Bitmine Buys 7,391 ETH for $14M as Cash Falls 78% in Four Weeks
A purchase of 7,391 $ETH last week, worth roughly $14 million, lifted Bitmine Immersion Technologies' total ether holdings to 5,805,238 as of Friday evening, the company said Monday. The firm's cash and marketable securities have since fallen to $104 million, down from $482 million reported on July 12, a 78% drop in about four weeks.
Key takeaways
- Bitmine Immersion Technologies bought 7,391 ETH (about $14 million) last week, raising its total ether holdings to 5,805,238 as of Friday evening.
- The firm's cash and marketable securities fell to $104 million from $482 million on July 12, a 78% drop in about four weeks.
- Bitmine holds 4.8% of Ethereum's circulating supply, 96% of the way to its 5% "Alchemy of 5%" goal, a figure unchanged for five consecutive weeks.
- Total crypto, cash, and "moonshot" investments reached $11.6 billion, up from $11.3 billion, driven mainly by ETH rising 2.6% to $1,928.
- Staking now covers 5,067,309 ETH, or 87% of holdings, with Chairman Tom Lee projecting $257 million in annualized staking revenue.
A purchase of 7,391 $ETH last week, worth roughly $14 million, lifted Bitmine Immersion Technologies' total ether holdings to 5,805,238 as of Friday evening, the company said Monday. The firm's cash and marketable securities have since fallen to $104 million, down from $482 million reported on July 12, a 78% drop in about four weeks.
Cash position narrows
Bitmine held $173 million in cash a week earlier. The decline reflects both ongoing ETH purchases and a share-repurchase program that consumed 3 million shares last week, down from 4.5 million the week before, bringing the cumulative total to 19.1 million shares since July 1 under a $4 billion authorization. Chairman Tom Lee said the company "continues to view Bitmine's common shares as undervalued" and described the program as the largest executed by any crypto treasury company. The firm also carries 209 Bitcoin, a $180 million stake in Beast Industries, and a $69 million position in Eightco Holdings.
Portfolio value and staking yield
Total crypto, cash, and what Bitmine calls "moonshot" investments came to $11.6 billion, up from $11.3 billion. Price did most of the work. $ETH rose 2.6% over the week to $1,928, adding roughly $280 million to a stack that grew by $14 million through purchases. Staking now covers 5,067,309 ETH, or 87% of holdings, up from 85% a week earlier. Lee put projected annualized staking revenue at $257 million, based on a seven-day yield of 2.63%.
The 5% target, stalled
Bitmine holds 4.8% of Ethereum's 120.7 million circulating supply. The company calls that 96% of the way to what it terms the "Alchemy of 5%" goal. The figure has not moved in five consecutive weeks. Reaching 5% would require about 229,800 more ETH, or roughly 31 weeks at last week's purchase pace.
The company has bought ether every week since June 30, 2025. It took $214 million worth in June during a selloff Lee characterized as "superficial," added $49 million in July as early demand built for Robinhood Chain, then slowed before passing a cumulative 5.79 million ETH. Last week's 7,391 ETH was also smaller than the 10,399 ETH purchased the week before.
Rate outlook and regulation
Lee said he was "disappointed" the Clarity Act would not reach a Senate vote before the August recess. He cited softer inflation and jobs data and put the probability of a September Federal Reserve rate increase at 40%, down from 75% two weeks ago. CME FedWatch placed that figure at 46%.