BitMine nears 5% Ethereum threshold, yet stock valuation rules dictate its next move
Summary
BitMine held 6,001,302 ETH as of Sept. 28, about 103,698 short of its goal to own 5% of Ethereum’s supply. At the company’s reference price, buying the remainder would cost roughly $280 million, compared with $672 million in reported cash and marketable securities. Its latest weekly purchase of 17,362 ETH was down from the prior week, partly reflecting a previous decision to repurchase shares. BitMine has staked about 84% of its holdings and projects $358 million in annualized staking revenue, or $424 million if all its ETH is staked. Investors are watching whether future capital goes to more ETH, staking and infrastructure, liquidity, or share buybacks; the company has not specified its post-target plan.
