BitMine expands Ethereum holdings to 5.78 million ETH

BitMine Immersion Technologies is significantly expanding its Ethereum reserves. The company announced that it purchased 7,430 ETH last week, bringing its total holdings to 5,777,468 ETH. This represents about 4.8% of the entire Ethereum supply. The total value of crypto, cash and other investments now stands at $11.5 billion.

Ethereum is available at OKX and Bybit.

Over 85% of ETH staked

Of the nearly 5.78 million Ethereum held by BitMine, 4.92 million ETH is staked. That is roughly 85% of total holdings. Staking allows the company to earn rewards on its positions without selling the coins. With a portfolio of this size, BitMine has become one of the largest institutional holders of Ethereum in the world.

The Ethereum price is currently $1.900, up 1.6% in the past 24 hours. With nearly 5.78 million ETH on hand, BitMine’s position represents considerable value at the current price.

Share buyback and growing investment portfolio

In addition to expanding its Ethereum position, BitMine is also buying back its own shares. The company reports that it has repurchased 5.5 million shares at an average price of $15.62 per share. Such buybacks typically signal management’s confidence in the company’s own stock and value.

BitMine’s total portfolio, consisting of crypto, cash and other investments, now amounts to $11.5 billion. This makes the company a serious player in the institutional Ethereum landscape. Partly due to growing institutional interest in Ethereum, as also seen in recent inflows into Ethereum spot ETFs, demand for ETH from large players is steadily increasing. More details about the announcement can be found via PR Newswire.