Bitmine Immersion Technologies has increased its Ethereum holdings to 5.79 million tokens, representing 4.8% of the entire ETH supply of 120.7 million. This move brings them close to their ambitious target of owning 5% of all Ethereum in circulation, achieved in just over a year.
Strong Share Repurchase and Institutional Support
Over the past week, Bitmine repurchased 6.1 million shares under its previously announced $4 billion buyback program, pushing the total shares bought back to over 11 million. This marks the largest common stock repurchase ever executed by a company with a digital asset treasury focused on Ethereum or Bitcoin. Chairman Thomas "Tom" Lee highlighted that the increasing ETH/BTC ratio, which just hit a 3-month high, signals strengthening crypto prices despite regulatory uncertainties around the Clarity Act.
The company's crypto portfolio also includes 208 Bitcoin, a $180 million stake in Beast Industries, and $61 million invested in Eightco Holdings, a publicly traded company offering indirect exposure to OpenAI. On top of these, Bitmine holds $268 million in cash and marketable securities, bringing total liquid and crypto assets combined to $11.8 billion.
Bitmine also benefits from a strong backing of institutional investors such as ARK's Cathie Wood, Founders Fund, Pantera, and Galaxy Digital. also their staked ETH through MAVAN, a leading Ethereum staking platform, accounts for nearly 4.9 million tokens valued at approximately $9.6 billion.
