Bitmine Immersion Technologies holds 5.78 million ETH, equal to 4.8% of circulating supply, as total assets reach $11.5 billion
NEW YORK, July 20. Bitmine Immersion Technologies (BMNR) disclosed that it holds 5.78 million $ETH tokens, a stake equal to 4.8% of Ethereum's 120.7 million-token circulating supply, with total cryptocurrency holdings and cash reserves standing at $11.5 billion, the company said.
Key takeaways
- Bitmine Immersion Technologies (BMNR) holds 5.78 million ETH, equal to 4.8% of Ethereum's 120.7 million-token circulating supply.
- Bitmine's combined cryptocurrency and cash holdings total $11.5 billion as of the disclosure.
- The company says its ETH stake puts it 96% of the way toward its self-set goal of owning 5% of ETH's outstanding supply, a distance it covered in 12 months.
- Bitmine repurchased 5.5 million common shares in the past week under a previously announced buyback program running alongside its token accumulation.
- Bitmine did not disclose how it plans to close the remaining gap to 5%, the ETH-versus-cash breakdown of its $11.5 billion, or the price paid per repurchased share.
NEW YORK, July 20. Bitmine Immersion Technologies (BMNR) disclosed that it holds 5.78 million $ETH tokens, a stake equal to 4.8% of Ethereum's 120.7 million-token circulating supply, with total cryptocurrency holdings and cash reserves standing at $11.5 billion, the company said.
Closing in on a 5% target
Bitmine said the position puts it 96% of the way toward what the company calls the "alchemy of the 5%," a self-set threshold defined as owning 5% of $ETH's outstanding supply. The company said it covered that distance in 12 months.
Two-tenths of a percentage point separates Bitmine from the stated goal, measured against the 120.7 million tokens currently in circulation. Bitmine did not say in the release how it plans to close the remaining gap, nor what changes operationally once the 5% mark is crossed.
The $11.5 billion combined figure covers cryptocurrency and cash. Bitmine did not break down how much of that total is held in $ETH versus other assets or cash positions.
Buyback running alongside accumulation
While building the $ETH position, Bitmine repurchased 5.5 million common shares in the past week under a buyback program the company had previously announced. Running a repurchase alongside a large-scale token accumulation strategy puts two simultaneous calls on capital.
Buying back equity reduces the share count. Each remaining share then carries a larger proportional claim on company assets, including the $ETH holding. Bitmine did not disclose the price paid per share or how much authorization remains under the buyback program.
The 5.78 million token holding, the 4.8% circulating supply stake, and the $11.5 billion combined total are as of the date of the company's disclosure.