Key facts
- Bitmine acquired 7,391 ETH last week, bringing its total holdings to 5,805,238 ETH.
- The company's cash and marketable securities have fallen to $104 million from $482 million a month prior.
- Bitmine repurchased 3 million shares of its common stock, continuing a $4 billion buyback program.
- Total crypto, cash, and 'moonshot' investments reached $11.6 billion.
- Staking now covers 87% of Bitmine's ETH holdings, with projected annualized revenue of $257 million.
Ethereum treasury company Bitmine Immersion Technologies announced it acquired 7,391 ETH over the past week, a decrease from the previous week's purchase of 10,399 ETH. This brings Bitmine's total ETH holdings to 5,805,238, representing approximately 4.8% of the total Ethereum supply. The company's total crypto, cash, and 'moonshot' investments reached $11.6 billion, an increase driven primarily by price appreciation. However, Bitmine's cash and marketable securities have significantly declined, falling to $104 million from $482 million a month ago. Alongside its ETH accumulation, Bitmine holds 209 Bitcoin, a $180 million stake in Beast Industries, and $69 million in Eightco Holdings. The company also continued its share repurchase program, buying back 3 million BMNR shares last week, bringing the total to 19.1 million since July 1 under a $4 billion authorization. Chairman Tom Lee stated that Bitmine's common shares are viewed as undervalued. Staking now covers 87% of Bitmine's ETH holdings, with projected annualized staking revenue estimated at $257 million based on a 2.63% seven-day yield.