Summary
- Bitmine holds 5.8 million ETH, representing 4.8% of Ethereum’s circulating supply and placing its 5% accumulation target within reach.
- More than five million ETH worth $9.8 billion is staked, with Bitmine projecting approximately $257 million in annualized staking revenue.
- Bitmine has repurchased 19.1 million shares since July, while Tom Lee highlighted Ethereum’s stronger July performance against Bitcoin and macroeconomic shifts.
Bitmine Immersion Technologies has raised its Ethereum holdings to 5,805,238 ETH, moving closer to controlling 5% of Ethereum’s circulating supply. According to the press release, the company now owns about 4.8% of Ethereum’s 120.7 million circulating ETH, reaching 96% of its accumulation target after adding 7,391 ETH during the previous week and raising its treasury’s estimated value to roughly $11 billion.
Moreover, the holdings establish Bitmine as the largest corporate Ethereum treasury and the second-largest corporate cryptocurrency treasury worldwide. Strategy remains ahead with approximately $55 billion worth of Bitcoin, while Bitmine has built its treasury primarily around Ethereum.
Bitmine calls its accumulation objective the “alchemy of 5%” and needs another 0.2% of circulating ETH to reach that goal. Significantly, most of the company’s Ethereum does not remain idle because Bitmine has committed substantial holdings to staking operations.
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Bitmine Stakes $9.8 Billion in ETH as Treasury Expands
Bitmine currently has 5,067,309 ETH staked through its MAVAN platform and other staking partners, representing most of its Ethereum holdings. The staked assets carry an estimated value of $9.8 billion, giving Bitmine considerable exposure to Ethereum’s staking economy.
Additionally, the company projects annualized staking revenue of approximately $257 million from its existing Ethereum position. That revenue stream adds another component to Bitmine’s strategy as its total holdings approach the targeted supply percentage.
Beyond Ethereum, Bitmine owns 209 BTC and maintains investments in Beast Industries and Eightco Holdings. Its Beast Industries position carries an estimated value of $180 million, while the Eightco Holdings investment stands at approximately $69 million. Furthermore, Bitmine reported $104 million in cash and marketable securities, along with its cryptocurrency holdings and other investments.
Bitmine Expands Share Buybacks Alongside ETH Accumulation
Bitmine has also repurchased three million common shares during the previous week under its authorized $4 billion share buyback program. Consequently, total repurchases since July 1 have reached 19.1 million shares, Chairman Tom Lee reported in the company’s update.
Lee also highlighted Ethereum’s performance against Bitcoin, noting that ETH outperformed BTC by 1,100 basis points during July. Moreover, Lee pointed to shifting Federal Reserve expectations following softer inflation and employment figures across the United States.
Market-implied odds of a September Federal Reserve rate hike dropped from 75% to 40% within roughly two weeks. Meanwhile, Ether traded above $1,900 on Monday, supporting the approximately $11 billion valuation attached to Bitmine’s Ethereum holdings.
Bitmine’s 5.8 million ETH treasury leaves the company only 0.2 percentage points below its targeted 5% share of circulating Ethereum. With more than five million ETH already staked, the company has combined large-scale accumulation with an expanding staking strategy.
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