Bitmine Nears 5% ETH Target with Massive Treasury
Bitmine Immersion Technologies has accumulated an impressive ETH position, now holding 5.78 million Ethereum tokens worth approximately $10.8 billion at current prices.
This amount represents 4.8% of Ethereum's total circulating supply of 120.7 million tokens, with Bitmine sitting 96% of the way to its internal goal of accumulating ETH equal to 5% of that supply.
The company has been purchasing ETH every week since launching its treasury strategy on June 30, 2025. However, last week's purchase was slower than usual due to a decision to direct capital towards buying back its own shares instead.
Under a $4 billion share repurchase program, Bitmine bought back 5.5 million common shares at an average price of $15.6156 per share. The company holds various other assets, including Bitcoin (BTC), a stake in Beast Industries, and cash and marketable securities valued at over $385 million.
The focus on staking has become more pronounced for Bitmine, with the company earning $45.7 million from staking and validation in the quarter ending May 31, representing 98% of its total quarterly revenue of $46.5 million.