Bitmine Immersion Technologies has pushed closer to its 5% Ethereum acquisition target after purchasing 7,430 ETH over the past week for approximately $14 million, the company announced, bringing total holdings to 5.78 million tokens, or 4.8% of all Ether in circulation.
The latest purchases leave Bitmine at 96% of its 'Alchemy of 5%' objective reached in 12 months, after the firm slowed its accumulation pace in recent weeks. Total Ethereum holdings now value at $11.5 billion based on ETH prices near $1,872 as of July 20.
Alongside its crypto acquisitions, Bitmine repurchased 5.5 million of its own common shares at an average price of $15.62 as part of a broader $4 billion buyback program. The company has staked 4.92 million ETH, representing roughly 85% of its total Ethereum position, generating an annualized staking yield of $247 million.