Bitmine Adds 10,399 ETH, Nears 5% Supply Target; Buyback Hits 16.1M Shares
BMNR sits 33% above its 52-week low of $12.8 on light trading volume (0.1× avg).
Summary
Bitmine's weekly update shows ETH holdings rose to 5.8 million tokens, now 96% of its 5% supply target. The company added 10,399 ETH over the past week, with total crypto and cash at $11.3 billion. Chairman Tom Lee highlighted ether's 2,500 bps outperformance over the Nasdaq 100 in July, reinforcing the company's conviction. The firm also repurchased 4.5 million shares this week, bringing total buybacks since July 1 to 16.1 million shares under its $4 billion program. With 4.9 million ETH staked, annual staking revenue is projected at $247 million. This follows a series of 8-Ks showing steady accumulation and a recent 10-Q revealing a $9.1B net loss from unrealized ETH declines—making the buyback and staking income key offsets.
At the time of this announcement, BMNR was trading at $17.01 on NYSE in the Crypto Assets sector, with a market capitalization of approximately $10.3B. The 52-week trading range was $12.80 to $71.74. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: The Block.