Bitmine acquires an additional 51.162 ETH, moving closer to the goal of holding 5% of the supply
Bitmine announced that it purchased an additional 51,162 ETH over the past week, bringing its total holdings to 4.42 million ETH as of February 22, representing 3.66% of the total supply of 120.7 million ETH.
At a price of approximately $1,958 per ETH, the company’s Ethereum treasury is valued at nearly $8.7 billion, making Bitmine the largest ETH holder in the world and the second-largest corporate crypto treasury, after Strategy with about $49 billion in Bitcoin.
Chairman Tom Lee stated that the accumulation occurred during what he calls a “mini crypto winter,” emphasizing that the company views the price correction as an attractive opportunity as Ethereum’s fundamental factors continue to improve. Bitmine aims to hold 5% of the total ETH supply and is currently about 27% away from that goal.
The company reported that 3,040,483 ETH, nearly 69% of its total holdings, are being staked, generating an estimated annual revenue of $171 million based on a 7-day yield of 2.89%. Once all ETH is staked through the Made in America Validator Network (MAVAN) platform, expected to launch this quarter, staking revenue could reach $249 million annually.
In addition to ETH, Bitmine holds 193 BTC, $691 million in cash, and various strategic investments, bringing the total value of crypto assets, cash, and investments to approximately $9.6 billion. Bitmine’s stock traded around $19.27 on Monday morning, down more than 4% from the previous session.
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