BitMine buys 71,524 ETH; treasury 4.87M after NYSE uplist

BitMine Immersion Technologies added 71,524 ETH last week, a purchase valued at about $157 million. The buy raised the firm’s treasury to 4,874,858 ETH, representing just over 4% of Ethereum’s circulating supply. At an ETH price near $2,208, the treasury is worth more than $10.7 billion.

The purchase was the company’s largest weekly acquisition since December and continues a run of weekly buys that have averaged roughly $150 million. BitMine reported it is about 80% of the way to its target of holding 5% of Ethereum’s circulating supply, a benchmark the firm calls the ‘alchemy of 5%.’

BitMine has staked 3,334,637 ETH through its validator operations, about $7.3 billion at current prices. The company launched the Made in America Validator Network (MAVAN) last month to provide institutional-grade staking infrastructure for itself and other firms. BitMine projected that once it has fully staked its holdings it would earn more than $300 million in annual ETH rewards.

The purchases coincided with a listing change: BitMine moved its shares from NYSE American to the main New York Stock Exchange last week. BitMine chairman Tom Lee in a statement described the uplisting as “a major milestone.” Shares of BMNR traded about 1.7% higher on Monday at roughly $21.64, roughly in line with Ethereum’s 24-hour gains.

Alongside the uplisting, the board approved a 300% increase in the company’s share repurchase authorization, raising the buyback program to $4 billion from $1 billion. The company has not disclosed whether any of the prior $1 billion authorization has been used.

BitMine’s stock has fallen about 63% over the past six months, a period in which Ethereum’s price dropped more than 55% from an August peak of $4,946. The firm holds the largest publicly disclosed corporate stockpile of ETH.

Staking involves supplying and locking ETH to help secure the Ethereum network; staked ETH typically earns periodic rewards.