BitMine grabbed another 10,399 ETH this week. The move pushed its total holdings to 5.79 million tokens, but the company's reported treasury tumbled to $11.3 billion as of August 2, down from $11.8 billion just seven days earlier. Price, not selling, drove the decline. Ethereum marked at $1,880 per token compared to $1,948 the previous week, shaving roughly $500 million off the balance sheet overnight.

The cash position took a sharper hit. Liquid reserves fell to $173 million from $268 million after BitMine repurchased 4.5 million shares during the week. Since July 1, the company has bought back 16.1 million shares under a $4 billion authorization that Chairman Tom Lee calls the largest buyback program executed by any crypto treasury company. Lee signaled the board views shares as attractively priced at current levels.

Staking Engines Humming

What the headline numbers obscure is the operational machinery grinding forward. BitMine had 4.9 million ETH staked as of August 2, representing 85% of its holdings and worth $9.2 billion at the marked price. The company projects $247 million in annualized staking revenue based on current yields, climbing to $291 million once the full position cycles through its MAVAN platform and partner validators. Lee claims BitMine has more ETH staked than any other entity globally.

The treasury now controls 4.8% of the 120.7 million ETH supply, matching last week's percentage. That puts the company 96% of the way toward its stated goal of holding 5% of all circulating Ethereum, a target it's been chasing since June 30, 2025, when it launched the treasury strategy. Weekly purchases have been consistent since then. On the Bitcoin side, holdings nudged up to 209 coins. The balance sheet also carries a $180 million stake in Beast Industries and $61 million in Eightco Holdings, labeled as "moonshots."

Lee highlighted that Ethereum outpaced the Nasdaq 100 by 25 percentage points last month, the widest spread since July 2025. BitMine positioned itself as the second-largest corporate crypto treasury after Strategy Inc., which holds 843,775 BTC valued around $57 billion, down from roughly $59 billion a week prior.

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