Bitmine Stock Surges After Ethereum Holdings Update
Shares of Bitmine Immersion Technologies (BMNR) rose by over 13% on Monday after the company revealed it had accumulated a significant stake in Ethereum. As of July 26, Bitmine held approximately 5.79 million ETH coins, valued at around $11.3 billion with Ether trading near $1,948 per coin. The firm is now 96% toward its goal of controlling 5% of the total supply of Ethereum within 13 months. Bitmine has also been actively repurchasing shares under a $4 billion buyback program, acquiring an additional 6.1 million shares in recent weeks for a total of 11.6 million to date. The company's consistent weekly purchases since June 2025 and its Ethereum staking strategy are seen as key advantages. The firm expects annualized staking revenue from ETH to reach $254 million, with potential growth up to $299 million once fully staked.
