TheBlock
Bitmine Immersion Technologies bought 28,086 ETH over the past week, lifting its Ethereum treasury to 5,929,198 ETH, or 4.9% of Ethereum's 122.0 million token supply. At $2,495 per ETH, the holdings were worth about $14.8 billion. Bitmine said 5,067,309 ETH, or 85% of its balance, is staked through its MAVAN platform and staking partners, with projected annualized staking revenue of $330 million based on a 2.61% seven-day annualized yield.
Why it matters
The scale turns Bitmine's treasury into a corporate ETH strategy tied to both price exposure and staking income. The company also reported 211 BTC, a $180 million stake in Beast Industries, a $91 million stake in Eightco Holdings, and $593 million in cash and marketable securities. Combined crypto, cash and other assets totaled $15.7 billion as of Sept. 7.
Chairman Tom Lee said, 'The top 3 performing assets since June 30th are ETH, BTC and SOL,' and argued that crypto's outperformance versus other macro assets in the third quarter could encourage institutions to add to their holdings. He said ETH had outperformed the S&P 500 by 5,430 basis points in the third quarter through Sept. 4.
Market impact
ETH traded at $2,471.92 on Tuesday, down 1.39%, while Bitmine shares closed at $24.97 on Friday, down 5.6%. The quoted sessions show near-term pressure in both ETH and Bitmine shares even as the treasury expands.
For investors, the key variables are ETH's price, the realized staking yield and whether Bitmine continues adding to its position. The 4.9% holding makes corporate accumulation a direct supply story, while the 2.61% yield assumption makes staking economics central to the $330 million revenue projection.
Frequently asked questions
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How much of Bitmine's ETH treasury is staked?
Bitmine said 5,067,309 ETH, or 85% of its balance, is staked through its MAVAN platform and staking partners.
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What annualized staking revenue does Bitmine project?
The company projected $330 million in annualized staking revenue, based on a 2.61% seven-day annualized yield.
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What other assets did Bitmine report besides ETH?
Bitmine reported 211 BTC, a $180 million stake in Beast Industries, a $91 million stake in Eightco Holdings, and $593 million in cash and marketable securities.
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What did Tom Lee say could drive more institutional crypto buying?
Lee pointed to crypto's outperformance versus other macro assets in the third quarter and said it could set the stage for institutions to add to their holdings.
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How did ETH and Bitmine shares trade around the update?
ETH traded at $2,471.92 on Tuesday, down 1.39%. Bitmine shares closed at $24.97 on Friday, down 5.6%.
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