Bitmine Rises 4% as ETH Holdings Near 5% of Supply, Circle Internet Group Surges 8%, Coinbase Climbs 5%
Bitmine Rises 4% as ETH Holdings Near 5% of Supply, Circle Internet Group Surges 8%, Coinbase Climbs 5%
David MoadelMon, August 31, 2026 at 6:06 PM UTC
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BMNR jumped 4% and CRCL surged 8% Monday while Bitcoin and Ethereum both traded lower, an unusual decoupling across crypto equities.
Bitmine's 5.9 million ETH stack equals 4.9% of total supply, trailing only MSTR's $66 billion Bitcoin treasury in crypto balance-sheet size.
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Crypto-linked equities are climbing midday Monday even as Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) trade lower over the past 24 hours. The bid is led by a fresh treasury update from Bitmine Immersion Technologies (NYSE:BMNR), with strength across the stablecoin and exchange complex adding support.
Bitmine Immersion Technologies stock is up 4% to $24.75, Circle Internet Group (NYSE:CRCL) stock is up 8% to $93.83, and Coinbase Global (NASDAQ:COIN) stock is up 5% to $187.03. Over the past month through Friday's close, Bitmine Immersion Technologies stock was up 43%, Circle Internet Group stock was up 42%, and Coinbase stock was up 12%.
Notably, Bitcoin is down 0.5% to $78,652.35 and Ethereum is down 1.7% to $2,463.58 over the past 24 hours. Today's equity bid runs independent of the two largest tokens, which is unusual for a session where crypto names typically move in lockstep with the underlying assets.
Bitmine's Alchemy of 5% Nears the Finish
Bitmine Immersion Technologies announced Monday that its holdings of crypto, cash, marketable securities and early-stage "moonshot" investments total $15.6 billion. The company held 5,901,112 Ethereum tokens and 211 Bitcoin, alongside a $180 million stake in Beast Industries, an $81 million stake in Eightco Holdings, and $541 million of cash and marketable securities.
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Those tokens are marked at $2,511 apiece and represent 4.9% of the total supply of 120.7 million tokens, putting Bitmine Immersion Technologies 98% of the way to its stated goal of owning 5% of all Ethereum, a program the company calls the "Alchemy of 5%." Chairman Thomas "Tom" Lee stated, "Over the past week, we acquired 53,501 ETH. Bitmine has bought ETH for each of the past 65 weeks (every week since the inception of the ETH Treasury Strategy on June 30, 2025)."
Three Business Models, One Bid
Circle Internet Group is climbing the most while carrying the least direct coin exposure of the three, since its revenue comes largely from reserve income on the assets backing USDC rather than from token price. Coinbase earns transaction and subscription revenue tied to activity levels on its platform, so its results move with volume rather than with any single coin. Bitmine Immersion Technologies is the pure balance-sheet expression of the trade, with its stock tracking the value of an Ethereum stack rather than an operating business. That spread of business models explains why one flat-to-lower session in the coins is producing three different equity outcomes.
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The iShares Bitcoin Trust ETF (NASDAQ:IBIT) is up 1% to $44.51. Meanwhile, the CoinShares Bitcoin Mining and Digital Power ETF (NASDAQ:WGMI) is down 0.9% to $42.31, so the same coin backdrop is producing opposite outcomes across the fund complex.
There is no verified company-specific announcement to explain the Circle Internet Group or Coinbase moves in this session. The observable read is a bid across crypto equities running independent of the coins, consistent with Chairman Lee's framing of the current drawdown as a setup for a V-shaped recovery. Bitmine Immersion Technologies has 86% of its Ethereum stack staked, and management projects annualized staking revenue based on current holdings.
What to Watch
Bitmine Immersion Technologies is the largest Ethereum treasury in the world and the second-largest crypto treasury by aggregate size. Only Strategy (NASDAQ:MSTR) sits ahead of it in dollar terms, holding 840,447 Bitcoin valued at $66 billion on its balance sheet. Concentrating a balance sheet in one volatile asset cuts both ways for shareholders, since an Ethereum decline reduces the treasury value directly, and the staking projections assume yields and full participation that may not hold across a full year.
Position sizing matters here. Investors sizing their exposure to Bitmine stock should keep the slot small enough that a further Ethereum drawdown stays survivable at the portfolio level, since the stock's beta to ETH is close to one on a treasury-value basis (we wrote a whole free playbook on speculating with just 5% of a portfolio, here). Two calendar items sit on the near horizon: Circle Internet Group's Arc public mainnet is planned for September 16, and Bitmine Immersion Technologies expects to launch its MAVAN staking network in the first calendar quarter of 2026.
The next question is whether Bitcoin and Ethereum reclaim ground into midweek. Bitmine Immersion Technologies, Circle Internet Group and Coinbase are trading higher today without help from either coin, and that decoupling can flip in either direction on the next crypto candle. For traders already exposed to crypto beta through funds like the iShares Bitcoin Trust ETF, sizing any add here matters more than direction, since these three tickers already move faster than the underlying assets.
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Contact editorial@247wallst.com for any questions or corrections.
Source: “AOL Money”
