Bitmine Raises Ethereum Holdings to 6.05 Million ETH Worth $14.3 Billion
Bitmine Immersion Technologies has expanded its Ethereum treasury to 6,051,933 ETH after purchasing another 10,452 ETH over the past week, according to a company statement released Monday.
Based on an ETH price of $2,356 on Oct. 25, Bitmine's Ethereum holdings were valued at approximately $14.3 billion. The company now controls 4.95% of Ethereum's circulating supply, estimated at 122.2 million ETH, strengthening its position among the largest corporate holders of the cryptocurrency.
Bitmine Expands Ethereum Staking Operations
Of Bitmine's total ETH holdings, 5,227,037 ETH are staked through its MAVAN platform and external staking partners. This represents roughly 86% of its Ethereum treasury.
The company estimates that its current staked ETH could generate annualized revenue of $318 million at prevailing rates. If it stakes its entire Ethereum portfolio, projected annual revenue could rise to $368 million.
Staking allows ETH holders to earn rewards by helping secure the Ethereum network. For Bitmine, the strategy provides a potential source of recurring income alongside its exposure to changes in Ethereum's market price.
Total Investments Reach $15 Billion
Beyond Ethereum, Bitmine reported holding 215 Bitcoin and investments in other businesses. Its portfolio includes a $180 million stake in Beast Industries and a $76 million investment in Eightco Holdings.
The company also held $514 million in cash and marketable securities. Combined with its cryptocurrency holdings and other investments, Bitmine's total assets and investments reached approximately $15 billion.
The latest ETH purchase comes as the company continues to expand its treasury strategy and build its exposure to digital assets.
Share Buybacks Continue
Bitmine also repurchased 2.04 million shares over the past week at an average price of $22.48 per share.
Its share buyback activity for the year has reached 22.9 million shares, with total spending of $399.6 million and an average repurchase price of $17.48.
The company remains bullish on the broader cryptocurrency market, arguing that recent price declines do not necessarily signal a wider downturn. Its chairman pointed to Ethereum's 13% drop from its recent peak, comparing it with a 20% decline in the US semiconductor sector over the same period.
Bitmine views the relative performance as evidence that the crypto market may be holding up better than some other risk-sensitive sectors.
With more than six million ETH in its treasury and most of those holdings generating staking rewards, Bitmine is continuing to build a business strategy centered on Ethereum accumulation, potential staking income and investments beyond cryptocurrencies.