Bitmine expands ETH holdings by $19.6M while buying back 4.5M shares
The company reports it currently owns approximately 4.8% of Ether's total circulating supply, moving closer to its 5% ownership goal.
Bitmine Immersion Technologies, an Ether treasury firm, acquired an additional 10,399 Ether during the previous week while simultaneously buying back 4.5 million of its own shares, continuing its dual strategy of cryptocurrency accumulation and stock repurchase initiatives.
In an announcement made on Monday, Bitmine disclosed that its current holdings stand at 5,797,813 Ether (ETH) with a total value of $10.9 billion. According to the company, this ETH position accounts for approximately 4.8% of the 120.7 million Ether in circulation. The firm has set an ambitious target of acquiring 5% of the entire ETH supply.
Beyond its Ether position, the company also maintains 209 Bitcoin (BTC), along with $173 million in cash and marketable securities, plus equity positions in Beast Industries and Eightco Holdings. When combined, the total value of its crypto assets, cash, securities and additional investments reached $11.3 billion.
According to Bitmine, the company has bought back a total of 16.1 million common shares starting from July 1 as part of its previously approved $4 billion buyback program. The 4.5 million shares acquired during the past week are included in this total.
This most recent announcement comes after Bitmine's acquisition of nearly 10,000 ETH, which was disclosed on July 28. During that announcement, the company indicated that approximately 85% of its ETH holdings were staked via its validator operations.