Bitmine Immersion Technologies (BMNR) shares surged to $16.05 after announcing a substantial update to its crypto treasury, valued at approximately $11.5 billion as of July 19.
The company's Ethereum holdings reached 5.78 million ETH, accounting for about 4.8% of the estimated total supply, solidifying Bitmine's position as the largest corporate Ethereum treasury globally.
In addition to its cryptocurrency assets, Bitmine's treasury also includes $385 million in cash and marketable securities, along with strategic investments worth $180 million in Beast Industries and $58 million in Eightco Holdings.
The company repurchased 5.5 million common shares under its approved $4 billion share buyback plan, which Chairman Thomas Lee described as 'accruing to shareholder value.'
Bitmine's staking operations continue to support its treasury strategy, with an estimated $290 million in annual rewards from staked Ethereum assets.