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BitMine buys more ETH as reported total holdings fall to $11.3B

BitMine’s cash and marketable securities dropped to $173 million after it repurchased shares, even as it added 10,399 ETH.

Reported · Written up by our desk · Market Structure

BitMine Immersion Technologies said its crypto, cash and so-called moonshot holdings totaled $11.3 billion as of 4:00 pm ET on Aug. 2, down from $11.8 billion reported a week earlier, despite buying another 10,399 ETH, according to The Defiant.

The company said the week-over-week decline was driven by the price it used to mark its ETH position, not by selling, and it disclosed holding 5,797,813 ETH marked at $1,880 per token, versus 5,787,414 ETH marked at $1,948 per token in its July 27 disclosure.

BitMine also reported cash and marketable securities fell to $173 million from $268 million, after it repurchased 4.5 million common shares over the week, lifting total repurchases since July 1 to 16.1 million shares under a previously authorized $4 billion buyback program.

On staking, BitMine said 4,917,189 ETH, or 85% of its holdings, was staked as of Aug. 2, and it projected $247 million of annualized staking revenue based on a 2.67% seven-day annualized yield, rising to $291 million once its position is fully staked via its MAVAN platform and staking partners.

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