Bitmine Closes In on 5% Ethereum Target with $11.2B Treasury

Bitmine Technologies continues to accumulate Ethereum, boosting its holdings to 5.81 million ETH after buying another 7,391 tokens. This purchase brings the company closer to its goal of controlling 5% of Ethereum's total supply.

The latest addition values Bitmine's Ethereum stash at roughly $11.2 billion, based on an ETH price of $1,928. The company's strategy of building its Ethereum treasury has made it one of the largest corporate holders of Ether.

Bitmine has staked 5.07 million ETH, which represents about 87% of its Ethereum holdings and allows the company to earn rewards on much of its cryptocurrency treasury. The seven-day staking yield reached 2.63%, translating into an estimated $257 million in annualized staking revenue.