BitMine now holds 5.8 million Ethereum and stakes 87% of its supply

BitMine Immersion Technologies (ticker: BMNR) is further expanding its Ethereum position. The company reports it purchased an additional 7,391 ETH over the past week and now holds a total of 5,805,238 ETH. That amounts to approximately 4.8% of the total Ethereum supply. At the same time, the company is buying back its own shares and the staked portion of its portfolio is growing considerably.

Ethereum is available at OKX and Bybit.

In short:

• BitMine holds 5,805,238 ETH, corresponding to roughly 4.8% of the total Ethereum supply.
• Of that supply, 5,067,309 ETH is staked, approximately 87% of the total, with expected annual staking income of $257 million.
• The company also bought back 3 million of its own shares last week, bringing the total buybacks since July to 19.1 million shares.

Staking as a source of income

Of the more than 5.8 million ETH held by BitMine, the company is staking 5,067,309. That accounts for around 87% of the total portfolio. Expected annual income from this staking stands at approximately $257 million. At the current Ethereum price of $1.874,25, which is down 2.4% today, the entire ETH position represents substantial value.

Together with other crypto holdings and cash, BitMine’s total assets come to $11.6 billion, the company reports in a press release.

Share buyback programme gains momentum

In addition to expanding its ETH portfolio, BitMine is also buying back its own shares from the market. Last week, that involved 3 million shares. This brings the total buybacks since July to 19.1 million shares. It is an approach increasingly seen among companies that are heavily committed to crypto as a reserve asset, similar to how other listed companies hold Bitcoin on their balance sheets.

BitMine’s strategy is clearly focused on building a large centralised ETH position, combined with staking as a recurring income stream. Whether this approach will bear fruit in the long term depends to a large extent on the further development of the Ethereum price and the staking rates on the network.