Bitmine Immersion Technologies announced Monday that it has accumulated 5.90 million ETH, positioning itself near a significant milestone in ethereum holdings. The publicly traded firm's ethereum treasury now represents approximately 4.9% of Ethereum's 120.7 million circulating tokens, moving it close to a 5% ownership target.
The Connecticut-based company disclosed that its total crypto, cash, marketable securities, and strategic investments reached approximately $15.6 billion as of August 30. In the past week alone, Bitmine acquired 53,501 ETH, continuing a weekly buying pattern that began when the company launched its ethereum treasury strategy on June 30, 2025.
Bitmine's holdings extend beyond ethereum. The company owns 211 bitcoin worth $16.4 million, maintains $541 million in U.S. dollars and marketable securities, holds a $180 million stake in Beast Industries, and maintains an $81 million position in Eightco, a digital asset trust holding worldcoin.
August Price Movement and Stock Performance
Ethereum traded near $2,450 per coin following a substantial rally in August. The cryptocurrency climbed approximately 30% from the $1,800-$1,900 range around August 18-19, reaching above $2,500 days later. Despite giving back some gains over the following week, ethereum remained up roughly 33% for the month.
Bitmine shares reflected ethereum's volatility, climbing roughly 38% during August. The stock closed August 28 at $23.80 after dropping 7% that session, though it remains approximately 45% lower over the past 12 months and significantly below its 52-week high of $65.60.
Staking Strategy and Revenue Projections
Bitmine has staked approximately 5,067,309 ETH, roughly 86% of its holdings, through its Made in America Validator Network and other staking partners. At ethereum's $2,511 valuation, this staked portion was valued at approximately $12.7 billion.
The company projects approximately $335 million in annualized staking revenue based on a seven-day annualized yield of 2.63%. Bitmine estimates this could reach $390 million annually if it fully stakes all ETH holdings through its validator network and partners.
Market Dynamics
U.S. spot ethereum exchange-traded funds accumulated roughly $1.06 billion during August, with approximately $1.4 billion flowing in across nine sessions beginning in mid-August. Declining ETH balances on exchanges suggest fewer immediately available coins for sale.
Ethereum's price remains more than 40% below year-ago levels. The cryptocurrency would need to maintain support above the $2,400 level to preserve recent gains, though persistent ETF and treasury buying could support the rally.
