may change with financing terms, market prices and company development. The latest update also showed that cash and marketable securities fell to $268 million from $385 million last week.

BitMine joined the Russell 1000 Index on June 26 and issued Series A preferred stock with the symbol BMNP. The company said its average daily trading volume of common stock for the five trading days ended July 24 was US$597 million. According to data from Fundstrat and Statista, the stock ranks 171st among U.S. listed companies.

Previous reports mentioned that BitMine's growing capital pool may reduce the number of ETH that can be traded because most of its positions have been pledged. This structure makes the company highly dependent on ETH prices and the pledge economy. The company's filing with the SEC warned that pledge yields, regulatory changes and access to capital could all affect performance.

The company is still below its 5% target, but the gap has narrowed to less than 250,000 ETH units (based on reported supply). Future weekly disclosures will show whether BitMine continues to buy ETH while continuing to buy back shares.