Bitmine Bought $19.5M More ETH and 4.5M Shares-Now It Controls 4.8% of All Ether

Bitmine's latest ETH purchase pushes it closer to the 5% mark

Bitmine just bought another 10,399 ETH, worth about $19.5 million, extending its strategy of steadily adding to its Ethereum treasury.

Why the latest holdings snapshot matters

Bitmine now holds 5,797,813 ETH, worth about $10.9 billion at $1,880 per ETH, or 4.8% of the total ETH coin supply. At that scale, each additional purchase matters more because the company is already accumulating a meaningful share of circulating Ether.

Bitmine is 96% of the way to the 'Alchemy of 5%' in roughly 13 months. The core bullish argument is simple: as a public buyer keeps converting tradable supply into treasury holdings, less ETH remains freely available in the market.

Bitmine also repurchased shares, reinforcing the equity case

The stock-side argument starts with capital allocation, not crypto narrative.

Why the buyback matters alongside ETH accumulation

Bitmine also repurchased 4.5 million shares last week under its $4 billion share repurchase program. That matters for two reasons: it reduces the share count, and it signals that management views the stock as attractively valued relative to the company's underlying holdings.

That case becomes more interesting when ETH is outperforming equities. In July, ETH outperformed the Nasdaq 100 by 2,500 basis points, and management said that during its Ethereum treasury phase, strong ETH performance versus QQQ has typically been followed by Bitmine shares outperforming ETH over the following month.

What could help BMNR outperform the underlying ETH position

The bullish equity case gets support from several sources at once. Bitmine reported 4,917,189 staked ETH, or about $9.2 billion at $1,880 per ETH, which gives the treasury a cash-flow angle beyond simple token ownership. The company also said annualized staking revenue is now $247 million, though that estimate depends on future network conditions and other assumptions.

Trading activity has also been unusually active. Bitmine posted $698 million in average daily dollar volume over the five days ended July 31, and the company was added to the Russell 1000 Large-cap index on June 26, 2026. Both factors can support liquidity and broader market attention.

The setup now depends on continued ETH strength and ongoing buybacks

The near-term bullish setup is straightforward. Bulls need Bitmine to keep its year-long buying streak intact in a market where Ether still shows strength after its outperformance versus the Nasdaq in July, while also maintaining the equity support shown by 4.5 million common stock in the past week.

What would weaken the case

The bear case is mostly mechanical. Management's own outperformance logic depends on ETH continuing to outperform equities; if that relative momentum fades, the case for BMNR to outperform the underlying ETH position becomes harder to defend. In that scenario, the stock can still track Ether, but the extra rerating premium investors are counting on gets less support.

The key signals to watch

• Whether Bitmine keeps accumulating ETH from an already concentrated position
• Whether ETH maintains strength after July's sharp outperformance versus the Nasdaq
• Whether the company continues repurchasing shares after last week's 4.5 million common stock in the past week