Bitmine Nears Ethereum Supply Goal with $11.4 Billion in Crypto Holdings
Bitmine Immersion Technologies (BMNR) announced that its Ethereum holdings have reached 5.82 million tokens, making up 4.8% of the total ETH coin supply of 120.7 million. This milestone marks significant progress towards Bitmine's goal of acquiring 5% of the total ETH supply.
The company's crypto and cash holdings now total $11.4 billion, with a substantial portion invested in Ethereum, valued at approximately $9.6 billion.
Bitmine continues to repurchase its own common stock under a previously authorized $4 billion share repurchase program, having bought back over 20.8 million shares since July 2026. The company also recently acquired 1.7 million shares of its own common stock in the past week alone.
Thomas 'Tom' Lee, Chairman of Bitmine, stated that the ETH/BTC ratio has moved above a long-term downtrend and is indicative of strengthening fundamentals for Ethereum. He believes easing financial conditions will be a tailwind for crypto.