BitMine Immersion Technologies (NYSE: BMNR) emerged as the top-performing stock on Wall Street on Monday after its latest Ethereum treasury update sent shares up 13%, reflecting growing investor confidence in the company’s long-term crypto strategy.
The company revealed it now holds 5.79 million ETH, representing approximately 4.8% of Ethereum’s 120.7 million circulating supply. The milestone brings BitMine within reach of its long-term objective of accumulating 5% of all ETH in circulation, a target it set more than a year ago.
Share Buybacks Reinforce Long-Term Strategy
BitMine also continued its aggressive share repurchase programme, buying back 6.1 million shares last week after repurchasing 5.5 million shares the previous week. Since July 1, the company has repurchased a total of 11.6 million shares under its $4 billion buyback programme, introduced following its NYSE debut in April.
Chairman Tom Lee said the company’s Ethereum accumulation strategy is designed as a long-term commitment rather than a short-term market trade.
“BitMine has bought ETH every week since the inception of the ETH Treasury Strategy on June 30, 2025.”
Ethereum Staking Adds Revenue Potential
Beyond holding Ethereum, BitMine operates its own staking platform, MAVAN, which currently manages 4.9 million staked ETH. The company estimates the staking operation is capable of generating approximately $254 million in annualised revenue, with projections rising to $299 million once its entire ETH treasury is fully staked.
Institutional Investors Continue Backing Ethereum Treasury Firms
BitMine’s strategy has attracted support from major institutional investors, including ARK Invest, Pantera Capital, and Galaxy Digital, highlighting growing institutional confidence in Ethereum-focused treasury companies.
According to Fundstrat, BMNR has also become one of the most actively traded US stocks by dollar volume, underscoring strong market interest.
The latest rally comes as several other public companies continue expanding their Ethereum reserves despite broader market volatility. Investors will now be watching whether BitMine can sustain its buyback programme and deliver on its projected staking revenues as institutional adoption of Ethereum treasury strategies continues to grow.
