BitMine’s ETH Stack Hits 5.77M Tokens, $11.3B Book Value, 96% to 5% Supply Target

BitMine Immersion Technologies (NYSE: BMNR) disclosed a fresh accumulation update on July 13, putting its Ethereum position at between 5,742,237 and 5,770,038 ETH depending on the timestamp used — a roughly $73 million weekly add of 42,197 tokens that pushes the treasury company’s holdings to approximately 4.8% of the 120.7 million total ETH supply. Valued at $1,820 per ETH, the company’s crypto, cash and “moonshot” equity stakes now total $11.3 billion.

Treasury breakdown: staking dominates the balance sheet

Of BitMine’s ETH stack, 4,917,189 tokens are actively staked, representing $9.0 billion at current prices and routed through MAVAN, the company’s own “Made in America VAlidator Network.” The remaining holdings, per the company’s July 12 disclosure, include 206 BTC, a $180 million stake in Beast Industries, a $69 million position in Eightco Holdings (NASDAQ: ORBS), and $482 million in cash and marketable securities.

Eightco is described by the company as one of the only publicly listed equities offering indirect exposure to OpenAI, positioning it alongside BTC and the Beast Industries stake as a non-ETH “moonshot” allocation sitting outside the core treasury strategy.

Chasing the “alchemy of 5%”

BitMine’s stated target is to control 5% of total ETH supply, a threshold the company says it is now 96% of the way toward reaching after roughly 12 months of accumulation. At the current pace — 42,197 ETH added over the most recent week, following a reported 27,801 ETH the week prior — the remaining gap to the 5% line is narrowing on a weekly cadence rather than in large single purchases.

Chairman Thomas “Tom” Lee tied the accumulation thesis to on-chain usage growth rather than price action alone. “Robinhood Chain uses ETH as the native gas token. And transaction fees are denominated in ETH and the finality is settled on Ethereum. Robinhood’s 27 million users are paying crypto fees denominated in ETH. In other words, everyday users are starting to see ETH as money,” Lee said, referencing the Robinhood Chain L2 mainnet that launched July 1 on Arbitrum and has since surpassed $1 billion in dollar volume, which Lee characterized as exceeding any other decentralized exchange by trading volume.

Capital structure: Russell 1000 entry and a preferred-stock raise

BitMine’s equity was added to the Russell 1000 Large-Cap Index on June 26 during the index’s annual reconstitution. Citing Investment Company Institute estimates that passive funds and ETFs typically hold 18-20% of a constituent’s float, Lee said the inclusion could bring “hundreds and possibly thousands” of new institutional holders onto the cap table.

Separately, BitMine closed a registered offering on June 10 of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock at $80 per share, netting approximately $273.8 million after underwriting costs. The instrument now trades on the NYSE under the ticker BMNP, with dividends scheduled on a weekly basis. The company’s institutional backer roster includes ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and Lee himself as a personal investor.

The weekly buy cadence — averaging in the tens of thousands of ETH — has become the primary data point analysts watch for gauging institutional ETH demand independent of ETF flows, given BitMine’s position as one of the largest single corporate holders of the asset.

Read more: Bitmine’s ETH Treasury Crosses 5.74M Tokens as Weekly Cadence Buys Persist Near $1,800

Sources

• captainaltcoin.com — Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 5.77 Million Tokens, and Total Crypto and Total Cash Holdings of $11.3 Billion
• thedefiant.io — BitMine Adds $73 Million in ETH, Pushing Holdings to 4.8% of Supply
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