Bitmine buys 28,086 ETH and nears treasury target
Bitmine ether holdings hit 5.93M ETH, nearing 5% of Ethereum supply with a $69.5M buy. See how its $15.7B asset base and staking yield could reshape the ETH bet.
Bitmine Immersion Technologies said it bought 28,086 ether last week, moving the company to 97% of its stated goal of holding 5% of Ethereum’s total supply. The purchase was valued at about $69.5 million and brought Bitmine’s total ether holdings to 5.93 million ETH.
According to the company, its total assets now stand at $15.7 billion, including marketable securities, cash, other crypto holdings, and staked ETH. Bitmine said its 5.1 million staked ETH could generate about $330 million in annualized staking revenue.
Despite the latest accumulation, Bitmine is still facing about $5.1 billion in unrealized losses on its ETH position, based on reported data. Ether has fallen this year, and Bitmine’s BMNR stock also traded lower on the day of the announcement.