Key Takeaways
- • Bitmine Immersion Technologies increased its Ethereum treasury to 6,051,933 ETH after acquiring 10,452 ETH over the past week, per a company statement released Monday.
- • At $2,356 per ETH as of Oct. 25, the holdings were worth approximately $14.3 billion, giving Bitmine 4.95% of Ethereum's circulating supply of 122.2 million ETH.
- • Approximately 86% of Bitmine's holdings, or 5,227,037 ETH, are staked via its MAVAN platform and staking partners, with projected annualized staking revenue of $318 million at current levels.
- • Bitmine reported $15 billion in combined crypto, cash, marketable securities and other investments, including 215 BTC, a $180 million stake in Beast Industries, a $76 million investment in Eightco Holdings, and $514 million in cash and marketable securities.
- • Chairman Tom Lee reiterated that the "crypto bull market is underway," citing ETH's 13% pullback from its recent peak and a 20% decline in the U.S. semiconductor sector over the same period.
Summary
Bitmine Immersion Technologies expanded its Ethereum treasury to 6,051,933 ETH after acquiring 10,452 ETH over the past week, the company said in a statement on Monday. At $2,356 per ETH as of Oct. 25, the holdings were worth approximately $14.3 billion. According to the statement, Bitmine now owns 4.95% of Ethereum's circulating supply of 122.2 million ETH.
The company reported that 5,227,037 ETH, about 86% of its holdings, are staked through its MAVAN platform and staking partners. Bitmine projects annualized staking revenue of $318 million at current levels, rising to as much as $368 million if its full ETH position were staked.
Beyond ether, Bitmine reported 215 BTC, a $180 million stake in Beast Industries, a $76 million investment in Eightco Holdings, and $514 million in cash and marketable securities. Combined crypto, cash, marketable securities and other investments totaled $15 billion. In the same week, the company repurchased 2.04 million shares at an average price of $22.48. Year-to-date buybacks reached 22.9 million shares, costing $399.6 million at an average of $17.48 per share, according to the statement.
Chairman Tom Lee reiterated his view that the "crypto bull market is underway," pointing to ETH's 13% pullback from its recent peak as evidence the asset class is outperforming other risk-off sectors. Lee noted the U.S. semiconductor sector fell 20% over the same period.
According to The Block's price data, ether traded at around $2,322 on Monday, down 0.4% over 24 hours. Bitmine shares closed Friday at $22.40, down 0.4%, per The Block's BMNR price page.
The company reported that 5,227,037 ETH, about 86% of its holdings, are staked through its MAVAN platform and staking partners. Bitmine projects annualized staking revenue of $318 million at current levels, rising to as much as $368 million if its full ETH position were staked.
Beyond ether, Bitmine reported 215 BTC, a $180 million stake in Beast Industries, a $76 million investment in Eightco Holdings, and $514 million in cash and marketable securities. Combined crypto, cash, marketable securities and other investments totaled $15 billion. In the same week, the company repurchased 2.04 million shares at an average price of $22.48. Year-to-date buybacks reached 22.9 million shares, costing $399.6 million at an average of $17.48 per share, according to the statement.
Chairman Tom Lee reiterated his view that the "crypto bull market is underway," pointing to ETH's 13% pullback from its recent peak as evidence the asset class is outperforming other risk-off sectors. Lee noted the U.S. semiconductor sector fell 20% over the same period.
According to The Block's price data, ether traded at around $2,322 on Monday, down 0.4% over 24 hours. Bitmine shares closed Friday at $22.40, down 0.4%, per The Block's BMNR price page.
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