BitMine is now $484 million away from completing its 5% Ethereum target
BitMine is close to its goal of owning 5% of Ethereum’s supply, needing about 257,532 more ETH, or roughly $484 million at its assumed price. It added just 7,430 ETH last week, a much smaller purchase than prior weeks, while spending far more on its own stock: about $85.9 million to repurchase 5.5 million BMNR shares under its authorized buyback plan. Management said the slower ETH buying reflects a deliberate approach to reach, but not exceed, the 5% threshold. BitMine now holds 5,777,468 ETH and says it remains the largest public corporate ETH holder. It has staked 4,917,189 ETH, making staking its main revenue source, with projected annual staking income of about $247 million to $290 million. But the company still posted a quarterly loss, showing its strategy remains highly exposed to ETH prices, staking yields, derivatives, and capital-allocation choices.
