Bitmine Buys Nearly $20 Million ETH in Latest Purchase

Ether treasury company Bitmine Immersion Technologies purchased an additional 10,399 Ether last week while also buying back 4.5 million of its own shares as part of its ongoing crypto accumulation and stock repurchase strategy.

On Monday, Bitmine reported holdings of 5,797,813 Ether (ETH), valued at approximately $10.9 billion. The company said this represents around 4.8% of Ether’s circulating supply of 120.7 million ETH. Bitmine is working toward a goal of holding 5% of the total circulating ETH supply.

Company holds more than $11 billion in assets

In addition to its Ether position, Bitmine held 209 Bitcoin (BTC), $173 million in cash and marketable securities, and equity investments in Beast Industries and Eightco Holdings. The combined value of its cryptocurrencies, cash, securities and other investments reached approximately $11.3 billion.

The company also said it has repurchased 16.1 million common shares since July 1 under its previously approved $4 billion buyback program. That total includes the 4.5 million shares acquired last week.

Most Ether holdings remain staked

The latest update follows Bitmine’s purchase of nearly 10,000 ETH, which was announced on July 28. At the time, the company said about 85% of its Ether holdings were staked through its validator operations, allowing it to generate rewards while continuing to build its treasury position.

Sources:

https://www.prnewswire.com/news-releases/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-5-8-million-tokens-and-total-crypto-and-total-cash-holdings-of-11-3-billion-302840749.html

https://cointelegraph.com/news/bitmine-buys-10399-eth-repurchases-4-5-million-shares