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Bitmine buys 10,399 ETH, pushing toward 5% of Ethereum supply
The Ethereum treasury firm said its holdings rose to 5,797,813 ETH, about 4.8% of circulating supply, while it also repurchased 4.5 million shares under a $4 billion buyback plan.
Bitmine Immersion Technologies said it bought an additional 10,399 ETH over the past week, extending a buying streak that began in June 2025, according to Decrypt. The company now holds 5,797,813 ETH, or about 4.8% of Ethereum's circulating supply, putting it 96% of the way toward its stated target of owning 5% of the network's supply.
Decrypt reported Bitmine also repurchased 4.5 million shares last week under its previously announced $4 billion buyback program. The outlet said the company valued its total holdings, including other crypto assets, cash, and investments, at $11.3 billion, with its Ethereum stash worth about $10.9 billion based on a $1,880 ETH price, according to CoinGecko.
The company said about 4.9 million ETH, roughly 85% of its holdings, is staked through its institutional staking platform, MAVAN, and it projected annualized staking revenue of $247 million, depending on future network conditions and other assumptions, Decrypt said. Bitmine Chairman Tom Lee also linked the purchase and buyback to the relative performance of ETH versus the Nasdaq 100 in July, noting ETH outperformed the Nasdaq 100 by 25 percentage points that month, the outlet reported.
Decrypt added that Bitmine's strategy reflects a broader shift among publicly traded firms from Bitcoin treasuries toward Ethereum holdings, with staking aimed at generating returns while providing investors indirect exposure to digital assets. Lee said management views Bitmine shares as attractively valued, helping justify the recent 4.5 million share repurchase.
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