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CoinPhoton
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Bitmine boosts holdings to 4.42 million ETH, controls 3.66% of total supply
Bitmine Immersion Technologies said it purchased an additional 51,162 ETH last week, raising its total holdings to 4.42 million ETH as of Feb. 22 — equivalent to 3.66% of Ethereum’s 120.7 million total supply.
At roughly $1,958 per ETH, the company’s Ethereum treasury is valued at about $8.7 billion, making Bitmine the largest corporate holder of ether globally and the second-largest corporate crypto treasury overall, behind Strategy, which holds around $49 billion in bitcoin.
Chairman Tom Lee said the accumulation took place during what he described as a “mini crypto winter,” adding that the company views the recent pullback as an attractive opportunity given Ethereum’s strengthening fundamentals. Bitmine is aiming to acquire 5% of the total ETH supply and is currently about 27% away from that target.
The firm reported that 3,040,483 ETH — nearly 69% of its total holdings — is currently staked, generating an estimated $171 million in annualized revenue based on a 2.89% seven-day yield. Once its full ETH position is staked through the Made in America Validator Network (MAVAN), expected to launch this quarter, annual staking revenue could rise to $249 million.
Beyond ether, Bitmine holds 193 BTC, $691 million in cash and several strategic investments, bringing the total value of its crypto, cash and investment portfolio to approximately $9.6 billion. Bitmine shares traded around $19.27 on Monday morning, down more than 4% from the previous session.
Bitmine Immersion Technologies said it purchased an additional 51,162 ETH last week, raising its total holdings to 4.42 million ETH as of Feb. 22 — equivalent to 3.66% of Ethereum’s 120.7 million total supply.
At roughly $1,958 per ETH, the company’s Ethereum treasury is valued at about $8.7 billion, making Bitmine the largest corporate holder of ether globally and the second-largest corporate crypto treasury overall, behind Strategy, which holds around $49 billion in bitcoin.
Chairman Tom Lee said the accumulation took place during what he described as a “mini crypto winter,” adding that the company views the recent pullback as an attractive opportunity given Ethereum’s strengthening fundamentals. Bitmine is aiming to acquire 5% of the total ETH supply and is currently about 27% away from that target.
The firm reported that 3,040,483 ETH — nearly 69% of its total holdings — is currently staked, generating an estimated $171 million in annualized revenue based on a 2.89% seven-day yield. Once its full ETH position is staked through the Made in America Validator Network (MAVAN), expected to launch this quarter, annual staking revenue could rise to $249 million.
Beyond ether, Bitmine holds 193 BTC, $691 million in cash and several strategic investments, bringing the total value of its crypto, cash and investment portfolio to approximately $9.6 billion. Bitmine shares traded around $19.27 on Monday morning, down more than 4% from the previous session.
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