Ethereum
Bitmine Adds 10,399 ETH, Extends Push Toward 5% Supply Ownership Goal
The Ethereum treasury company purchased another $19.5 million worth of ETH this week, bringing its holdings to 5.8 million tokens and nearing its target of holding 5% of the network's circulating supply.
Bitmine Immersion Technologies continues its year-long accumulation strategy, adding 10,399 ETH valued at roughly $19.5 million and bringing its total holdings to 5,797,813 ETH. The company now holds approximately 4.8% of Ethereum's circulating supply, placing it 96% of the way toward its stated goal of acquiring 5% of all ETH in existence.
Including other crypto assets, cash, and investments, Bitmine's total holdings are valued at $11.3 billion. Chairman Tom Lee noted that Ethereum outperformed the Nasdaq 100 by 25 percentage points in July, citing this performance as justification for both continued ETH purchases and a share buyback program. The company repurchased 4.5 million shares of common stock over the past week, bringing total share repurchases under its $4 billion authorised program to over 16 million shares.
Approximately 4.9 million ETH—roughly 85% of Bitmine's holdings—is staked through its institutional staking platform MAVAN. The company projects annualized staking revenue of $247 million, though this estimate depends on future network conditions. The pivot toward Ethereum treasuries reflects a broader trend among publicly traded companies seeking to generate returns from holding and staking cryptocurrency while providing investors with indirect digital asset exposure.
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