BitMine Immersion Technologies added 9,926 Ethereum over the week ending August 16, raising its total holdings to 5,815,164 ETH. Valued at approximately $11 billion based on an ETH reference price of $1,893, the digital asset position represents roughly 4.8% of Ethereum’s estimated 120.7 million circulating supply.
Following the weekly treasury update, BitMine (BMNR) shares closed 3.68% higher at $18.73 on the New York Stock Exchange on August 17. The stock advanced an additional 0.37% in after-hours trading to $18.80, bringing the company’s market capitalization to roughly $11.3 billion across 603.23 million outstanding shares.
Progress Toward the “Alchemy of 5%” Target
BitMine’s long-term corporate treasury objective, dubbed the “Alchemy of 5%,” aims to secure 5% of Ethereum’s total circulating supply. Based on the company’s baseline supply estimate, achieving that threshold requires holding approximately 6.035 million ETH.
With its current holdings standing at 5,815,164 ETH, BitMine has acquired approximately 96.4% of the assets required to meet its target, leaving a deficit of roughly 219,836 ETH. While the latest weekly addition of 9,926 ETH was smaller than single-week additions earlier in the year, BitMine has maintained consistent weekly purchases since adopting its treasury allocation strategy in June 2025.
Staking Yields and Yield Projections
Out of its total treasury, BitMine reported that 5,067,309 ETH was deployed in staking as of August 16, representing 87.1% of its holdings. The staked assets were valued at approximately $9.59 billion, with validators operated in part through its Made in America Validator Network (MAVAN) alongside external staking partners. Unstaked tokens accounted for the remaining 747,855 ETH.
The company projected an annualized staking revenue of $250 million, calculated using a seven-day yield metric of 2.61%. BitMine noted that if its entire ETH treasury were deployed into staking at that rate, annualized revenue would reach approximately $287 million. However, staking returns remain subject to fluctuations based on network participation rates, execution fees, and overall transaction volume.
Share Repurchases and Portfolio Breakdown
Parallel to its Ethereum acquisitions, BitMine continued executing its equity buyback program, repurchasing 1.7 million common shares over the past week. Total share buybacks have exceeded 20.8 million shares since July 1, funded under a $4 billion authorization expanded by the board in April.
BitMine reported total assetsin, including crypto, cash, marketable securities, and strategic equity, valued at $11.4 billion as of August 16. In addition to its core Ethereum balance, the corporate portfolio holds 210 Bitcoin, $78 million in cash and liquid securities, a $180 million position in Beast Industries, and a $73 million equity stake in Eightco Holdings.
Market Context and Next Steps
Despite Monday’s gains, BMNR stock continues to trade well below its 52-week high of $65.60, though comfortably above its 52-week low of $12.80. The company’s total reported asset portfolio of $11.4 billion closely mirrors its public equity market capitalization of $11.3 billion.
Investors and market participants will monitor upcoming filings with the US Securities and Exchange Commission for further details regarding share buyback expenditures, asset accounting, and the pace of remaining purchases required to reach the 5% supply milestone.
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