Bitmine adds $19.6M in ETH, repurchases 4.5M shares
Bitmine said it now holds about 4.8% of Ether’s circulating supply as it pursues its 5% acquisition target.
Bitmine Immersion Technologies, a treasury company for Ether, has increased its Ether holdings by acquiring an additional 10,399 Ether and repurchasing 4.5 million shares, according to recent disclosures. This brings the company's Ether holdings to approximately 4.8% of the circulating supply of Ether, which currently stands at 120.7 million coins.
The company's total Ether holdings, valued at $10.9 billion, have enabled it to maintain its goal of acquiring a 5% stake in the total ETH supply. In addition to Ether, the company holds 209 Bitcoin (BTC), $173 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings. The combined value of these investments amounts to $11.3 billion.
Since July 1, Bitmine has repurchased 16.1 million common shares under its previously authorized $4 billion buyback program, bringing the total repurchases to that amount. These recent transactions follow a previous purchase of nearly 10,000 Ether announced on July 28, when Bitmine reported that around 85% of its Ether holdings were staked through its validator operations.
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