Bitmine buys back $400M in shares while nearing 5% of ether supply
- —Bought back 2.04 million shares last week at an average of $22.48
- —Holds 6,051,933 ETH at $2,356 per token, or 4.95% of supply
- —5.23 million ETH staked, worth $12.3 billion, about 86% of holdings
- —Also holds 215 BTC, $514 million in cash and securities, stakes in Beast and Eightco
Why it matters: The largest public ether treasury is shrinking its share count while expanding its claim on ETH supply, tightening its grip on the staking market.
Source: Bitcoin.com