Bitmine Adds 7,391 ETH as 58-Week Buying Streak Continues
Bitmine Immersion Technologies has increased its Ethereum holdings to 5.81 million ETH, worth roughly $11.2 billion at the company's August 9 reference price, after purchasing another 7,391 ETH during the past week.
Summary:
- Bitmine added another 7,391 ETH and has now purchased Ethereum for 58 consecutive weeks.
- Its treasury reached 5.81 million ETH, equivalent to roughly 4.8% of circulating supply.
- More than 5.06 million ETH is already staked, creating a projected $257 million annual revenue stream.
- ETH is testing near-term support around $1,890 as derivatives positioning cools.
The latest acquisition extends an uninterrupted buying streak that began when Bitmine adopted its Ethereum strategy on June 30, 2025, but the more consequential shift is now happening inside the treasury itself: approximately 87% of its ETH is already staked and generating yield.
58 weeks of purchases have brought Bitmine close to its 5% target
According to the official announcement, Bitmine held 5,805,238 ETH as of August 9, alongside 209 BTC, $104 million in cash and marketable securities and separate equity investments. At a reference ETH price of $1,928, the company valued its combined crypto, cash, marketable securities and so-called moonshot investments at $11.6 billion.
Its ETH position represents about 4.8% of Ethereum’s stated 120.7 million supply, putting Bitmine at 96% of its self-imposed goal to control 5% of the network’s supply. That leaves the company roughly 230,000 ETH short of the target if the supply denominator remains broadly unchanged.
The pace of accumulation has slowed materially from some earlier periods, however. Last week’s purchase of 7,391 ETH represents only about 0.13% of Bitmine’s existing position. At this scale, maintaining an uninterrupted weekly buying record is easier than expanding the treasury at the rate seen during the company’s initial buildout.
Chairman Tom Lee said the company has bought ETH every week since the strategy began, a run now spanning 58 consecutive weeks.
Staking is turning the treasury into an operating asset
The more important metric is no longer simply how many tokens Bitmine owns.
As of August 9, the company had 5,067,309 ETH staked, worth approximately $9.8 billion at its stated $1,928 reference price. That means about 87% of the entire treasury is being put to work rather than remaining idle.
Bitmine reported an annualized seven-day staking yield of 2.63%, which translates into projected annual staking revenue of around $257 million at the current staked balance. If essentially the full treasury were eventually staked through MAVAN and other partners, management estimates annual rewards could rise to approximately $294 million. Those figures are projections based on current yields, not guaranteed income.
A Bitcoin treasury largely depends on appreciation in the underlying asset and the company’s ability to raise capital accretively. An Ethereum treasury can add a second return component through protocol staking. The trade-off is additional operational exposure to validators, staking infrastructure, liquidity management and changes in Ethereum’s reward rate.
Bitmine is trying to internalize more of that infrastructure through MAVAN, its Made in America Validator Network, which it also intends to offer to institutional investors and custodians.
Bitmine’s Ethereum Treasury at a Glance
- Share of ETH supply: Approximately 4.8%
- Treasury staked: About 87%
- Current projected annual staking revenue: $257 million
- Potential revenue if fully staked at current yield: About $294 million
- Cash and marketable securities: $104 million
- Total crypto, cash, securities and other investments: $11.6 billion
- Share buybacks introduce another layer to the treasury strategy
- Bitmine is simultaneously reducing its own share count.
The company repurchased 3 million common shares during the past week, taking cumulative repurchases since the beginning of July to 19.1 million shares under its previously authorized $4 billion program. Lee said management continues to regard BMNR shares as undervalued.
This matters because digital asset treasury companies ultimately compete on crypto exposure per share, not only headline holdings.
If a company continuously issues equity to acquire ETH, its absolute treasury can rise without materially improving the amount attributable to each shareholder. Repurchasing stock while continuing to acquire and stake ETH can work in the opposite direction, although whether those repurchases are genuinely accretive depends on the price paid for BMNR relative to the market value and earning potential of its underlying assets.
That makes Bitmine’s capital allocation more complex than a simple “buy ETH every week” strategy. Management is simultaneously managing the size of the ETH treasury, staking participation and the public equity float.
ETH loses short-term momentum despite Bitmine’s buying
Bitmine’s announcement arrived while Ethereum itself was under pressure.
The Coinbase four-hour chart shows ETH falling to approximately $1,894.50, down 1.25% on the current candle after failing to sustain trading above $1,920. Price has slipped beneath the 20-period SMA at roughly $1,916 but is sitting almost directly on the 50- and 100-period averages near $1,893.
That makes the $1,890 area the immediate technical test.
RSI has fallen to approximately 42, down sharply from recent readings near 60. Momentum has therefore weakened without yet reaching oversold territory. A sustained loss of the $1,890 cluster would leave the rising 200-period average near $1,870 as the next significant support visible on the chart.
On the upside, ETH would first need to reclaim approximately $1,916-$1,920 before another attempt toward the recent $1,930-$1,940 highs becomes technically convincing.
Derivatives leverage is easing rather than expanding
Exchange ETH open interest peaked around $27.7 billion in late July but has declined to roughly $24.8 billion by August 10, while ETH has remained around the $1,900 area.
That combination suggests traders have been reducing leveraged positions rather than aggressively adding exposure into the latest price weakness. Lower open interest can reduce liquidation risk, but it also indicates that derivatives traders are showing less conviction than they did during July’s advance.
CoinGlass separately shows the broader derivatives market continuing to carry substantial open interest, making positioning an important variable alongside spot demand and corporate accumulation.
For Bitmine, short-term ETH weakness does not appear to have changed the accumulation policy. The more meaningful corporate milestone is now its remaining distance to the 5% supply target. Once that threshold is reached, attention will shift toward whether management continues purchasing at the same cadence and how much of the additional ETH can be staked without materially changing liquidity requirements.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Kosta Gushterov
Reporter at CoinsPress
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
