Bitmine adds 7,391 ether in a week, bringing total Ethereum holdings to 5.81 million ETH

Bitmine Immersion Technologies (BMNR) has increased its Ethereum (ETH) treasury to 5,805,238 ETH, representing 4.8% of the second-largest cryptocurrency's supply, the company said Monday.

The Ethereum treasury is worth roughly $11 billion, positioning Bitmine as the largest corporate ether holder globally and the second-largest corporate crypto treasury overall, trailing only Strategy's $55 billion bitcoin position, according to a statement.

The latest figure marks an increase of 7,391 ETH over the prior week and places Bitmine 96% of the way toward its stated "alchemy of 5%" target, representing 5% of ether's 120.7 million circulating supply.

Of the total ETH held, 5,067,309 tokens, valued at $9.8 billion, are staked through the company's MAVAN platform and staking partners. The company projects annualized staking revenues of $257 million.

Beyond ETH, Bitmine held 209 BTC, a $180 million stake in Beast Industries, and a $69 million stake in Eightco Holdings. The company also reported $104 million in cash and marketable securities.

Additionally, Bitmine repurchased 3 million common shares over the past week, bringing total repurchases since July 1 to 19.1 million shares under its previously authorized $4 billion buyback program, according to Chairman Tom Lee.

Lee said ether outperformed bitcoin by 1,100 basis points in July. He also said the market-implied odds of a September Federal Reserve rate hike had fallen to 40% from 75% two weeks earlier, citing softer inflation and jobs data.

Ether traded above $1,900 on Monday, according to The Block’s ETH price page.