Bitmine Adds $19.6 Million in Ether, Buys Back 4.5 Million Shares
by Maisie Morrison · BlockonomiTLDR
Table of Contents
- Bitmine bought 10,399 Ether last week
- Company now holds 5,797,813 ETH worth $10.9 billion
- Bitmine’s ETH holdings equal about 4.8% of total Ether supply
- Company repurchased 4.5 million shares last week
- Total crypto, cash and other holdings reached $11.3 billion
Bitmine Immersion Technologies bought more Ether last week. The company also repurchased shares of its own stock.
The purchase added 10,399 ETH to its holdings. Bitmine announced the update through a press release on Monday.
Bitmine now holds 5,797,813 Ether. That stockpile is worth about $10.9 billion at current prices.
The company said this amount equals about 4.8% of Ether’s circulating supply. There are roughly 120.7 million ETH in circulation right now.
Bitmine has set a goal of owning 5% of all Ether. The company is close to reaching that target.
Share Buyback Program
Bitmine also continued buying back its own stock last week. It repurchased 4.5 million shares during that time.
This is part of a larger buyback plan the company started on July 1. Bitmine has now bought back 16.1 million shares total under this program.
The company has a $4 billion buyback authorization in place. It has used part of that budget so far this year.
Other Holdings
Bitmine does not only hold Ether. The company also owns 209 Bitcoin.
It also holds $173 million in cash and other marketable securities. These are separate from its crypto assets.
The company has equity stakes in two other businesses too. These are Beast Industries and Eightco Holdings.
When combining crypto, cash, securities and other investments, Bitmine’s total holdings reach $11.3 billion. This figure reflects the company’s full portfolio, not just its Ether position.
Most of Bitmine’s Ether is not sitting idle either. Around 85% of its ETH holdings are staked through the company’s validator operations.
This latest purchase follows another Ether buy the company announced on July 28. At that time, Bitmine bought nearly 10,000 ETH as Ether continued to outperform Bitcoin in price gains.
Bitmine has kept up a steady pace of buying Ether and repurchasing shares over the past several weeks. The company’s most recent report shows both efforts are still active.