Bitmine Immersion Technologies bought $14 million more Ethereum this week, but its cash pile has shrunk 78% in a month to $104 million. SharpLink, another large corporate ETH holder, posted a $394.3 million quarterly loss even as its revenue jumped more than 1,500% year-over-year.
Bitmine Immersion Technologies bought 7,391 ETH over the past week, worth about $14 million, taking its holdings to 5,805,238 ETH as of Friday evening. That is down from the 10,399 ETH it bought the week before.
Cash reserve keeps shrinking
The company's total crypto, cash and "moonshot" holdings reached $11.6 billion, up from $11.3 billion. Most of the gain came from ETH's 2.6% rise over the week to $1,928. But cash and marketable securities fell to $104 million, down from $482 million a month earlier — a 78% decline.
Alongside its ETH, Bitmine holds 209 Bitcoin, a $180 million stake in Beast Industries and $69 million of Eightco Holdings. The firm has bought ETH every week since starting the strategy on June 30, 2025.
Buybacks and staking yield continue
Bitmine also repurchased 3 million shares over the week, down from 4.5 million, bringing the total to 19.1 million shares since July 1 under a $4 billion authorization. Chairman Tom Lee said the company "continues to view Bitmine's common shares as undervalued," according to Decrypt.
Staking now covers 5,067,309 ETH, or 87% of holdings, up from 85% a week earlier. Lee put projected annualized staking revenue at $257 million, based on a seven-day yield of 2.63%. He also said he was disappointed the Clarity Act would not reach a Senate vote before the August recess. Lee put the odds of a September Fed rate hike at 40%, down from 75% a fortnight ago.
SharpLink's staking revenue jumps as losses mount
Another large corporate Ethereum holder, SharpLink, posted a net loss of $394.3 million in Q2 2026, even as its ETH staking operation pulled in $11.2 million in revenue, nearly all of its $11.5 million top line. Revenue surged more than 1,500% year-over-year. Loss per share came in at $1.88, missing analyst expectations.
SharpLink now holds approximately 889,000 ETH and has accumulated more than 24,000 ETH in cumulative staking rewards since launching its treasury model in June 2025. The bulk of its reported loss stems from non-cash items, including impairments tied to ETH price swings and equity compensation expenses.
Sources: Decrypt, Crypto Briefing
Trading involves risk.
Risk Disclaimer
