Bitmine Buys 10,452 ETH, Lifting Holdings to 6.05 Million

Bitmine Immersion Technologies (BMNR) bought 10,452 ETH over the past week, the company said on Monday, Oct. 26, at 8:30 AM ET. Its total now stands at 6,051,933 ETH, or 4.95% of the 122.2 million ether in circulation.

Details

In its press release, Bitmine values the stack at $2,356 per ETH (Coinbase), or about $14.3 billion. At that price the week's purchase works out to roughly $24.6 million, our own calculation. Some 5,227,037 ETH (about $12.3 billion) is staked; current annualized staking revenue is $318 million, and the company puts it at $368 million once everything is staked.

Beyond ether, Bitmine holds 215 BTC, a $180 million stake in Beast Industries, a $76 million investment in Eightco Holdings and $514 million in cash and marketable securities, for $15 billion in total. Last week it repurchased 2.04 million of its own shares at an average $22.48; year to date that is 22.9 million shares for $399.6 million, crypto.news reports. Chairman Tom Lee said in the release that Bitmine "is positioned to outperform the crypto bull market that we expect to be coming."

What this means for the market

Bitmine remains one of the most visible corporate buyers of ether: it adds every week and its 5%-of-supply goal is close. At the same time it is spending on buybacks, and the week's ETH purchase was smaller than the 12,535 ETH a week earlier (see our previous note). For the live ETH price see the Ethereum page; for the wider picture, the daily summary.