BitMine Doubles Down on Ethereum Holdings with Record-Breaking Purchase
BitMine, the world's largest corporate holder of Ether, has made its biggest purchase yet. Over the past week, it acquired an additional 28,086 ETH, increasing its total holdings to a staggering 5,929,198 ETH. This represents 4.9% of Ether's circulating supply.
The value of BitMine's ETH holdings is approximately $14.8 billion at current prices. The company has staked 85% of its total holdings, which amounts to around $12.6 billion. With an annualized staking yield of 2.61%, it projects to generate about $330 million in annual income.
BitMine's chairman, Tom Lee, highlighted the significant performance of crypto assets since June 30. He noted that Ether (ETH), Bitcoin (BTC), and SOL have been among the top three performing assets during this period. Lee also emphasized the growing institutional participation in crypto buying, citing factors such as tokenization efforts by Wall Street and the adoption of blockchain in artificial intelligence.
According to Fundstrat data, BitMine shares were among the most actively traded stocks in the US market, with a five-day average daily trading value of $1.1 billion. Lee expressed his confidence that institutional participation will increase due to the tailwinds from tokenization and agentic artificial intelligence.