- Bitmine Immersion Technologies acquired another 28,086 ETH over the past week, increasing its Ethereum treasury to 5,929,198 ETH worth approximately $14.8 billion.
- The company now controls roughly 4.9% of Ethereum’s 122 million token supply, with 5,067,309 ETH currently staked.
- Bitmine expects its staked Ethereum to generate approximately $330 million in annualized revenue based on a 2.61% seven-day annualized yield.
Bitmine Immersion Technologies has expanded its Ethereum treasury again, adding 28,086 ETH over the past week.
The latest purchase increased the company’s total holdings to 5,929,198 ETH, worth approximately $14.8 billion based on an ETH price of $2,495.
Bitmine now holds around 4.9% of Ethereum’s total 122 million token supply, making its position one of the largest institutional Ethereum holdings in the market.
The company reported total crypto, cash and other assets of $15.7 billion as of Sept. 7.
Bitmine Stakes 85% of Its Ethereum
Most of Bitmine’s Ethereum treasury is being deployed through staking rather than remaining idle.
The company currently has 5,067,309 ETH staked through its MAVAN platform and other staking partners.
Those tokens are valued at approximately $12.6 billion and represent around 85% of Bitmine’s total Ethereum holdings.
Based on a seven-day annualized staking yield of 2.61%, Bitmine projects approximately $330 million in annualized staking revenue.
Bitmine Holds Other Crypto and Investments
Ethereum remains the dominant asset on Bitmine’s balance sheet, but the company also holds several other positions.
Bitmine reported ownership of 211 BTC, along with a $180 million stake in Beast Industries and a $91 million stake in Eightco Holdings.
The company also holds $593 million in cash and marketable securities.
Combined, its cryptocurrency, cash and other investments were valued at approximately $15.7 billion as of Sept. 7.
Tom Lee Expects More Institutional Crypto Demand
Bitmine Chairman Tom Lee reiterated his bullish outlook for Ethereum and the broader crypto market.
Lee said ETH outperformed the S&P 500 by 5,430 basis points during the third quarter through Sept. 4.
He also identified ETH, BTC and SOL as the three strongest-performing assets since June 30.
Lee believes that outperformance could encourage institutions to increase their crypto allocations as digital assets continue outperforming other major macro assets during the quarter.
Ether was trading around $2,471.92 on Tuesday, down 1.39%, while Bitmine shares most recently closed at $24.97.
