Bitmine stock jumps 13% as firm adds $123 million of ETH

Bitmine Immersion Technologies shares surged 13.49% on Monday, driven by a fresh $123 million purchase of 75,000 ether that lifted its treasury above 5.4 million ETH—just shy of the 5% of total supply goal it set 13 months ago【2】.

Large‑scale buy lifts treasury toward 5% goal

The June 9 acquisition was executed over an eight‑hour window through Kraken and FalconX, split across three wallets, two of which were newly created for the trade【2】. At an average price of roughly $1,640 per ether, the purchase added roughly 0.7% to Bitmine’s existing holdings, which already included 5.4 million ETH valued at about $11.3 billion based on the July 26 price of $1,948 per coin【1】. On‑chain trackers place the stake closer to 4.6% of the 120.7 million ETH circulating supply, but the company’s own target remains “controlling more than 5% of all ether in existence”【2】.

Stock reacts to each disclosed buy, reflecting market sentiment

Bitmine’s stock has historically mirrored ether’s price swings, with each publicized acquisition moving the share price. The latest jump follows a pattern where the firm’s disclosures act as a proxy for institutional confidence in ether, especially as the broader crypto market endures a rough 2026 stretch with ether trading near $1,630—well below the $2,135 average price of earlier large purchases【2】. The company’s ongoing weekly purchases since the ETH treasury strategy launched on June 30, 2025, underscore a commitment to buying on drawdowns, a stance championed by chairman Tom Lee【1】.

Staking revenue underpins the treasury’s economics

Bitmine plans to stake the majority of its ether through its MAVAN platform, targeting an annualized yield near 3% and projecting staking revenue of $254 million now, rising to $270‑$299 million once the full position is deployed【1】【2】. This revenue stream is central to Lee’s narrative that the treasury is more than a passive price bet, linking ether’s long‑term demand to growth in AI and on‑chain finance.

What to watch

• Ether price near $1,950 – a level that could trigger further Bitmine purchases if the price dips.
• Upcoming token unlocks – any large ETH supply releases could affect the 5% ownership ceiling.
• Regulatory or ETF decisions – new U.S. or European crypto‑related rulings could shift institutional demand for ether.

Bitmine’s aggressive accumulation keeps it on track to hit the 5% supply milestone before year‑end, but the firm’s reliance on ether’s price and staking yields means its valuation remains tightly coupled to market volatility and broader crypto sentiment.