Bitmine Adds 10,399 ETH to Treasury, Buys Back 4.5M Shares Despite Estimated $8.8B Unrealized Loss

Bitmine Immersion Technologies (BMNR) continued to lean into Ethereum this week, adding 10,399 ETH to its treasury and repurchasing 4.5 million shares, even as its stock drifted toward the $17 level. The company's latest purchase lifts total ETH holdings to 5,797,813 ETH, which it says is roughly 4.8% of Ethereum's circulating supply. Bitmine bought 9,946 ETH the prior week, taking its two-week accumulation to more than 20,000 ETH. Bitmine also extended its buyback streak, repurchasing 4.5 million common shares over the most recent week. It marks the third straight week of buybacks and brings cumulative repurchases to more than 16 million shares. Chairman Tom Lee linked the ongoing ETH accumulation to the token's recent outperformance versus U.S. tech equities. He said ETH beat the Nasdaq 100 by about 25% in July, its widest gap since July 2025, and cited a prior move in which ETH rose from $2,375 in July 2025 to $4,057 the following month. Lee characterized this as a sign of "strengthening fundamentals," while noting that past performance does not ensure future results. On the staking side, Bitmine has staked 4,917,189 ETH, nearly 85% of its total holdings. Based on the company's reported valuation, that staked position is worth about $9.2 billion. Bitmine estimates roughly $247 million in annualized staking revenue, producing ETH-denominated income while keeping the asset on its balance sheet. The strategy has also left the company with substantial paper losses. DropsTab estimates Bitmine's unrealized loss on its ETH position at around $8.8 billion. For investors, BMNR provides a way to gain equity-market exposure to Ethereum without holding tokens directly, but the tradeoff is layered risk. Those include ETH price volatility and Bitmine's cost basis, operational and validator risks associated with a very large staked position, and corporate risks tied to management decisions, capital allocation, dilution from financing, and how buybacks are funded. Market reaction remained muted. BMNR traded around $17.06 on Aug. 3, down about 1.3% on the day, after an intraday high of $17.23 and low of $16.63. Technically, immediate resistance sits at the 61.8% Fibonacci retracement near $17.15. A daily close above that level could open a move toward the 50% retracement at $18.49. Higher resistance levels are seen at $19.82 and $21.48, which would likely require stronger momentum and volume. On the downside, BMNR remains above an ascending trendline from its June low near $12.81, suggesting the short-term recovery attempt is still intact. A rejection at $17.15 could pull the stock back toward the trendline near $16. Stronger support is identified at the 78.6% Fibonacci level of $15.24; a clear break below that would raise the odds of a retest of $12.81. Momentum signals are mixed. Aroon readings (64.29% / 21.43%) support the recent rebound attempt, while the average directional index (ADX) sits at 18.04, below the widely watched 20 threshold, indicating a weak prevailing trend. Bottom line: Bitmine is sticking to a consistent playbook—accumulate ETH, stake most of it for yield, and repurchase shares it views as undervalued. The approach increases upside sensitivity to Ethereum but also concentrates balance-sheet risk. Investors considering BMNR get equity-style access to Ethereum without custody, along with corporate and operational considerations that a spot ETH ETF would not carry. Disclosure: This content is for informational purposes only and does not constitute investment advice.