Bitmine Buys Another 7,391 Ethereum And Increases Staked Position

Bitmine Immersion Technologies (NYSE: $BMNR) bought more Ethereum (CRYPTO: $ETH) over the past week and continued to increase the amount of ETH it has staked.

The serial cryptocurrency acquirer led by Chairman Tom Lee purchased 7,391 Ethereum over the past week. 

The company now owns 4.8% of Ethereum's circulating supply and is 96% of the way towards reaching its goal of holding 5% of the available ETH supply.

In a news release, Bitmine said that it has also increased the amount of ETH it has staked.

The company said that 87% of its Ethereum holdings are now staked, representing 5,067,309 ETH worth $9.8 billion U.S. at current prices. 

Staking is the process of locking up a cryptocurrency on a blockchain network to help secure it and verify transactions. Analysts liken it to earning interest on bank deposits. 

Bitmine says its staking rewards will amount to $194 million U.S. annually for a yield of 2.63%. 

This latest Ethereum purchase maintains the company's streak of buying ETH every week since it adopted an Ethereum treasury strategy in 2025. 

Bitmine also continues to buyback its own stock as the share price languishes, repurchasing three million shares of its common stock over the past week. 

The company has now repurchased 19.1 million common shares under a $4 billion U.S. repurchase program that began at the start of July this year.

Tom Lee said in a note to clients that Bitmine continues to view BMNR stock as undervalued. 

Shares pf Bitmine Immersion Technologies have declined 69% over the last 12 months to trade at $18.38 U.S. per share.