- Bitmine bought another 7,391 ETH, bringing its total holdings to 5.81 million ETH.
- The company now controls roughly 4.8% of Ethereum's total supply.
- More than 5 million ETH is staked, generating an expected $257 million in annual staking revenue.
Bitmine Immersion Technologies has increased its Ethereum treasury to 5,805,238 ETH after purchasing another 7,391 ETH over the past week.
The company now holds roughly 4.8% of Ethereum's total supply, making it the largest corporate holder of ETH.
At current prices, Bitmine's Ethereum holdings are worth roughly $11 billion. Its total holdings, including crypto, cash, marketable securities and other investments, stand at $11.6 billion.
Bitmine is now 96% of the way toward its target of controlling 5% of Ethereum's circulating supply.
The company has also put most of its ETH to work. Around 5.07 million ETH is currently staked through its MAVAN platform and staking partners.
Bitmine expects those holdings to generate approximately $257 million in annual staking revenue.
Beyond Ethereum, the company holds 209 BTC, a $180 million stake in Beast Industries and a $69 million investment in Eightco Holdings. It also has $104 million in cash and marketable securities.
Bitmine also continued its stock buyback program, repurchasing 3 million shares during the past week. Total repurchases since July 1 have now reached 19.1 million shares under its $4 billion authorization.
Chairman Tom Lee said ETH outperformed Bitcoin by 11 percentage points in July and pointed to falling expectations for a September Federal Reserve rate hike as another positive factor for crypto markets.
