Bitmine's Gross Holdings Value Falls $1.1 Billion Despite Ether Buy

Bitmine Immersion Technologies, Inc. added 12,535 Ether (ETH) in the week ended Oct. 18, yet its gross holdings value fell $1.1 billion as the price used to value ETH declined.

The company held 6,041,481 ETH at 3 p.m. ET (19:00 UTC) on Oct. 18. Its crypto assets, cash, securities and other investments totaled $15.1 billion, compared with $16.2 billion at its previous snapshot on Oct. 11.

Bitmine used a price of $2,365 per ETH for the latest snapshot. A week earlier, at 1:30 p.m. ET (17:30 UTC), it had valued ETH at $2,544. The $179 drop in the price used for each token more than offset the increase in its ETH balance.

The 6.04 million ETH position amounts to about 4.9% of an estimated 122.1 million ETH supply. Bitmine’s stated goal is to hold 5%. Its Oct. 18 holdings also included 215 Bitcoin (BTC), $582 million in cash and marketable securities, a $180 million stake in Beast Industries and a $74 million stake in Eightco Holdings.

Of Bitmine’s ETH balance, 5,067,309 tokens were staked, matching the amount a week earlier. Staking lets the company earn rewards from ETH committed to the network. Using a 2.58% seven-day annualized yield, Bitmine projected $309 million in annual staking revenue at its current staked balance and $369 million if it staked all its ETH. Those figures are projections, not revenue already earned.

Bitmine’s common stock trades as BMNR. It also has 9.50% Series A perpetual preferred stock trading as BMNP. The $15.1 billion total measures gross holdings across several asset types; it is not a measure of value attributable solely to common shareholders.