NEW YORK, July 27, 2026, 10:06 a.m. EDT – Wall Street starts the day with U.S. markets open.
BitMine climbed 12.8% to $17.81 as of 9:50 a.m. EDT.
Ether reserves climbed to 5.787 million following a purchase of 9,946 tokens.
Initial figures indicate that buybacks accounted for approximately 86% of the weekly increase in ETH per share.
Shares of BitMine Immersion Technologies NYSE:BMNR rose sharply at the start of New York trading following an increase in its buyback program and a further addition of ether holdings. The stock reached $17.81, up 12.8%, after climbing as high as $18.
The more telling investor indicator was in the denominator. BitMine acquired 9,946 ETH, resulting in a mere 0.17% rise in its total holdings. The company also bought back 6.1 million shares.
As of July 9, BitMine reported 603.2 million common shares in circulation. The most recent share buyback, which occurred the previous week, retired an additional 5.5 million shares. This latest repurchase represented roughly 1.02% of the outstanding shares.
Weekly driver
Reported change
Estimated ETH-per-share effect
Ether buy
9,946 ETH, or 0.17%
+0.17%
Shares bought back
6.1 million, or 1.02%
+1.03%
Total impact
Initial estimate
+1.20%
The initial estimate does not factor in any new common-share issuance following July 9. It also deducts the 5.5 million-share buyback from the prior week ahead of calculating the most recent repurchase.
The buyback accounted for about 86% of the per-share rise, while the token purchase contributed approximately 14%.
The composition is important as BitMine has typically relied on stock offerings to support accumulation. Over the nine months ending May 31, the company sold 340.7 million common shares via its at-the-market scheme. This generated net proceeds totaling $11.87 billion.
As of July 9, shares outstanding totaled 603.2 million, up 4.1% from the figure reported on May 31. The company has bought back 11.6 million shares since July 1, which would account for roughly half of that rise, provided there is no further issuance.
Chairman Tom Lee stated, “We increased our equity buyback,” highlighting a three-month peak in the ETH/BTC ratio. According to Lee, ether’s relative strength signaled stronger cryptocurrency prices. TradingView
As of July 26, the company reported the value of its crypto assets, cash, marketable securities and other investments at $11.8 billion. Its portfolio contained 5,787,414 ETH, as well as $268 million in cash and marketable securities.
The $11.8 billion refers to gross assets. This figure does not represent the net asset value available to common shareholders.
In June, BitMine issued 3.5 million perpetual preferred shares, each with a total liquidation preference of $350 million and a cumulative dividend rate of 9.5%. These entitlements should be factored into any valuation of the common shares.
BitMine has committed 4.917 million ETH to staking, representing 85% of its total assets. The company estimates annualized staking revenue at $254 million, based on a seven-day yield of 2.65%. This figure is a management projection.
The buy of 9,946 tokens surpassed last week’s total of 7,430, CoinDesk said. However, it remains below the significantly higher weekly increases recorded earlier this year.
Other crypto-treasury stocks climbed as well. SharpLink NASDAQ:SBET advanced 7.5%, and Strategy NASDAQ:MSTR was up 7.0%. BitMine’s more significant gain indicates the buyback update provided additional support specific to the company.
Risks are still elevated. Drops in ether, additional ATM issuance, staking issues or reduced investment valuations could swiftly undo the recent per-share increases.
For investors, the more accurate measure is fully diluted ETH per share. Gross token holdings do not account for the cost of financing.
What is driving the sharp increase in BMNR shares today?
BMNR was last up 12.6% at $17.78 at 9:56 ET, after closing at $15.79 on Friday. Shares traded between $16.52 and $18.00 during the session, with volume reaching 13.4 million. The advance came after BitMine released updates on its holdings and repurchase activity, stating total holdings at $11.8 billion and 6.1 million shares bought back. That disclosure appears to have spurred the move, though single-session swings are not always directly attributable to a specific event.
What is BitMine's current Ethereum holding?
BitMine reported ETH holdings totaling 5,787,414 as of July 26, with an estimated value close to $11.27 billion. This figure represents around 4.80% of the firm’s declared 120.7 million ETH supply. Achieving a 5% stake would require an extra 247,586 ETH. Based on a price of $1,948 per ETH, bridging that difference amounts to approximately $482 million. BitMine also owned 208 BTC in addition to $268 million in cash and securities.
Is BMNR currently trading at a discount to its stated asset value?
Based on the July 9 outstanding share total, gross holdings stood at approximately $19.56 per share. Absent further issuances, finalized buybacks would boost that number close to $19.95. Compared to $17.78, this implies a gross discount in the range of 9% to 11%. BMNP, though, has at least $350 million in preferred claims senior to the common equity. Common stock NAV is also influenced by liabilities and the uncertain valuations of private investments. The precise current NAV is unclear as both asset values and share counts continue to fluctuate.
Do the most recent share buybacks have significant impact?
BitMine bought back 6.1 million shares last week, bringing its total repurchases since July 1 to 11.6 million shares. That represents roughly 1.9% of the share count as of July 9. The earlier 5.5 million shares were acquired at an average price of $15.6156, while the price paid for the most recent 6.1 million share buyback was not released. Cash and marketable securities dropped by $117 million to $268 million week-on-week. Buybacks deliver more value when executed below the adjusted common-stock NAV.
Have those repurchases counterbalanced BitMine’s previous dilution?
No. The prior dilution was significantly greater. On August 31, 2025, common shares stood at 232.4 million. That figure grew to 579.7 million by May 31 and further to 603.2 million by July 9. BitMine issued 340.7 million ATM shares in the nine months through May. Net proceeds reached $11.87 billion, with an average of approximately $34.83 per share distributed. Monitoring ETH per diluted share is more informative for investors than simply focusing on treasury growth.
What level of staking revenue is BitMine capable of producing?
BitMine held 4,917,189 ETH in staked assets, accounting for close to 85% of its total crypto. The company reported a seven-day annualized staking yield of 2.65%. With ETH valued at $1,948, estimated annual revenue is about $254 million. If BitMine staked all its current holdings, annualized run rate could approach $299 million. These figures reflect annualized calculations and do not represent guaranteed income as both yields and ETH prices remain volatile.
How did BitMine perform in its most recent quarterly report?
In the May quarter, revenue rose to $46.5 million from $2.1 million a year prior. Staking and validation brought in $45.7 million, accounting for approximately 98% of total revenue. GAAP net loss totaled $83.6 million, reflecting a $92.1 million derivative loss and a $16.5 million gain from warrants. The net loss for the nine-month period was $9.11 billion, with the majority coming from an unrealized $9.04 billion drop in the value of digital assets. This fair-value adjustment was not a cash loss.
Does BitMine remain below water on its Ethereum acquisitions?
According to the last reported cost basis, the answer is yes. As of May 31, BitMine held 5.42 million ETH with a cost of $19.05 billion, translating to an average price of approximately $3,517 per ETH. The fair value at that time was $10.86 billion. BitMine subsequently acquired another 370,469 ETH but has yet to release updated blended cost details. With the reference price at $1,948 on July 26, the precise unrealized difference is still unknown.
What figures might impact BMNR in the upcoming week?
Ethereum accounted for approximately 95.5% of BitMine’s disclosed $11.8 billion in holdings. On July 26, each $100 change in ETH price shifts the gross value by nearly $579 million. A 10% fluctuation from $1,948 alters that number by around $1.13 billion. Management pointed to $2,000 and $2,500 as technical levels, emphasizing they were not forecasts. Updates on treasury holdings and further buyback announcements could affect BMNR. Crypto-policy developments continue to be a source of market volatility.
Shan Ahmed Khan is a senior markets reporter at TS2.tech. His coverage ranges from stocks and technology to economic developments across global markets. He worked in investment research and market analysis before becoming a financial journalist and is a graduate of the Lahore University of Management Sciences (LUMS).
