Bitmine nears 5% ETH supply, shifts focus to buybacks
6.7 Investments Bitmine now holds 5.78M ETH (4.8% of supply), after slowing purchases and shifting focus to a $4B share buyback. 85% of ETH is staked, generating $247M in annual rewards.
Bitmine Immersion Technologies has increased its Ethereum holdings to 5,777,468 ETH after acquiring 7,430 ETH last week. This now represents about 4.8% of Ethereum’s total supply, bringing the company closer to its 5% target. The company has sharply reduced its weekly ETH purchases by 76% compared to previous weeks, choosing instead to redirect capital toward repurchasing 5.5 million common shares under its $4 billion buyback program. Bitmine’s total crypto, cash, and investment assets are valued at approximately $11.5 billion. This includes $385 million in cash and marketable securities, 207 BTC, $180 million in equity in Beast Industries, and a $58 million investment in Eightco Holdings. Approximately 85% of Bitmine’s ETH holdings—4,917,189 ETH—are staked through its MAVAN staking network, valued at $9.2 billion and generating an annualized staking income of $247 million. These recent actions reflect Bitmine’s strategic shift from aggressive ETH accumulation to allocating capital for stock buybacks as it nears its 5% ETH supply goal.
