Bitmine Immersion Technologies, the ethereum treasury company based in Norwalk, Connecticut, now holds 5.78 million ether tokens — roughly 4.8% of the total 120.7 million ETH supply. The firm's total crypto, cash, and equity stake holdings come to $11.5 billion. This week, Bitmine also bought back 5.5 million of its own BMNR shares.
A 4.8% Stake in Ethereum
That 5.78 million ETH position is a big chunk of the network. With ether's circulating supply at 120.7 million, Bitmine controls nearly one in every twenty coins. The company doesn't disclose its average purchase price, but at current market rates the ether alone accounts for the vast majority of its $11.5 billion balance sheet.
The Buyback
Bitmine repurchased 5.5 million BMNR shares this month. The move signals confidence from management in the company's valuation. Buybacks reduce the float and can boost earnings per share, though Bitmine hasn't said whether the repurchased shares will be retired or held as treasury stock.
Connecticut's Crypto Giant
Bitmine operates out of Norwalk, a city about an hour from New York City. It's one of the few publicly traded companies that functions primarily as an ethereum treasury — meaning its core business is accumulating and holding ETH, not mining or building apps. That makes its balance sheet a direct bet on ether's price.
The buyback is complete, but Bitmine hasn't announced any new issuance or additional purchases. With 5.78 million ETH already on the books, the company remains the largest known corporate holder of ether. Whether it adds to that position or starts to diversify will be the next question for shareholders.
