Bitmine Adds 53,501 ETH to Ethereum Holdings, Reaches Near-Target Staking Level
Bitmine Immersion Technologies (Bitmine) has announced its latest holdings update for August 31. The company added 53,501 ETH to its existing Ethereum (ETH) stash, bringing its total to over 5.9 million ETH.
This represents approximately 4.9% of the estimated total ETH supply of 12.07 million ETH. Bitmine's strategy is to hold 5% of the total ETH supply, and it claims to have achieved around 98% of this goal through its 'Alchemy of 5%' initiative.
The company also revealed that it has staked approximately 506,7309 ETH as of August 30, valued at around $127 billion based on the Coinbase price of $2,511 per ETH. Bitmine's CEO Tom Lee stated that the company's staking operations achieved a daily return of 2.63% over the past seven days.
Bitmine has become one of the largest Ethereum holders in the world and claims to be the largest publicly traded company by market capitalization to hold such a significant amount of ETH. The company is also a member of the Russell 1000 Index, which tracks the performance of large-cap US stocks.