Bitmine buys $19.6M in Ether and repurchases 4.5 million shares

Bitmine Immersion Technologies has added more Ether to its growing crypto treasury.

The company bought 10,399 ETH last week, worth about $19.6 million at the time of the purchase. It also repurchased 4.5 million shares under its ongoing stock buyback program.

The latest move brings Bitmine closer to its goal of owning 5% of Ethereum's total supply.

Bitmine Now Holds Nearly 5.8 Million ETH

Bitmine said it now owns 5,797,813 ETH, valued at around $10.9 billion.

According to the company, that equals about 4.8% of Ethereum's circulating supply, which currently stands at roughly 120.7 million ETH. Bitmine has previously said its long-term goal is to accumulate 5% of all ETH in circulation.

Company Holds Bitcoin and Cash

Bitmine's balance sheet includes more than just Ether.

The company also owns:

• 209 Bitcoin (BTC)
• $173 million in cash and marketable securities
• Equity investments in Beast Industries and Eightco Holdings

Together, its crypto holdings, cash, securities, and investments are worth around $11.3 billion.

Share Buyback Program Continues

Along with buying more Ether, Bitmine continues to reduce its outstanding shares. The company repurchased 4.5 million shares last week.

Since July 1, Bitmine has bought back 16.1 million shares under its $4 billion share repurchase program.

Stock buybacks reduce the number of shares in the market and can increase shareholder value over time.

Most of Bitmine's ETH Is Staked

Bitmine has also been earning rewards from its Ethereum holdings. Last week, the company said around 85% of its Ether is staked through its validator operations.

By staking ETH, Bitmine helps secure the Ethereum network while generating additional yield on its holdings.

Bitmine Expands Its Ethereum Strategy

Bitmine has steadily increased its Ether holdings over the past few weeks.

The latest purchase follows another acquisition of nearly 10,000 ETH announced at the end of July. The company's continued buying shows it remains focused on Ethereum as the core of its digital asset strategy.

What Investors Should Watch

Bitmine is getting closer to its goal of owning 5% of Ethereum's circulating supply.

If the company continues buying ETH at its current pace, it could soon reach that target.

Investors will also watch whether Bitmine expands its staking operations and continues its multi-billion-dollar share buyback program.