Bitmine Pumps Up Ethereum Stake, Closes In on 5% Supply Target

Current Holdings and Valuation

Bitmine Immersion Technologies (NYSE: $BMNR ) increased its Ethereum (CRYPTO: $ETH ) holdings to 6.03 million ETH after purchasing 12,532 tokens over the past week, bringing the company closer to its target of owning 5% of ETH’s total supply. The company said Monday that its ETH holdings were worth approximately $15.3 billion at a price of $2,544 per token as of October 11.

Staking and Revenue Potential

The company has staked 5.07 million ETH, worth about $12.9 billion, through its Made in America Validator Network (MAVAN) platform and other staking partners. That represents roughly 84% of its Ethereum holdings. The company estimates its current staked ETH could generate $336 million in annualized staking revenue, based on a seven-day yield of 2.61%. That figure could rise to $400 million once its entire ETH treasury is staked, Bitmine said.

Diversified Portfolio and Future Outlook

Beyond Ethereum, Bitmine holds 214 Bitcoin (CRYPTO: $BTC ), a $180 million stake in Beast Industries and an $85 million investment in Eightco Holdings (NASDAQ: $ORBS. The company also reported $612 million in cash and marketable securities, bringing its total crypto, cash, and other investments to $16.2 billion.

CEO's Commentary

"We believe Bitmine is positioned to outperform the crypto bull market that we expect to be coming, as the company has strengthened its competitive position over the past year in the midst of a crypto winter (bear market)," said Bitmine Chairman Tom Lee. Lee also argued that digital asset treasury companies could support prices by removing cryptocurrency from the available market supply through long-term holdings.