BitMine's latest disclosure shows that the company's holdings of Ethereum have increased to approximately 5.79 million, worth about $11.3 billion according to the report, bringing it closer to its goal of "holding 5% of the total Ethereum supply." The company also stated that, including Bitcoin, cash, tradable securities, and strategic investments, its total assets have reached $11.8 billion.
Holding close to 5% of the circulating shares
According to the company's disclosure, BitMine currently holds 208 bitcoins, worth approximately $13.6 million, along with $268 million in cash and tradable securities, as well as equity investments in Beast Industries and Eightco Holdings.
The company stated that its current Ethereum holdings represent approximately 4.8% of the circulating supply. This means it is very close to its target of 5%. Previously, in April, BitMine's ETH holdings exceeded 5 million; by May, the company stated that its holdings represented approximately 4.3% of the circulating supply.
Buybacks and share increases proceed simultaneously
The company disclosed that it repurchased 6.1 million shares in the past week in accordance with the previously approved $4 billion share repurchase program. Since July 1, the cumulative repurchase amount has reached 11.6 million shares.
In a statement, Chairman Tom Lee said the company has increased its share buyback program and views the strengthening ETH/BTC ratio as a sign of improving crypto asset prices. The statement noted that the ratio has risen to a three-month high of 0.3000. Lee also stated that the company believes Ethereum still has room to strengthen further.
4.9 million ETH have been staked
BitMine states that approximately 4.9 million ETH are currently staked through its Made in America Validator Network (MAVAN), launched in March. This platform targets institutional staking businesses.
The company anticipates that if all ETH is ultimately staked through the platform and its partners, the annualized staking rewards could reach approximately $299 million. In June, BitMine also completed a preferred stock offering, raising nearly $274 million, with the funds intended for continued ETH purchases, infrastructure expansion, and share buybacks.
Listed companies turn to ETH treasury
BitMine's latest move continues the trend of some listed companies shifting from Bitcoin treasuries to Ethereum treasuries. The report mentions that companies like Sharplink, Bit Digital, and BitMine are attempting to replicate Strategy's long-term strategy of holding Bitcoin as a corporate treasury, but with their core asset being ETH.
Additional information:The article also mentioned that BitMine had increased its ETH holdings by approximately $73 million earlier this month, bringing its total holdings to over 5.74 million ETH prior to this latest disclosure.
