Bitmine Buys Another 42K ETH as 5% Supply Goal Comes Within Reach

The Tom Lee-chaired Bitmine Immersion Technologies continues with its Ethereum accumulation strategy, even though it has eased off the gas pedal compared to several weeks ago when it made multiple 100,000 ETH purchases.

In its latest announcement, it said it had added 42,197 ETH over the past week and now controls 4.8% of Ethereum’s circulating supply of 120.7 million tokens.

Closing In on 5%

The latest treasury update published minutes ago indicated that the firm held 5,742,237 ETH as of July 5, valued at over $10 billion at prices of around $1,800. However, the token has slipped to $1,740 as of press time, meaning that the company’s unrealized losses are up to $9-$10 billion again.

In addition to its Ethereum fortune, Bitmine also holds 206 BTC, $527 million in cash and marketable securities, and strategic investments in Beast Industries and Eightco Holdings worth a total of $251 million.

Chairman Tom Lee continues to favor ETH over BTC, especially if the CLARITY Act passes in the United States, which many analysts believe will help the altcoin more. Additionally, he remains a firm believer in the upcoming ‘crypto spring’ as the bear market phase has almost been exhausted.

Bitmine remains the second-largest crypto accumulator, trailing only Strategy. However, the gap between the two has been slightly reduced over the past week as the Saylor-led company sold over 3,500 BTC.

Staking Business

The statement further stated that Bitmine continues to allocate a significant portion of its ETH holdings to staking to generate substantial revenue. It has already staked nearly 4.9 million tokens, or about 85% of its total holdings, through its own institutional platform, MAVAN.

Based on a current staking yield of 2.68%, the company projects annualized staking rewards of approximately $235 million. If it deploys all of its ETH fortune, then the numbers could rise to $277 million.

The post Bitmine Buys Another 42K ETH as 5% Supply Goal Comes Within Reach appeared first on CryptoPotato.