Bitmine Immersion Technologies (BMNR) shares popped 13% Monday after a fresh treasury update, making it the best-performing stock of the day on Wall Street. The Ethereum (ETH) firm’s .8 billion in crypto, cash, and equity stakes reassured investors that its balance sheet remains solid.

The company now holds 5.79 million ETH tokens, equal to 4.8% of Ethereum’s 120.7 million circulating supply. That puts Bitmine very close to the 5% accumulation target it set 13 months ago. A crypto treasury strategy of this kind means the company deliberately keeps a large digital asset on its balance sheet, turning ETH into a core reserve rather than a short-term trade.

BitMine Buybacks Signal Confidence

Bitmine repurchased 6.1 million shares last week, up from 5.5 million the week before. That brought total repurchases to 11.6 million shares since July 1, under a billion buyback program. Bitmine unveiled that program at its April NYSE main-board debut. Share buybacks reduce the number of shares outstanding, and management typically uses them to signal that leadership sees the stock as undervalued.

Chairman Tom Lee framed the accumulation as a long-term commitment rather than opportunistic trading.

“Bitmine has bought ETH every week since the inception of the ETH Treasury Strategy on June 30, 2025.”

— Lee

The firm also runs MAVAN, its own Ethereum staking network, which now holds 4.9 million staked ETH. Staking involves locking up tokens to help secure the network in exchange for rewards, giving the treasury a recurring income stream. Bitmine currently projects 4 million in annualized staking revenue, a figure that could reach 9 million once its entire ETH position is staked.

A Wider Institutional Bet

Backers including Cathie Wood’s ARK Invest, Pantera Capital, and Galaxy Digital have supported Bitmine’s strategy. That reflects growing institutional appetite for Ethereum treasury companies well beyond retail traders, as large funds look for regulated ways to gain exposure to ETH.

BMNR now ranks among the most actively traded US stocks by dollar volume, Fundstrat data show, underlining how much attention the treasury model has drawn.

The rally comes as other Ethereum treasury firms, including SharpLink, keep building ETH positions despite a choppy year for digital assets. Whether Bitmine’s buyback pace and staking revenue hold up may determine if Wall Street’s patience with crypto treasuries continues, and it could shape how other public companies approach holding ETH on their books.

Source: BeInCrypto