Bitmine Ethereum Holdings Reach 5.79 Million Tokens Amid Rising Crypto Prices

Bitmine Immersion Technologies (BMNR) has announced its Ethereum holdings have reached 5.79 million tokens, representing 4.8% of the total ETH coin supply of 120.7 million. The company's crypto and cash holdings now total $11.8 billion, including $268 million in cash and marketable securities.

Bitmine's chairman, Thomas 'Tom' Lee, stated that the rising ETH/BTC ratio is a sign that crypto prices are strengthening. This ratio has reached a 3-month high at 0.3000, and Lee believes it bodes well for future price increases. The next key levels to clear are $2,000 and $2,500 for ETH, according to Tom DeMark of DeMark Analytics.

Bitmine's staked Ethereum holdings stand at 4,917,189 tokens, worth approximately $9.6 billion at the current price of $1,948 per ETH. The company's staking operations generated a 7-day yield of 2.65% (annualized), with projected annualized ETH staking rewards of around $299 million when Bitmine's ETH is fully staked by MAVAN and its partners.

Bitmine's crypto holdings reign as the #1 Ethereum treasury and #2 global treasury, behind Strategy Inc. (NASDAQ: MSTR). The company has repurchased 6.1 million common shares of stock in the past week under its $4 billion share repurchase program.