Bitmine Closes in on 5% ETH Target as Staking Rewards Fuel Expansion
Bitmine has continued to expand its Ethereum treasury, purchasing 53,501 ETH by August 30. This brings its officially disclosed holdings to 5.9 million tokens, a significant step toward its goal of owning 5% of the total ETH supply.
The company had staked over 5.06 million ETH at an annualized yield of 2.67%, generating around 135,000 ETH in rewards per year under flat-supply and fixed-yield assumptions.
If Bitmine retains nearly 99% of these rewards, it could cover its remaining gap to the 5% target, which stands at about 134,000 tokens.
However, recent data suggests that Bitmine may have continued to purchase ETH after August 30. On September 1, blockchain analytics platform Lookonchain reported wallets linked to Bitmine acquiring an additional 51,000 ETH from FalconX and BitGo, worth approximately $126 million.