BitMine's Crypto, Cash, and Securities Reach $11.5 Billion, ETH Holdings Increase to 5.78 Million

Ethereum treasury company BitMine stated its ETH holdings have reached 5.78 million, accounting for approximately 4.8% of Ethereum's circulating supply, nearing its target of accumulating 5% of all ETH. The company added 7,430 ETH in the past week. BitMine indicated that the value of its crypto assets, cash, and marketable securities stands at $11.5 billion, including 207 bitcoins and $385 million in cash and securities. Approximately 4.9 million of its ETH are staked through a validator network and partners, representing about 85% of the treasury. Additionally, under a previously authorized $4 billion share buyback program, BitMine repurchased 5.5 million shares of stock in the past week. Earlier this month, BitMine stated its institutional staking platform, MAVAN, generated $45.7 million in staking and validator revenue in the three months ending May 31, accounting for 98% of the company's total revenue.