Bitmine buys 42,197 Ether as crypto and cash holdings surpass $11B

Bitmine Immersion Technologies expanded its Ethereum treasury by 42,197 ETH over the past week, raising its total holdings to 5.74 million ETH, or approximately 4.8% of the total ETH supply, according to a Monday press release.

The company’s balance sheet assets, including crypto, cash, marketable securities and strategic investments, have surpassed $11 billion. In addition to Ether, Bitmine owns 206 Bitcoin, $527 million in cash and marketable securities, and investments in Beast Industries and Eightco Holdings valued at a combined $251 million.

“We continue to maintain a steady pace of accumulation throughout 2026,” Chairman Thomas “Tom” Lee said in a statement. “We believe we are in the early stages of crypto spring. Bitmine is expected to reach the ‘alchemy of 5%’ sometime in 2026.”

On the regulatory outlook, Lee said investors have become increasingly optimistic about the Clarity Act, adding that clearer rules could boost Ethereum as blockchain technology becomes more deeply integrated into everyday financial services.

Alongside its treasury update, Bitmine highlighted its inclusion in the Russell 1000 Index, the completion of a $273.8 million preferred stock offering in June, and progress with its MAVAN institutional staking platform.

As of July 5, the company had 4.88 million ETH staked, with projected annual staking revenue of approximately $235 million.

Bitmine’s crypto treasury ranks second globally behind Strategy’s Bitcoin holdings.

Unlike Bitmine’s continued accumulation, Michael Saylor’s company sold 3,588 Bitcoin for approximately $216 million last week, marking its second Bitcoin sale this year and its largest disposal to date.

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