BitMine Buys 10,399 More Ether, Repurchases 4.5 Million Shares

BitMine Immersion Technologies, an Ether treasury company, bought more Ether and repurchased its own shares.

Cointelegraph reported on August 4 that BitMine purchased an additional 10,399 Ether last week and bought back 4.5 million shares. As of August 4, the company held a total of 5,797,813 Ether valued at about $10.9 billion.

BitMine's Ether holdings represent about 4.8% of the circulating supply of 120.7 million tokens. The company is continuing to buy Ether with the goal of securing 5% of total supply.

In addition to Ether, BitMine holds 209 Bitcoin, $173 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings. The combined value of its crypto, cash, securities and other investment assets totals $11.3 billion.

The company is also accelerating its share repurchases. Under a previously authorized $4 billion buyback program, BitMine has repurchased 16.1 million shares since July 1, including the latest 4.5 million shares.

BitMine had also disclosed on July 28 that it bought about 10,000 Ether. At that time, about 85% of its total Ether holdings were staked through its own validator operations.