Altcoins News
By Maheen Hernandez
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Staking Drives Most of the Revenue Math. The staking numbers are where things get interesting.
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Share Buybacks Add Another Layer of Complexity. Alongside the Ethereum buying, BitMine repurchased 3 million shares this week.
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BitMine bought another 7,391 ETH this week. That purchase, worth roughly $14 million, pushed the company's total Ethereum holdings to 5,805,238 ETH — a number that's getting…
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The buy didn't happen in a vacuum. Ethereum's price climbed 2.6% to $1,928 during the same period, and that move alone added about $280 million to BitMine's portfolio.
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Total crypto assets, cash, and high-risk investments now stand at $11.6 billion.
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The staking numbers are where things get interesting. BitMine has 5,067,309 ETH staked — that's 87% of its total Ethereum holdings, up from 85% the prior week. At a 2.
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Cash and marketable securities dropped to $104 million this week, down from $173 million the week before.
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It's worth being clear about what's happening here. BitMine isn't a passive holder. It's deploying capital at a pace that would make most CFOs sweat, betting that staking yields…
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Alongside the Ethereum buying, BitMine repurchased 3 million shares this week. The week before, it bought 4.5 million. Since July 1, total repurchases have reached 19.
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More context: Bitmine Cuts Ethereum Buys to 7,391 ETH as Share Buybacks Hit $58 Million
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That's a bold move when your cash reserves just fell 78% in a month. But that's kind of the point. BitMine isn't managing for short-term liquidity.
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Beyond Ethereum, BitMine holds 209 bitcoins. It also carries stakes in Beast Industries and Eightco Holdings, valued at $180 million and $69 million, respectively.
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The staking shift from 85% to 87% staked in a single week probably isn't accidental. More staked ETH means more projected yield, which helps the revenue story even as cash shrinks.
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One thing BitMine did flag: it's watching U.S. monetary policy closely. The probability of a rate hike in September is apparently part of its calculus, though the company didn't…
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What's clear is that BitMine has built one of the largest concentrated Ethereum positions of any public company, staked the vast majority of it, and is simultaneously buying back…
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