Bitmine nears 5% Ethereum supply with 58-week buying streak

Bitmine bought 7,391 ETH last week, raising its holdings to 5.8M ETH (4.8% of supply). With $11.6B in assets and 87% staked, Bitmine nears its 5% target and continues share buybacks.

Bitmine Immersion Technologies has extended its Ethereum accumulation streak to 58 consecutive weeks, purchasing 7,391 ETH last week. The company now holds 5,805,238 ETH, which accounts for approximately 4.8% of the total Ethereum supply and brings Bitmine close to its 5% target. Of these holdings, 5,067,309 ETH are staked, generating an estimated $257 million in annualized staking income. Bitmine’s total assets, including crypto, cash, marketable securities, and equity investments, have reached $11.6 billion. However, its cash and marketable securities have declined to $104 million, reflecting a strategic shift in capital allocation. Last week, Bitmine repurchased 3 million shares, raising total buybacks since July 1 to 19.1 million shares. The pace of ETH accumulation has slowed as Bitmine nears its supply target, with recent weekly purchases lower than earlier in the year. The company’s investor base features prominent institutional backers, and Bitmine was recently added to the Russell 1000 Large-cap index.