TheBlock
Bitmine Immersion Technologies said Monday it added 12,532 ETH, lifting its Ethereum treasury to 6,028,946 tokens worth approximately $15.3 billion at $2,544 per ETH. The holdings represent 4.9% of Ethereum's 122.1 million token supply. Bitmine has staked 5,067,309 ETH, or 84% of its balance, through its MAVAN platform and staking partners.
Why it matters
Bitmine projected annualized staking revenue of $336 million based on a seven-day annualized yield of 2.61%. That figure could reach $400 million when the company's full ETH holdings are staked, adding an income stream to its corporate treasury strategy.
Chairman Tom Lee said digital asset treasuries are effectively removing supply from the market and described the setup as favorable ahead of the next crypto cycle. His broader thesis includes tokenization, wealth transfers and crypto's links to artificial intelligence. "We see the potential for this to be the largest ever crypto bull market," Lee said.
Market impact
The scale of Bitmine's position makes corporate treasury demand a material part of the Ethereum market narrative. Lee said ETH outperformed the S&P 500 by 6,832 basis points in the third quarter despite tighter macroeconomic conditions, high bond yields and Federal Reserve policy.
Bitmine also reported 214 BTC, a $180 million stake in Beast Industries, an $85 million investment in Eightco Holdings, and $612 million in cash and marketable securities. Its crypto, cash and other holdings totaled $16.2 billion as of Oct. 11. ETH traded at $2,529.15 on Monday, up 1.03% over 24 hours, while Bitmine shares last closed at $24.03.
Frequently asked questions
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How much Ethereum does Bitmine now hold?
Bitmine holds 6,028,946 ETH, worth approximately $15.3 billion at $2,544 per ETH. The position represents 4.9% of Ethereum's 122.1 million token supply.
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How much of Bitmine's ETH treasury is staked?
Bitmine has staked 5,067,309 ETH through its MAVAN platform and staking partners. That amount represents 84% of the company's ETH balance.
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How much staking revenue does Bitmine project?
Bitmine projects annualized staking revenue of $336 million based on a seven-day annualized yield of 2.61%. The figure could reach $400 million once its full ETH holdings are staked.
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What is Tom Lee's thesis for corporate crypto treasuries?
Tom Lee says digital asset treasuries can permanently remove supply from the crypto market. He links the strategy to a potentially larger cycle driven by tokenization, wealth transfers and artificial intelligence.
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What other assets does Bitmine hold?
Bitmine reported 214 BTC, a $180 million stake in Beast Industries, an $85 million investment in Eightco Holdings, and $612 million in cash and marketable securities.
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