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Bitmine moves toward 5% of Ethereum supply as ETH holdings rise

The firm says its 5.79 million ETH stake is about 4.8% of circulating supply, and it repurchased 6.1 million shares in the prior week under a $4 billion buyback plan.

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Bitmine Immersion Technologies said it has increased its Ethereum holdings to 5.79 million ETH, which the company estimates is roughly 4.8% of Ethereum's circulating supply. Decrypt reports the holdings are valued at about $11.3 billion as Bitmine moves closer to its stated goal of acquiring 5% of the network's total supply.

The company also said it expanded staking operations and accelerated share repurchases. Decrypt reports Bitmine repurchased 6.1 million shares over the past week, bringing total buybacks since July 1 to 11.6 million shares under a previously authorized $4 billion buyback program.

Bitmine said 4.9 million ETH is currently staked through its Made in America Validator Network, or MAVAN, launched in March to support institutional staking. Decrypt reports the firm projects annualized staking rewards of about $299 million once all of its ETH is staked through the platform and its partners.

In remarks quoted by Decrypt, Bitmine Chairman Tom Lee linked the company's buyback activity to the rising ETH/BTC ratio, calling it a sign that crypto prices are strengthening. Decrypt also notes Bitmine completed a preferred stock offering in June that raised nearly $274 million to fund additional Ethereum purchases, infrastructure, and share buybacks while expanding MAVAN.

Latest closeBitcoin $64,707.49 ▼1.0%|Ethereum $1,930.78 ▼1.2%

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