BitMine Immersion Technologies recently expanded its Ethereum stash by acquiring 9,946 ETH, pushing its total holdings to approximately 5.79 million ETH, which accounts for around 4.8% of the circulating supply. The purchase coincided with Ethereum reaching a 10-week price high, trading near $1,950 with resistance levels at $2,000 and $2,500.
The Las Vegas-based firm also accelerated its share buyback program last week, repurchasing 6.1 million shares, adding to the 5.5 million shares bought back earlier in July. This brings the month’s total stock buybacks to 11.6 million shares under a $4 billion authorization. BitMine Chairman Thomas Lee described the effort as the largest common stock buyback by any digital asset treasury company focused on ETH or Bitcoin.
Ethereum Outshines Bitcoin in Recent Trading
Ethereum’s price gained about 2.4% over the past week, while Bitcoin slipped roughly 0.7%, pushing the ETH/BTC ratio to a three-month high of 0.300. Lee pointed to this as a signal of strengthening momentum for Ethereum. The company has staked nearly 85% of its ETH holdings about 4.9 million ETH through its validator network, projecting annualized staking rewards around $299 million once fully deployed.
Meanwhile, US spot Ethereum ETFs attracted $103.9 million in net inflows last week, marking three consecutive weeks of positive investor demand and pushing total net assets for these ETFs above $10 billion.
Analyst Ted Pillows highlighted consistent buying during price dips this month, suggesting that support levels are holding firm and hinting at a positive near-term outlook for ETH.
BitMine’s overall crypto assets, cash, and marketable securities totaled $11.8 billion as of late July, including stakes in companies like Beast Industries and Eightco Holdings, as well as 208 Bitcoin.
