Bitmine Reaches 4.8% of Ethereum Supply with $11.3 Billion Holdings
Bitmine Immersion Technologies (BMNR) has announced that its Ethereum holdings now total 5.8 million tokens, representing 4.8% of the total ETH coin supply of 120.7 million.
The company's crypto and cash holdings have grown to $11.3 billion, including $173 million in total cash & marketable securities.
Bitmine has repurchased over 16 million common shares under its $4 billion share repurchase program since July 1, with the most recent buyback totaling 4.5 million shares in the past week alone.
The company's Chairman, Thomas 'Tom' Lee, stated that Bitmine remains committed to acquiring 5% of ETH, calling it the 'Alchemy of 5%'. According to Lee, Bitmine is currently 96% of the way to this goal, having accumulated a significant portion of its target holdings in just 13 months.
Lee also highlighted the company's staking operations, noting that Bitmine has staked more ETH than any other entity, with a projected annualized staking revenue of $291 million.