Bitmine Buys 10,399 ETH, Now Holds 5. 8M Ethereum
Bitmine Immersion Technologiespurchased 10,399 ETH, worth roughly $19. 5 million, over the past week. The company now holds 5,797,813 ETH, approximately 4. 8% ofEthereum‘s circulating supply, valued at $10. 9. . .
Bitmine Immersion Technologiespurchased 10,399 ETH, worth roughly $19. 5 million, over the past week. The company now holds 5,797,813 ETH, approximately 4. 8% ofEthereum‘s circulating supply, valued at $10. 9 billion. Total crypto, cash, and investment holdings reach $11. 3 billion, with 85% of its ETH currently staked. Bitmine also repurchased 4. 5 million shares last week under its $4 billion buyback program. Ethereum treasury companyBitmine Immersion Technologiessaid Monday it bought another 10,399 ETH, or roughly $19. 5 million, over the past week, extending a year-long buying streak that has made it the world’s largest corporate Ethereum holder. According to thecompany announcement, Bitmine now holds 5,797,813 ETH, worth about $10. 9 billion at a price of $1,880. - Advertisement -Including other crypto assets, cash, and investments, total holdings are valued at $11. 3 billion. Meanwhile, the Ethereum stash represents about 4. 8% of the network’s circulating supply, putting Bitmine 96% of the way toward its stated goal of acquiring 5% of all ETH. Chairman Tom Lee explained that sizable ETH outperformance versus the Nasdaq 100 has typically preceded Bitmine shares outperforming ETH. “Hence, Bitmine repurchased 4. 5 million shares of common stock in the past week, as Bitmine’s management team continues to view Bitmine shares as attractively valued. ”Roughly 4. 9 million ETH, or 85% of holdings, is staked through the company’s institutional staking platform, MAVAN. However, the projected annualized staking revenue of $247 million depends on future network conditions. Lee also noted that ETH outperformed the Nasdaq 100 by 25 percentage points in July. He said Bitmine’s management viewed the company’s shares as undervalued, and the latest buyback brings total repurchases to over 16 million shares under the $4 billion program. - Advertisement -Bitmine’s April purchase of 101,627 ETH was its largest of the year at the time. The company later added 126,971 ETH in June during a market selloff, followed by $49 million more in July. Ethereum has risen about 6% in the last 30 days, trading near $1,880 with a $255 billion market cap. Traders onMyriad, a prediction market developed by Decrypt’s parent company Dastan, currentlyplace around 75% oddson ETH dropping to $1,500 before rising to $3,000. ✅ FollowBITNEWSBOTonTelegram,Facebook,LinkedIn,X. com, andGoogle Newsfor instant updates. Previous Articles:Bitmine adds 10,399 ETH, extends weekly accumulation streakChinese Hackers Use Leaked DarkSword Kit to Target iOSAMD Q2 earnings: 48% revenue jump predicted after stellar growthColdcard Hack Sparks Bitcoin Rush, $114M Stolen in 4th WaveBitget to Exit Japan, Close Remaining Positions After Dec 31Stay in the Loop🔥Join 1. 2K Smart TradersGet exclusive crypto insights, breaking news, and market analysis delivered straight to your inbox. No fluff, just facts.