TheBlock
Bitmine Immersion Technologies (BMNR) added 27,180 ETH to its treasury over the past week, pushing total holdings to 5,956,378 ETH, or roughly 4.9% of Ethereum's 122 million-token supply. Valued at the company's stated $2,513 per ETH, the stack is worth about $15 billion as of Sept. 13. The vast majority, 5,067,309 ETH, is now staked, generating a 7-day annualized yield of 2.62% and projected annualized staking revenue of $334 million.
Why it matters
At 85% of holdings staked, Bitmine has crossed from corporate treasury buyer to something closer to a quasi-validator on Ethereum. The $334 million projected annualized staking revenue shifts the company's revenue model away from passive NAV appreciation alone. Chairman Tom Lee framed ETH/BTC at its highest ratio since January 30 and called it a new uptrend. Adviser Tom DeMark pointed to the expiration of a 12-day timing metric and said late August's sharp one-day rally was a likely preview of the pending advance.
Market impact
ETH traded above $2,500 on Monday, up 1.4% over 24 hours, with a market cap of $306.3 billion. Bitmine shares ended Friday at $25.03, up 3.43% on the day. Beyond the ETH stack, Bitmine reported 212 BTC, a $180 million stake in Beast Industries, $98 million in Eightco Holdings, and $549 million in cash and marketable securities, bringing total holdings to $15.8 billion. Tom Lee noted ETH has outperformed the S&P 500 by 5,866 basis points quarter to date through the prior Friday, one of the widest equity-crypto gaps on the tape.
Frequently asked questions
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How much ETH does Bitmine Immersion Technologies hold?
Bitmine reported 5,956,378 ETH as of September 13, after adding 27,180 ETH over the prior week. At the company's stated price of $2,513 per ETH, the holdings are worth approximately $15 billion.
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What percentage of Bitmine's ETH is currently staked?
About 85% of Bitmine's ETH is staked, totaling 5,067,309 ETH. The 7-day annualized staking yield is 2.62%, generating projected annualized staking revenue of $334 million.
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What is Tom DeMark's near-term call on ETH?
Tom DeMark, founder of DeMark Analytics and Bitmine adviser, expects ETH to make a sharp upward move in coming weeks. He pointed to August's sideways trading without a downside break and a 12-day timing metric whose expiration implies a renewal of the prior uptrend.
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What did Tom Lee say about the ETH/BTC ratio?
Chairman Tom Lee said the ETH/BTC ratio had reached its highest level since January 30 and described it as a new uptrend. He also noted ETH has outperformed the S&P 500 by 5,866 basis points quarter to date through the prior Friday.
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How does Bitmine's ETH position compare to total ETH supply?
Bitmine's 5,956,378 ETH represents roughly 4.9% of Ethereum's 122 million-token circulating supply. Combined with $549M in cash, $180M in Beast Industries, $98M in Eightco, and 212 BTC, total holdings reach $15.8 billion.
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