BitMine Needs $484M More to Hit 5% of Ethereum

In its weekly update, BitMine reported it added 7,430 ETH, bringing total holdings to 5,777,468 ETH. Based on an estimated 120.7 million ETH in circulation, a 5% position equals about 6.035 million tokens, leaving a shortfall of 257,532 ETH. At the $1,879 valuation the company used, that gap would cost about $483.9 million. The dollar amount will change with ether’s market price and the token gap could shift if Ethereum’s circulating supply expands or contracts.

The latest weekly purchase cost about $14 million, one of BitMine’s smallest weekly allocations since the accumulation began on June 30, 2025. The pace slowed from the prior week, when the company added 27,801 ETH, and from purchases totaling nearly 70,000 ETH during early July.

During the same reporting week BitMine repurchased about 5.5 million BMNR common shares at an average price of $15.6156, a transaction valued at roughly $85.9 million. The share repurchase and the ether purchase together deployed close to $100 million. The buybacks were executed under a previously authorized $4 billion repurchase program.

Common shares outstanding rose to more than 579.7 million as of May 31 from 232.4 million a year earlier, reflecting prior equity issuances used to finance crypto purchases. The 5.5 million-share repurchase reverses only a small portion of that expansion. Management indicated it will weigh the market price of BitMine stock against the value of acquiring more ether when allocating capital.

Chairman Thomas “Tom” Lee wrote in his July chairman’s message that the company will approach the 5% level gradually and does not plan to exceed that concentration threshold. He attributed the smaller ether purchase to the allocation of capital to share repurchases, which management views as beneficial to shareholders.

BitMine has staked 4,917,189 ETH, about 85% of its holdings. At a reported seven-day yield of 2.67% the company projected annualized staking revenue of about $247 million, rising to roughly $290 million after full deployment through its MAVAN staking platform and external partners. For the quarter ended May 31, staking and validation generated $45.7 million, or 98% of the company’s $46.5 million in total revenue.

The company reported a net loss of $83.6 million for the quarter, driven in part by a $92.1 million loss on derivative contracts. BitMine reported combined holdings valued at $11.5 billion as of July 19, including 207 BTC, $385 million in cash and marketable securities, a $180 million investment in Beast Industries and a $58 million stake in Eightco Holdings.

BitMine remains the largest publicly disclosed corporate holder of ether and has accumulated about 95.7% of the tokens needed by count to reach a 5% stake. The company said the timing and total dollar amount required to close the remaining gap will depend on ether prices and changes in Ethereum’s circulating supply.