Bitmine Immersion Technologies (BMNR) continued expanding its Ether holdings last week, purchasing an additional 10,399 ETH while simultaneously repurchasing 4.5 million shares of its own stock, the company announced in a press release on Monday.

The latest acquisition brings Bitmine's total Ether holdings to 5,797,813 ETH, valued at approximately $10.9 billion at current market prices. According to the company, this position represents roughly 4.8% of Ether's total circulating supply, which currently stands at approximately 120.7 million ETH.

Bitmine has publicly set a target of owning 5% of all Ether in circulation. With its holdings now approaching that threshold, the company is nearing its stated goal. A single entity controlling nearly 5% of a major cryptocurrency's supply is unusual; for context, MicroStrategy's Bitcoin holdings — the largest publicly known corporate Bitcoin treasury — represent roughly 2% of Bitcoin's total supply.

Share Repurchase Program

Alongside its cryptocurrency acquisitions, Bitmine continued executing its share buyback program last week, repurchasing 4.5 million shares. The buyback initiative was launched on July 1, and since its inception the company has repurchased a cumulative total of 16.1 million shares.

Bitmine has a $4 billion buyback authorization in place and has deployed a portion of that budget so far this year. The combination of aggressive asset accumulation and share repurchases signals management confidence in the company's valuation and capital structure, though the sustainability of both programs will depend on available liquidity and funding sources.

Broader Portfolio and Staking Operations

Beyond Ether, Bitmine's portfolio includes 209 Bitcoin and approximately $173 million in cash and other marketable securities, held separately from its crypto assets. The company also maintains equity stakes in two other businesses: Beast Industries and Eightco Holdings.

Combining all crypto holdings, cash, securities, and other investments, Bitmine's total portfolio value reaches $11.3 billion.

The majority of Bitmine's Ether is actively deployed. Approximately 85% of its ETH holdings are staked through the company's own validator operations. Ethereum's proof-of-stake consensus mechanism, implemented with the network's transition known as The Merge in September 2022, allows ETH holders to lock assets to secure the network and earn staking rewards. Running validators directly, rather than using third-party staking services, gives Bitmine full operational control over node infrastructure and reward distribution.

Recent Acquisition Pattern

This latest Ether purchase follows a similarly sized acquisition announced on July 28, when Bitmine bought nearly 10,000 ETH. That earlier purchase coincided with a period in which Ether was outperforming Bitcoin in price gains.

Bitmine has maintained a consistent pace of Ether accumulation and share repurchases over the past several weeks. The company's most recent report confirms that both initiatives remain active. Whether Bitmine reaches its 5% Ether ownership target — and how the market responds to such concentration — will be a metric worth monitoring in the company's subsequent disclosures.