- Bitmine Immersion Technologies acquired another 12,532 ETH over the past week, increasing its Ethereum treasury to 6,028,946 ETH.
- The company now holds approximately 4.9% of Ethereum’s 122.1 million token supply, with its ETH holdings valued at around $15.3 billion.
- Bitmine has staked 5,067,309 ETH worth approximately $12.9 billion and projects annualized staking revenue of $336 million.
Bitmine Immersion Technologies has expanded its Ethereum treasury to more than 6.02 million ETH after purchasing another 12,532 tokens over the past week.
The company’s holdings now total 6,028,946 ETH, valued at approximately $15.3 billion based on an Ethereum price of $2,544.
That represents around 4.9% of Ethereum’s circulating supply of 122.1 million tokens, bringing Bitmine closer to its previously announced target of holding 5% of all ETH.
Bitmine also reported total crypto, cash, marketable securities and other holdings of approximately $16.2 billion as of Oct. 11.
Bitmine Stakes More Than 5 Million Ethereum
Bitmine continues to generate revenue by staking a substantial portion of its Ethereum treasury.
The company currently has 5,067,309 ETH staked through its MAVAN platform and other staking partners.
The position is worth approximately $12.9 billion and represents around 84% of Bitmine’s total Ethereum holdings.
Based on a seven-day annualized staking yield of 2.61%, the company estimates annualized staking revenue of approximately $336 million.
Bitmine expects that figure to increase to around $400 million once its entire Ethereum treasury is staked.
Bitmine Total Holdings Reach $16.2 Billion
Beyond Ethereum, Bitmine maintains several other cryptocurrency and investment positions.
The company reported holding 214 BTC, a $180 million stake in Beast Industries and an $85 million investment in Eightco Holdings.
Bitmine also holds approximately $612 million in cash and marketable securities.
Combined, its crypto assets, investments and cash holdings were valued at approximately $16.2 billion as of Oct. 11.
The company’s Ethereum treasury remains its largest asset, accounting for most of its reported holdings.
Tom Lee Predicts Major Crypto Bull Market
Bitmine Chairman Tom Lee remains optimistic about Ethereum and the broader cryptocurrency market.
Lee highlighted Ethereum’s performance during the third quarter, when ETH outperformed the S&P 500 by 6,832 basis points despite tighter financial conditions, elevated bond yields and Federal Reserve policy.
He also identified tokenization, generational wealth transfers, digital asset treasury companies and the growing connection between cryptocurrency and artificial intelligence as potential drivers of the next market cycle.
“We see the potential for this to be the largest ever crypto bull market,” Lee said.
Lee argued that digital asset treasury companies could support crypto prices by accumulating tokens and reducing the supply available in the market.
Ethereum was trading around $2,529.15 on Monday, gaining approximately 1.03% over the previous 24 hours.
