Tom Lee’s BitMine buys more ETH and repurchases 6.1M shares

BitMine Immersion Technologies said its Ethereum holdings reached 5,787,414 ETH as of July 26 after the company bought another 9,946 tokens during the week. Summary BitMine now holds 5.79 million ETH, equal to 4.8% of Ethereum’s reported total circulating supply. More than 4.9 million ETH is staked, supporting projected annual revenue of about $254 million. BitMine repurchased 6.1 million shares while adding 9,946 ETH during the latest weekly reporting period. The position equals about 4.8% of Ethereum’s stated 120.7 million supply and leaves BitMine close to its target of owning 5% of all ETH. The company valued its broader portfolio at $11.8 billion using an ETH reference price of $1,948. The total includes 208 BTC, $268 million in cash and marketable securities, a $180 million stake in Beast Industries and a $61 million position in Eightco Holdings. The figures reflect BitMine’s own valuation method. BitMine moves closer to its 5% Ethereum target BitMine calls its plan to acquire 5% of Ethereum’s supply the “Alchemy of 5%.” At the current reported supply, that target equals about 6.04 million ETH. The latest total places the company about 96% of the way there, leaving roughly 24...