TL;DR:
- Bitmine raised its Ethereum treasury to 5.815 million ETH after acquiring approximately 9,926 additional tokens over the past week.
- The company now controls 4.8% of ETH’s circulating supply, with holdings valued at approximately $11 billion.
- More than 5 million tokens are staked through the MAVAN platform, with projected annualized revenues reaching $250 million.
Bitmine Immersion Technologies raised its Ethereum treasury to 5,815,164 ETH, equivalent to 4.8% of the circulating supply of the second most important crypto asset in the market.
The company acquired 9,926 additional ETH during the past week, according to a press release published by the firm. With holdings valued at approximately $11 billion, Bitmine positions itself as the largest corporate ETH holder worldwide and the second largest in terms of overall corporate crypto treasury, surpassed only by Strategy, whose bitcoin position stands at $58 billion.
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BitMine provided its latest holdings update for August 17, 2026$11.4 billion in total crypto + "moonshots": – 5,815,164 ETH at $1,893 per $ETH (per @coinbase) – 209 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $73 million stake in Eightco…— Bitmine (NYSE-BMNR) $ETH $BMNP (@BitMNR) August 17, 2026
Bitmine Is Close to Reaching Its Goal
The company stated it is 96% of the way toward its target, known as the “alchemy of 5%,” which involves accumulating 5% of the 120.7 million ETH in circulation. Of the total holdings, more than 5 million tokens—valued at $9.6 billion—are staked through the MAVAN platform. Staking accounts for 87% of the total treasury, with projected annualized revenues of approximately $250 million.
Additionally, the company reported holdings of 210 BTC, a $180 million stake in Beast Industries, $73 million in Eightco Holdings, and $78 million in cash and marketable securities. Bitmine also repurchased 1.7 million common shares during the past week, accumulating 20.8 million shares since July 1 under a buyback program authorized at $4 billion.
The ETH/BTC Ratio and the Next Bull Cycle
Tom Lee, chairman of Bitmine, noted that the ETH/BTC ratio reached 0.02994 and broke above the long-term downtrend that had been in place for the past several years. Lee attributed the move to markets beginning to perceive the materialization of tokenization and agentic artificial intelligence applications on Ethereum. “In this next crypto cycle, we see the ETH/BTC ratio rising, driven by Wall Street tokenizing assets on the blockchain and by agentic AI using blockchains,” he stated. Ethereum is currently trading above $1,900, 61.7% below its all-time high of $4,946.
