BitMine Bolsters Ether Holdings with Another Large Purchase
BitMine, the world's largest corporate holder of Ether (ETH), has continued to build its stash. The company purchased an additional 7,391 ETH over the past week, pushing its total holdings above 5.8 million tokens. This represents 4.8% of Ether's circulating supply of 120.7 million tokens.
The value of BitMine's ETH holdings now stands at approximately $11.2 billion, given an Ether price of $1,928. The company has staked 87% of its total ETH holdings, equal to 5,067,309 tokens. At current prices, those staked holdings are worth around $9.8 billion.
Annual staking income is estimated at approximately $257 million, based on a seven-day annualized yield of 2.63%. Chairman Tom Lee noted that the probability of a September interest-rate increase by the Federal Reserve has fallen to 40% from 75% two weeks earlier. He stated that easier financial conditions would be a tailwind for digital assets.
In related news, BitMine repurchased a total of 19.1 million shares since August 1, including 3 million common stock last week. Chairman Tom Lee described the latest share repurchase as the largest ever among Ethereum, Bitcoin, and digital-asset treasury companies. He also reiterated that BitMine's common stock remains undervalued.