Ethereum Passes Nasdaq 100 as Bitmine Stakes $9. 2B
Bitmine Immersion Technologiesadded 10,399Ether(ETH)last week as ChairmanTom Leesaid the cryptocurrency beat the Nasdaq 100 by 25 percentage points in July. Key Points:Bitmine holds 5,797,813 ETH, equal to. . .
Bitmine Immersion Technologiesadded 10,399Ether(ETH)last week as ChairmanTom Leesaid the cryptocurrency beat the Nasdaq 100 by 25 percentage points in July. Key Points:Bitmine holds 5,797,813 ETH, equal to 4. 8% of supply and 96% of its 5% accumulation targetThe company has staked 4,917,189 ETH worth $9. 2 billion and projects $247 million in annual staking revenueBitmine repurchased 4. 5 million shares last week after management described the stock as attractively valuedBitmine Ether TreasuryThe companydisclosedthe purchase Monday, Aug. 3, raising its treasury to 5,797,813 ETH, or 4. 8% of Ethereum’s 120. 7 million-token supply. The Blockreported the update. At $1,880 per token, Bitmine’s Ether position was worth about $10. 9 billion, making it the largest corporate Ether holder and the second-largest corporate crypto treasury overall. Strategyremained first with a $57 billionBitcoin(BTC)position. Bitmine said 4,917,189 ETH, worth $9. 2 billion, was staked through its MAVAN platform and staking partners, with projected annual revenue of $247 million. Its reported assets also included 209 Bitcoin, $173 million in cash and marketable securities, a $180 million stake inBeast Industriesand a $61 million stake inEightco Holdings. Combined holdings totaled $11. 3 billion. Tom Lee OutlookLee said Ether outperformed the Nasdaq 100 by 2,500 basis points in July, its widest monthly advantage over the index since July 2025. Ether traded above $1,800 Monday but fell 5. 23% over 24 hours. Bitmine repurchased 4. 5 million common shares during the week, bringing total buybacks since Jul. 1 to 16. 1 million as management called the stock attractively valued. The program authorizes up to $4 billion. The company is now 96% of the way toward its stated goal of controlling 5% of Ether’s 120. 7 million-token supply. The strategy combines token accumulation, staking income and share repurchases, while Bitmine has bought Ether every week since adopting its Ethereum treasury strategy on June 30, 2025. Lee noted that Ether rose from $2,375 in July 2025 to $4,057 by the end of August. SourcePost navigation