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Bitmine slows ETH buys while using proceeds for stock buyback

Bitmine added 7,430 ETH last week, then reported it has staked 4.92 million ETH, about 85% of holdings, for projected annualized revenue near $247 million via its MAVAN validator platform.

Reported · Written up by our desk · Market Structure

Ethereum treasury company Bitmine, which trades as BMNR, added only 7,430 ETH last week, about $14 million, as it shifted capital toward buying back its own shares instead of accelerating its Ethereum accumulation.

This week, Bitmine increased its ETH holdings to about 5.78 million tokens, or nearly 4.8% of Ethereum's circulating supply, edging toward its stated objective of cornering 5% of the supply. The company said its latest ETH purchase leaves it with nearly $11 billion worth of Ethereum.

Bitmine attributed the slowdown to its repurchase activity, saying it bought back roughly 5.5 million common shares at an average price of $15.62 under its $4 billion buyback authorization.

The company also reported 207 Bitcoin, $385 million in cash and securities, and stakes including a $180 million position in Beast Industries and a $58 million holding in Eightco Holdings, while disclosing that it has staked 4.92 million ETH through its MAVAN validator platform.

Latest closeBitcoin $65,447.74 ▲1.2%|Ethereum $1,924.45 ▲2.8%

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