Tom Lee’s Bitmine Buys Back 5.5M BMNR Shares as ETH Stack Nears 5.8M Tokens

The Norwalk, Connecticut-based ethereum ( ETH) treasury company disclosed the figures in its weekly shareholder update. Bitmine’s ether position now represents 4.8% of the total 120.7 million ETH supply, putting the company within reach of its long stated goal of controlling 5% of all ether in circulation.

Treasury Breakdown

Bitmine‘s holdings as of July 19 consisted of 5,777,468 ETH valued at $1,879 per coin, 207 bitcoin, a $180 million stake in Beast Industries and a $58 million stake in Eightco Holdings, a Nasdaq-listed company that gives investors indirect exposure to OpenAI. Cash and marketable securities added $385 million to the total.

Chairman Tom Lee explained that the company has purchased ether every week since launching its treasury strategy on June 30, 2025. Over the past week, Bitmine added 7,430 ETH, a smaller purchase than prior weeks.

“The reduced pace of buys reflects that Bitmine repurchased 5.5 million common shares,” Lee said. The company remains, and has long remained, the largest publicly traded company by the amount of ETH held on its balance sheet.

Share Buyback Accelerates

Bitmine repurchased approximately 5.5 million shares of its own common stock over the past week at an average price of $15.6156, under a previously authorized $4 billion buyback program.

“We view the purchase of our common shares as accretive to shareholder value,” Lee detailed.

The buyback comes as BMNR stock trades well below its 52 week high of $71.74, closing near $15.69 on July 17. Shares have moved mostly between $14 and $17 over the past two weeks, tracking swings in ether’s price and reacting to the company’s weekly treasury disclosures. Bitmine’s buyback news on Monday follows Strategy revealing it raised $263.5 million through MSTR sales.

Staking Operation Scales Up

Bitmine has staked 4,917,189 ETH, worth $9.2 billion at current prices, representing 85% of its total ether holdings. The company runs this staking through MAVAN, the Made in America Validator Network, which it launched earlier this year to serve its own treasury and, eventually, outside institutional clients.

Lee disclosed that Bitmine’s current staking operation generated a seven-day yield of 2.67% annualized, translating to $247 million in projected annual staking revenue. He added that once Bitmine’s full ether position is staked through MAVAN and its partners, the projected annual yield could reach $290 million.

“Bitmine has staked more ETH than other entities in the world,” Lee remarked.

Where Bitmine Ranks

Bitmine’s crypto holdings make it the largest ether treasury in the world and the second largest crypto treasury overall, trailing only Strategy Inc., which holds roughly 843,775 bitcoin worth about $55 billion.

Trading activity in BMNR stock has also drawn attention. According to Fundstrat data, Bitmine’s five-day average daily dollar volume of $579 million ranks it 187th among all 5,704 U.S.-listed stocks, ahead of Fastenal and just behind Airbnb.

Bitmine was added to the Russell 1000 large-cap index on June 26. Its Series A Preferred Stock trades on the NYSE under the ticker BMNP.

Trading Range Reflects ETH Correlation

BMNR shares moved between $14.10 and $16.94 over the last two weeks, with daily trading volume regularly topping 20 million shares and peaking above 50 million on July 14, when the stock jumped 11.5% following staking revenue disclosures.

Bitmine Immersion Technologies shares on Monday, July 20, 2026, via Tradingview.

The swings track a beta near 4.5, meaning BMNR moves roughly four and a half times the volatility of the broader market, a pattern typical of companies whose balance sheets are built around a single crypto asset. Still, shares remain far below their 52-week high of $71.74, even as the company’s ether holdings have grown.

Valuation Gap Persists Despite Treasury Growth

Bitmine’s market cap has hovered near $9.3 billion to $9.5 billion, below the $11.5 billion in combined crypto, cash and equity holdings the company now reports, a gap some analysts attribute to ether’s price sitting well off its highs even as Bitmine’s token count climbs. The discount between share price and underlying treasury value gives traders a reference point for weighing Bitmine against its stated goal of controlling 5% of all ether in circulation.

Institutional Backing

Bitmine’s strategy continues to draw support from institutional investors, including Ark Invest‘s Cathie Wood, Founders Fund, Pantera Capital, Kraken, DCG, Galaxy Digital, and Bill Miller III, alongside Lee’s personal investment in the company.

Lee has framed regulatory developments, including the GENIUS Act and the SEC’s Project Crypto initiative, as comparable in scale to the 1971 end of the Bretton Woods system, arguing that both events reshaped how capital moves through financial markets.

Bitmine’s next weekly update will show whether the company continues adding ether at a reduced pace while its buyback program remains active, or resumes larger weekly purchases as it closes in on its 5% supply target.