Bitmine expands Ethereum holdings as treasury nears 5% of supply

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Bitmine expands Ethereum treasury

Highlights

Bitmine increased its Ethereum treasury to 6,051,933 ETH, now representing 4.95% of supply and worth approximately $14.3 billion as of Oct. 25.
Bitmine stakes 5,227,037 ETH (86% of holdings) via MAVAN, projecting annualized staking revenue of $318 million, rising to $368 million if fully staked.
Bitmine completed 2.04 million share buybacks last week at $22.48 average, totaling 22.9 million shares and $399.6 million year-to-date at $17.48 average.

Ethereum treasury expansion and staking income

As reported by The Block, citing Bitmine Immersion Technologies in a statement on Monday, the company increased its Ethereum treasury to 6,051,933 ETH after acquiring 10,452 ETH over the past week.

At $2,356 per ETH, those holdings are worth about $14.3 billion as of Oct. 25. The statement says Bitmine now owns 4.95% of Ethereum's circulating supply of 122.2 million ETH.

Bitmine says 5,227,037 ETH, about 86% of its total holdings, are staked through its MAVAN platform and staking partners. At current levels, the company projects annualized staking revenue of $318 million, rising to as much as $368 million if all of its ETH holdings are fully staked.

Broader balance sheet and market positioning

Beyond ether, Bitmine reports holding 215 BTC, a $180 million stake in Beast Industries, a $76 million investment in Eightco Holdings, and $514 million in cash and marketable securities. Those assets bring its combined crypto, cash, marketable securities and other investments to $15 billion.

The company also repurchased 2.04 million shares over the past week at an average price of $22.48. Bitmine says its buybacks this year total 22.9 million shares, with aggregate spending of $399.6 million at an average price of $17.48.

Chairman Tom Lee reiterates his view that the crypto bull market is underway, citing ether's 13% pullback from its recent peak as a sign the market is outperforming other risk-off sectors. He says the U.S. semiconductor sector is down 20% over the same period, while The Block's ETH price page shows ether trading at around $2,322 on Monday, down 0.4% over 24 hours; Bitmine shares closed Friday at $22.40, also down 0.4%.

In our earlier report on the Philippine Social Security System (SSS) equity portfolio, we covered how the pension fund defended its strategy after scrutiny over unrealized losses by stressing decades of realized gains and steady dividend income. SSS argued that paper losses are not cash losses unless assets are sold below cost, and highlighted its focus on long-term, diversified holdings and recurring income to support members’ benefits.

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