BitMine nears 5% Ethereum threshold, yet stock valuation rules dictate its next move

Ethereum treasury company BitMine Immersion Technologies said on Sept. 28 that it held 6,001,302 ETH, leaving it 103,698 tokens short of its goal of owning 5% of Ethereum's supply, based on the company's latest supply estimate.Buying that remainder at BitMine's Sept. 27 reference price would cost about $279.8 million. The company reported $672 million in cash and marketable securities on the same date.The estimated purchase cost is roughly 42% of that reported pool. Completing the goal looks affordable on paper, though ETH's price and supply can change and BitMine has not earmarked the money for that purpose.The closer the company gets to its target, the more consequential its next choice becomes: keep adding ETH, preserve liquidity, buy back shares, or build income from the tokens it already owns.BitMine needs 103,698 more ETH, or about $279.8 million at its reference price, to reach its stated 5% supply target.BitMine said it acquired 17,362 ETH in the latest week, about 37% fewer than the 27,562 ETH it reported for the week before. It says it has bought ETH every week since starting the strategy in June 2025.In July, the company repurchased about 5.5 million BMNR shares at an av...