Bitmine Expands Ethereum Treasury with 9,946 Token Purchase

Bitmine Immersion Technologies has expanded its Ethereum treasury by purchasing 9,946 ETH over the past week. This increase brings the company's total holdings to approximately 5.79 million tokens.

The newly acquired Ethereum represents around 4.8% of the circulating supply of 120.7 million ETH. Bitmine also reported a total value of $11.8 billion for its treasury, including crypto, cash, marketable securities, and other investments.

Of its holdings, 4,917,189 ETH (about 85%) are currently staked through MAVAN, the company's institutional-grade Ethereum staking platform launched earlier this year. The platform supports Bitmine's staking operations but is expected to expand to institutional investors and ecosystem partners in the future.

According to Chairman Thomas 'Tom' Lee, the acquisition of 9,946 ETH was a result of improving market conditions. He noted that the company repurchased 6.1 million shares during the past week under its authorized $4 billion buyback program.