Bitmine Immersion Technologies (NYSE: BMNR) purchased an additional 7,391 Ethereum over the past week, continuing its aggressive cryptocurrency accumulation strategy under Chairman Tom Lee.
The latest acquisition brings BMNR’s total holdings to 4.8% of Ethereum’s circulating supply, placing the company 96% of the way toward its stated goal of owning 5% of available ETH.
The company has now staked 87% of its total Ethereum holdings, representing 5,067,309 ETH valued at approximately $9.8 billion at current market prices.
Staking involves locking up cryptocurrency on a blockchain network to help secure it and verify transactions, a process analysts frequently compare to earning interest on traditional bank deposits.
Bitmine projects its staking rewards will generate $194 million annually, reflecting a yield of 2.63% on its staked position.
The purchase extends BMNR’s unbroken streak of weekly Ethereum acquisitions since the company formally adopted an Ethereum treasury strategy in 2025.
Alongside its ETH purchases, Bitmine repurchased three million shares of its common stock over the past week as its share price continues to trade at depressed levels.
The company has now bought back a total of 19.1 million common shares under a $4 billion repurchase program that launched at the start of July this year.
Tom Lee said in a note to clients that Bitmine continues to view BMNR stock as undervalued, reinforcing the rationale behind the ongoing buyback effort.
Shares of Bitmine Immersion Technologies have declined 69% over the last 12 months, trading at $18.38 per share despite the company’s expanding digital asset base.
The aggressive dual strategy of accumulating Ethereum while simultaneously buying back stock reflects management’s conviction that the market has not yet priced in the full value of its growing ETH treasury.
With staking rewards compounding at an annualized rate of 2.63% on a multi-billion dollar position, Bitmine’s treasury model is beginning to generate meaningful passive income that could reshape how investors assess the stock.
