Bitmine Nears Goal of Controlling 5% of Ethereum Supply With $11.8 Billion Treasury
BitMine Immersion Technologies said it has increased holdings to about 5.8 million ETH, moving closer to its goal of owning 5% of Ethereum’s total supply. Its total crypto, cash, securities, and strategic investments now total $11.8 billion, including 208 BTC, $268 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $61 million investment in Eightco Holdings. The company also repurchased 6.1 million shares last week under its $4 billion buyback program, bringing total repurchases since July 1 to 11.6 million shares. Chairman Tom Lee said the rising ETH/BTC ratio signals strengthening crypto prices and could support ETH testing $2,000 and $2,500. BitMine said 4.9 million ETH is staked through its MAVAN network, with projected annualized staking rewards of about $299 million once more ETH is staked. The move reflects a broader shift by public companies toward Ethereum treasury strategies.
