BitMine Technologies nears 5% Ethereum supply target

BitMine Technologies has increased its Ethereum (ETH) holdings to approximately 5.81 million tokens following a weekly purchase of 7,391 ETH. This accumulation brings the company’s total ETH reserves to roughly 4.8% of the total Ethereum supply, moving it closer to its long-term target of 5%.

As part of its treasury strategy, BitMine has staked approximately 5.07 million ETH, representing about 87% of its holdings. The company projects that this staking activity could generate between $194 million and $257 million in annualized revenue, depending on yield rates.

BitMine’s total combined assets—including cryptocurrency, cash, marketable securities, and strategic investments—are valued at approximately $11.6 billion. In addition to its ETH and 209 Bitcoin, the firm holds stakes in Beast Industries and Eightco Holdings.

Simultaneously, the company has continued its share repurchase program, buying back 3 million BMNR shares last week. This brings the total number of shares repurchased since July 1 to 19.1 million. Despite the growth in crypto assets, BMNR stock has faced downward pressure, falling significantly over the course of the year.