Key facts
- Bitmine reduced its Ethereum purchases to $14 million last week.
- The company allocated $86 million to repurchasing 5.5 million common shares.
- Bitmine's total Ethereum holdings reached 5.78 million ETH, approximately 4.8% of the total supply.
- About 4.9 million ETH, or 85% of its treasury, is staked.
- Bitmine's combined crypto, cash, and marketable securities are valued at $11.5 billion.
Bitmine Immersion Technologies has slowed its Ethereum acquisitions to prioritize a $86 million stock buyback program, repurchasing 5.5 million common shares. The company purchased 7,430 ETH last week, valued at approximately $14 million, bringing its total holdings to 5.78 million ETH, or about 4.8% of the total supply. This move brings Bitmine closer to its goal of holding 5% of Ethereum's total supply. Chairman Tom Lee stated that the reduced pace of ETH buying reflects the company's commitment to its share repurchase activity. Bitmine's total assets are valued at approximately $11.5 billion, including its ETH treasury, 207 Bitcoin, $385 million in cash and marketable securities. About 4.9 million ETH, or roughly 85% of its treasury, is currently staked through its validator network and partners. The company also announced its institutional staking platform, MAVAN, generated $45.7 million in staking and validation revenue during the three-month period ended May 31, accounting for 98% of the company’s total revenue. Ethereum has outperformed Bitcoin over the past week and month, gaining about 6.7% and 10% respectively, compared with Bitcoin's 5.8% and 2.6% gains. Robinhood recently launched Robinhood Chain, an Ethereum layer-2 network built on Arbitrum for tokenized stocks, which attracted over $141 million in bridged Ether in its first two weeks.