Key highlights:
- Bitmine scooped 17,362 ETH, pushing its total holdings above 6 million ETH
- The company now holds 4.9% of Ethereum’s total supply and is 98% towards its 5% target
- About 84% of BitMine’s ETH is staked, generating an estimated $358 million in annualized staking revenue
Bitmine estimates that its current staking position generates an annualized yield of about 2.62%, translating to roughly $358 million in annualized staking revenue. The company has said that staking its entire ETH treasury could increase that annualized figure to approximately $424 million, assuming similar staking yields.
Bitmine’s broader holdings, including cryptocurrency, cash, and marketable securities, stood at approximately $17.2 billion after the latest update.
The continued purchases make Bitmine one of the largest corporate holders of Ether and reinforce its strategy of building an Ethereum-focused treasury rather than treating ETH as a short-term trading position.
Meanwhile, Ethereum is trading at $2,683, with the asset recording a mild uptick since Bitmine’s announcement. According to CoinCodex data, daily trading volumes are up by 107% over the last day, pegged at $13.87 billion.
Source:: Bitmine Buys 17,362 ETH as Ethereum Holdings Cross 6 Million