- Bitmine held 5,777,468 ETH as of 19 July, valued at about US$10.86 billion (AU$15.53 billion) at the US$1,879 (AU$2,687) price the company used, or 4.8% of Ethereum’s supply.
- The company repurchased about 5.5 million shares at an average US$15.6156 (AU$22.33), spending roughly US$85.9 million (AU$122.8 million) under a US$4 billion (AU$5.72 billion) authorisation.
- Weekly ether buying fell to 7,430 ETH, down from more than 111,000 ETH in a single week in May, which chairman Tom Lee attributed to the buyback.
Bitmine Immersion Technologies has grown its Ethereum (ETH) treasury to 5,777,468 ETH, worth about US$10.86 billion (AU$15.53 billion) at the US$1,879 (AU$2,687) price the company applied.
This comes while spending roughly US$85.9 million (AU$122.8 million) buying back its own shares over the past week.
Counting Bitcoin (BTC), equity stakes and cash, the company put total holdings at US$11.5 billion (AU$16.45 billion).
That includes 207 BTC, a US$180 million (AU$257.4 million) stake in Beast Industries, a US$58 million (AU$82.9 million) stake in Eightco Holdings, which trades on the Nasdaq as ORBS, and US$385 million (AU$550.6 million) in cash and marketable securities.
The figures were filed with the US Securities and Exchange Commission as an exhibit to a current report.
The ether valuation moves with the market. Ether traded at US$1,917.98 (AU$2,742) a day after the company’s cut-off, which would put the same holding closer to US$11.08 billion (AU$15.84 billion).
Related: BlackRock Doubles Down on Digital Assets Despite 40% Drop in Crypto AUM
Buying Pace Falls Away
Bitmine added 7,430 ETH last week, worth about US$14 million (AU$20.02 million). In May it bought more than 111,000 ETH in a single week. “The reduced pace of buys reflects that Bitmine repurchased 5.5 million common shares,” Lee said.
The repurchases were made at an average US$15.6156 (AU$22.33) a share. They fall under a US$4 billion (AU$5.72 billion) authorisation, a ceiling the board has approved, against which the company has now spent about US$85.9 million (AU$122.8 million).
“We view the purchase of our common shares as accretive to shareholder value,” Lee said. Bitmine shares closed at US$16.63 (AU$23.78) on the NYSE on 20 July, up 6% on the session and above the average repurchase price. The stock has risen from US$14.61 (AU$20.89) on 13 July.
Bitmine has 4,917,189 ETH staked, about 85% of its holdings, worth US$9.2 billion (AU$13.16 billion). The company puts annualised staking rewards at about US$247 million (AU$353.2 million) at present and US$290 million (AU$414.7 million) at full capacity, on a seven-day yield of 2.67%.
The holdings equal 4.8% of Ethereum’s 120.7 million supply, which the company calls 96% of the way to its 5% goal. Bitmine describes itself as the largest Ethereum treasury and the second-largest corporate crypto treasury behind Strategy’s Bitcoin holdings.
Read more: Injective Seeks SEC Approval to Bring Securities Record-Keeping Onchain
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