Bitmine Immersion Technologies said its crypto, cash, marketable securities and strategic investments reached $11.3 billion as the company continued expanding its position as the largest corporate Ethereum holder.

The company held 5,797,813 ETH as of August 2 after purchasing another 10,399 ETH during the previous week. The position was valued at approximately $10.9 billion using an Ethereum price of $1,880.

Bitmine said its holdings represent 4.8% of Ethereum’s total supply of approximately 120.7 million ETH, bringing the company closer to its goal of controlling 5% of the network’s supply.

Its remaining holdings include 209 Bitcoin, $173 million in cash and marketable securities, a $180 million investment in Beast Industries and a $61 million stake in Eightco Holdings.

Bitmine also repurchased 4.5 million common shares during the past week. The purchases brought its total repurchases since July 1 to 16.1 million shares under a previously authorized $4 billion program.

Chairman Tom Lee said management considers Bitmine shares attractively valued following Ethereum’s strong performance against technology stocks. Ethereum outperformed the Nasdaq 100 by 25 percentage points in July, according to the company.

Lee said periods of strong Ethereum performance relative to the Nasdaq 100 have previously been followed by Bitmine shares outperforming Ethereum during the following month.

Bitmine described the repurchases as the largest common stock buyback conducted by a crypto digital asset treasury company. That characterization is based on the company’s own assessment.

The company has also staked 4,917,189 ETH, representing about 85% of its Ethereum treasury and approximately $9.2 billion at the price used in the announcement.

Bitmine projects that its existing staked position could generate approximately $247 million in annual revenue based on an annualized seven day yield of 2.67%.

If its entire Ethereum position were staked at the same yield, the company estimates annual staking rewards could reach $291 million. These estimates remain dependent on Ethereum prices, network rewards and the performance of its staking infrastructure.

A portion of the holdings is staked through MAVAN, Bitmine’s institutional Ethereum validator network. The company plans to expand the platform to serve custodians, institutional investors and other ecosystem partners.