BitMine Immersion Technologies purchased 71,524 ETH last week, marking the firm's largest weekly Ethereum acquisition since December. The $157 million buy expands the company's total treasury to approximately 4.88 million ETH.
The firm now controls more than 4% of the entire circulating Ethereum supply. Its current holdings are valued at over $10.7 billion, with ETH trading around $2,208 on Monday.
BitMine chairman Tom Lee stated the company is accelerating its buying spree as the market recovers. "BitMine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the 'mini-crypto winter,'" Lee said in a statement.
Staking and expansion
The company is currently staking 3,334,637 ETH, valued at roughly $7.3 billion. This follows the launch of the Made in America Validator Network (MAVAN) last month, a proprietary infrastructure designed for institutional-grade staking.
Lee anticipates that once the company's entire Ethereum stockpile is staked, the firm will generate more than $300 million in annual rewards. The company is currently 80% of the way toward its stated goal of reaching a 5% circulating supply stake, a milestone Lee calls the "alchemy of 5%."
Shares of BitMine (BMNR) rose approximately 1.7% on Monday to trade near $21.64. The company recently transitioned from the NYSE American exchange to a full listing on the NYSE.
Alongside the uplisting, the firm authorized a 300% increase to its share buyback program. The new program allocates $4 billion for the repurchase of BMNR shares, up from a $1 billion program approved last July.
Despite the recent accumulation, BitMNR shares have declined about 63% over the last six months. This drop aligns with a broader market trend, as Ethereum has fallen more than 55% from its August peak of $4,946.
