Weekly ETH purchase lifts BitMine’s total holdings
BitMine Immersion Technologies (NYSE: BMNR) said in a holdings update posted Monday that it bought 42,197 ETH over the past week, worth roughly $73 million. The purchase brought the company’s total ETH holdings to 5,742,237 ETH, or about 4.8% of Ethereum’s circulating supply.
Company reports $11.1 billion in crypto and other holdings
BitMine said its total crypto and other holdings stood at $11.1 billion. That figure includes its ETH position valued at $1,800 per coin, 206 BTC, a $180 million stake in Beast Industries, a $71 million stake in Eightco Holdings (NASDAQ: ORBS), and $527 million in cash and marketable securities.
Staked ETH stays flat
A tracker citing the company’s disclosure showed BitMine’s staked ETH at 4,879,157, unchanged from the prior week. The company increased its overall ETH balance but did not add to its staked position.
Still moving toward a 5% supply target
The latest purchase extends BitMine’s accumulation and keeps it on pace toward its stated goal of controlling 5% of ETH’s total supply, a benchmark the company has linked to its treasury strategy. BitMine trades on the New York Stock Exchange under the ticker BMNR.
The Defiant noted that in June, after an insider warned of a cash gap, Fundstrat’s Tom Lee publicly defended the company’s funding model. Lee, who chairs BitMine, has also described crypto in earlier remarks as a “wartime store of value.”
$73 million weekly figure came from tracker calculations
The report said the $73 million weekly purchase figure and the 4.8%-of-supply calculation appeared consistently across several independent market trackers monitoring BitMine’s disclosure. BitMine’s own update did not separately break out the weekly purchase amount from its cumulative total.