Bitmine Immersion Technologies bought 9,926 more ETH over the past week, pushing its treasury to 5,815,164 ETH — 4.8% of Ethereum's supply and worth roughly $11 billion. The purchase puts the company 96% of the way to its stated goal of holding 5% of all ether, while its buyback program has repurchased 20.8 million shares since July.
Bitmine Immersion Technologies added 9,926 ETH to its treasury over the past week, raising its holdings to 5,815,164 ETH, or 4.8% of Ethereum's circulating supply, the company said Monday. The stake is now worth roughly $11 billion, making Bitmine the largest corporate ether holder and the second-largest corporate crypto treasury overall, trailing only Strategy's $58 billion bitcoin position. The purchase puts Bitmine 96% of the way toward its stated goal of holding 5% of ether's 120.7 million circulating supply.
Staking accounts for most of the holdings
Of the total, more than 5 million ETH — about $9.6 billion worth — is staked through Bitmine's MAVAN platform and other staking partners, accounting for 87% of its holdings. The company's staking operations produced a 2.61% seven-day yield, according to Crypto Briefing, putting projected annualized staking revenue at $250 million. Beyond ether, Bitmine holds 210 BTC, a $180 million stake in Beast Industries, and a $73 million stake in Eightco Holdings, along with $78 million in cash and marketable securities. Crypto Briefing separately put Bitmine's total crypto and related holdings at $11.4 billion, factoring in those additional stakes.
Buybacks continue as Lee points to the ETH/BTC ratio
Bitmine also repurchased 1.7 million common shares over the past week, bringing total repurchases since July 1 to 20.8 million shares under its $4 billion buyback authorization, Chairman Tom Lee said. Lee also noted the ETH/BTC ratio stood at 0.02994 and had moved above its long-term downtrend. He attributed the move to markets beginning to see "materialization of tokenization and agentic-AI applications", which he said should benefit Ethereum, and added that easing financial conditions are expected to be a tailwind for crypto.
Ether traded above $1,900 on Monday, sitting approximately 61.7% below its all-time high of $4,946.05 set in August last year.
Sources: The Block, Crypto Briefing
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