- Bitmine increased its Ethereum portfolio to around 5.78 million ETH, controlling nearly 4.8% of the asset’s circulating supply of 120.68 million.
- The company already invested $19.44 billion in ETH but is currently sitting with an unrealized loss of around $8.72 billion from its bet.
Bitmine Immersion Technologies (BMNR), an Ethereum (ETH)-focused digital asset treasury (DAT) company, continues to stand in stark contrast to Strategy (formerly MicroStrategy), the largest Bitcoin (BTC) accumulator. While the Michael Saylor-co-founded company has skipped its BTC purchases for four weeks in a row already, the business chaired by Thomas “Tom” Lee, who is also Fundstrat’s co-founder, was unwavering in its commitment to keep its status as the world’s largest ETH holder.
Bitmine’s Latest Ethereum Purchase
On Monday, Bitmine announced in a press release that it acquired 7,430.00 ETH over the past week. Blockzeit’s Bitmine Ethereum Purchase Tracker indicates that the company secured the coins for a total of $13.8 million, or at an average of approximately $1,857.81 per ETH.
Bitmine has notably toned down its Ether acquisitions as it nears its “Alchemy of 5% goal,” which aims to lock in 5% of Ethereum’s 120.68 million circulating supply. To date, the business has 5,777,468 ETH in its portfolio, accounting for nearly 4.8% of all available ETH in the world.
Meanwhile, Bitmine has already invested $19.44 billion in Ether. The total value of its ETH holdings remains below its all-time average purchase price of $3,364.64 per coin. Nonetheless, its strategic accumulation of the asset, especially at its currently discounted prices, has enabled the company to reduce its unrealized losses from over $9 billion in early July to approximately $8.72 billion at the time of this report.
Common Share Repurchase
Interestingly, Bitmine added more Ether to its treasury while repurchasing 5.5 million BMNR common shares at an average of $15.62 per share. The acquisition was in line with its previously authorized $4 billion share repurchase program. Lee highlighted that the move is accretive to shareholder value.
To optimize the potential of its Ether holdings, Bitmine has also staked more than 85% of its Ether holdings, or 4,917,189 ETH, across its proprietary MAVAN (Made in America Validator Network) platform and partners. Lee expects their company to generate an annualized passive income of $247 million from its Ether staking ventures alone.
Bitmine’s Total Portfolio
Bitmine’s Ethereum portfolio stacks up with its 207 BTC holdings, $180 million stake in Beast Industries, $58 million stake in Eightco Holdings (ORBS), and total cash and marketable securities worth $385 million.
