BitMine Doubles Down on Ethereum, Aims for $334 Million in Annual Income

BitMine Immersion Technologies (BitMine) has significantly boosted its Ethereum holdings, surpassing 5.95 million tokens. This move is part of the company's strategy to generate recurring income from its crypto assets.

The company bought an additional 27,180 ETH last week, bringing its total holdings to 5,956,378. This represents about 4.9% of Ethereum's total supply of around 122 million tokens. At current yields, BitMine expects to generate $334 million in income per year by staking approximately 85% of its Ethereum holdings.

The company values its Ethereum holdings at around $15 billion, based on the current price of ETH ($2,513). Total assets, including cash, Bitcoin, and other investment assets, stand at about $15.8 billion. BitMine is strengthening its strategy by launching an in-house institutional staking platform called MAVAN this year.

The company's goal is to secure 5% of Ethereum's supply through its so-called 'Alchemy of 5%' strategy. With a share now at 4.9%, it is close to reaching the target. In contrast, Strategy, the largest corporate holder of Bitcoin, has stopped additional BTC purchases for two consecutive weeks and is focusing on redeeming STRC preferred shares.