- Bitmine Immersion Technologies purchased 10,399 ETH, worth roughly $19.5 million, over the past week.
- The company now holds 5,797,813 ETH, approximately 4.8% of Ethereum‘s circulating supply, valued at $10.9 billion.
- Total crypto, cash, and investment holdings reach $11.3 billion, with 85% of its ETH currently staked.
- Bitmine also repurchased 4.5 million shares last week under its $4 billion buyback program.
Ethereum treasury company Bitmine Immersion Technologies said Monday it bought another 10,399 ETH, or roughly $19.5 million, over the past week, extending a year-long buying streak that has made it the world’s largest corporate Ethereum holder. According to the company announcement, Bitmine now holds 5,797,813 ETH, worth about $10.9 billion at a price of $1,880.
Including other crypto assets, cash, and investments, total holdings are valued at $11.3 billion. Meanwhile, the Ethereum stash represents about 4.8% of the network’s circulating supply, putting Bitmine 96% of the way toward its stated goal of acquiring 5% of all ETH.
Chairman Tom Lee explained that sizable ETH outperformance versus the Nasdaq 100 has typically preceded Bitmine shares outperforming ETH. “Hence, Bitmine repurchased 4.5 million shares of common stock in the past week, as Bitmine’s management team continues to view Bitmine shares as attractively valued.”
Roughly 4.9 million ETH, or 85% of holdings, is staked through the company’s institutional staking platform, MAVAN. However, the projected annualized staking revenue of $247 million depends on future network conditions.
Lee also noted that ETH outperformed the Nasdaq 100 by 25 percentage points in July. He said Bitmine’s management viewed the company’s shares as undervalued, and the latest buyback brings total repurchases to over 16 million shares under the $4 billion program.
Bitmine’s April purchase of 101,627 ETH was its largest of the year at the time. The company later added 126,971 ETH in June during a market selloff, followed by $49 million more in July.
Ethereum has risen about 6% in the last 30 days, trading near $1,880 with a $255 billion market cap. Traders on Myriad, a prediction market developed by Decrypt’s parent company Dastan, currently place around 75% odds on ETH dropping to $1,500 before rising to $3,000.
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