Bitmine Surpasses $11 Billion in Ethereum Holdings, Closes In on 5% Market Control
Bitmine Immersion Technologies has significantly expanded its Ethereum holdings, reaching $11.3 billion in value as of August 2. The company now controls approximately 4.8% of the total Ethereum supply, with 5,797,813 ETH on hand. This puts Bitmine closer to its goal of holding 5% of the network's supply.
Bitmine repurchased 4.5 million common shares during the past week, bringing its total repurchases since July 1 to 16.1 million shares under a previously authorized $4 billion program. Chairman Tom Lee stated that management considers Bitmine shares attractively valued following Ethereum's strong performance against technology stocks.
Bitmine also staked 4,917,189 ETH, representing about 85% of its Ethereum treasury and approximately $9.2 billion at the price used in the announcement. The company estimates that its existing staked position could generate around $247 million in annual revenue based on an annualized seven-day yield of 2.67%. If its entire Ethereum position were staked at the same yield, Bitmine projects annual staking rewards could reach $291 million.