Bitmine Immersion Technologies bought 10,452 ETH worth approximately $24.5 million, while continuing its share buyback program valued at nearly $400 million. The purchase marks a slowdown compared to the previous week, when the company, trading under the ticker BMNR, acquired 12,535 ETH. At the same time, Bitmine resumed repurchasing its shares on the open market following a roughly 10-week pause, bringing this year’s total buybacks to 22.9 million shares.
This shift in pace illustrates the company’s dual-track strategy: ETH accumulation continues, but cash allocation is now split with share buybacks.
$318 Million Staking Revenue and the 5% Threshold
The latest purchase brings Bitmine’s total holdings to 6,051,933 ETH, representing roughly 4.95% of Ethereum’s global circulating supply of 122.2 million tokens. Bitmine now needs only about 58,000 more ETH to hit its target of owning 5% of the global circulating supply.
Such a massive reserve of ETH is not left idle in storage wallets. Bitmine has deployed around 5.23 million ETH, or 86% of its total holdings, into staking - locking tokens to validate transactions on the Ethereum network. Based on current yield rates, this allocation is projected to generate roughly $318 million in annual revenue for the company’s treasury.
The preference for buybacks has gained momentum as the company closes in on its 5% Ethereum accumulation target. With 58,000 ETH left to reach that milestone, Bitmine is dividing its capital allocation between expanding its coin reserves and repurchasing outstanding BMNR shares.
Why Crypto Is Seen as More Resilient Than AI Stocks
Amid the slowdown in coin purchases, Bitmine Chairman Tom Lee views crypto market resilience as stronger than that of the artificial intelligence (AI) sector. Lee noted that during the latest market downturn, ETH corrected 13% from its highs. Over the same period, the U.S. semiconductor stock index, SOXX, fell more sharply by 20%.
According to Lee, the crypto market decline was driven by risk-off sentiment - an investor retreat from risk assets - the same catalyst behind the sell-off in AI equities. Comparing ETH’s 13% drop with the 20% fall in the SOXX index, Lee sees ETH’s resilience as further evidence that the crypto bull market cycle is well underway.
For Ethereum holders, Bitmine’s strategy offers clear signals: new coin purchases are tapering as the 5% target nears, but 5.23 million ETH remains staked on the network, generating an estimated $318 million in annual revenue.
Reported by CoinDesk.
Also read: How Crypto Staking Works and Its Risks
Also read: Starknet Community Approves Research to Separate from Ethereum - Deems 2029 Quantum Target Too Slow
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
