Bitmine Adds 9,587 ETH as Treasury Reaches 6.07 Million
Bitmine reports 6,070,092 ETH after another weekly purchase, valuing the position at $13.6 billion and putting it close to its 5% supply target.
Key Notes
- Bitmine reports buying 9,587 ETH, bringing holdings to 6,070,092 tokens, or 4.97% of the company’s stated supply estimate.
- The weekly acquisition is worth about $21.4 million at the November 8 reference price, while the actual purchase cost is undisclosed.
- Approximately 86% of its ETH is staked, and the broader portfolio totals $14.3 billion including other assets.
Bitmine Immersion Technologies bought 9,587 ETH over the past week, taking its Ethereum holdings to 6,070,092 tokens. The acquisition is worth about $21.4 million at the company’s reference price, while its entire Ether position is valued at approximately $13.6 billion.
The figures come from Bitmine’s November 9 treasury update, which reports holdings as of November 8 at 2 p.m. Eastern Time. The company used an ETH price of $2,234 for its calculations. Its shares trade on the NYSE under BMNR.
A Reference Valuation, With Purchases Continuing
The release does not disclose the average execution price paid for the week’s ETH. Multiplying 9,587 tokens by $2,234 produces roughly $21.4 million, but that calculation does not establish the exact cash spent.
The same distinction applies to the $13.6 billion treasury figure. It describes the market value at the stated snapshot price, rather than the company’s acquisition cost or a profit figure.
Bitmine’s previous update reported a weekly purchase of 8,573 ETH and total holdings of about 6.06 million tokens. That report used $2,261 per ETH and put combined crypto, cash, securities and strategic investments at $14.5 billion.
The lower reference price helps explain why the reported dollar total can fall while the number of ETH rises. Holdings growth and portfolio valuation measure different changes.
Within About 40,000 ETH of Its Supply Goal
Bitmine says it owns 4.97% of Ethereum’s supply, using an estimated 122.2 million ETH denominator. Its stated objective remains ownership of 5%.
At that supply estimate, 5% would equal 6.11 million ETH, leaving a gap of approximately 39,900 tokens. The calculation uses rounded supply data, so the remaining amount can change as Ethereum’s supply changes.
CoinScreamer’s October treasury report covered an earlier step toward the target, when Bitmine held about 6.04 million ETH. The latest purchase continues that accumulation strategy.
Staking Covers Most of the Ether Treasury
The company reports 5,227,037 ETH staked, or approximately 86% of its balance. The staked token count is unchanged from the previous weekly update, although its dollar valuation has moved with ETH.
At a trailing seven-day staking yield of 2.65%, Bitmine projects about $309 million in annualized rewards at its current staking level. It estimates $359 million if its full ETH balance is staked through MAVAN and partners. These are annualized projections, rather than revenue already earned over a full year.
Ethereum’s staking documentation explains that validator rewards are paid in ETH and depend on protocol participation. Converting those rewards into dollar estimates also introduces exposure to Ether’s price.
Beyond ETH, Bitmine lists 216 BTC, $475 million in cash and marketable securities, and stakes in Beast Industries and Eightco. Its approximately $14.3 billion combined holdings figure therefore covers a broader portfolio than the Ether treasury alone.
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