Bitmine Expands Ethereum Treasury to 6 Million ETH

Bitmine Immersion Technologies has expanded its Ethereum holdings to 6,016,414 ETH, marking a significant milestone as the company's treasury now exceeds six million ETH. This follows the acquisition of an additional 15,112 ETH in the preceding week. Bitmine valued this Ethereum treasury at approximately $16.4 billion, based on an ETH price of $2,726 as of October 4.

The company's Ethereum holdings represent nearly 5% of the total Ethereum supply, which stands at 122.1 million tokens. Ethereum constitutes the majority of Bitmine's $17.4 billion portfolio, which includes crypto, cash, and marketable securities. A substantial portion, 84%, of Bitmine's Ethereum holdings is staked through its MAVAN platform and staking partners, valued at $13.8 billion.

Bitmine projects an annualized staking revenue of $363 million, derived from a seven-day annualized yield of 2.63%. The remaining 16% of the Ethereum treasury, totaling 949,105 ETH, is not disclosed as part of the staking balance. Beyond Ethereum, Bitmine holds 214 bitcoin, a $180 million stake in Beast Industries, and $117 million in Eightco Holdings, alongside $643 million in cash and marketable securities.

Tom Lee, Bitmine's Chairman, highlighted Ethereum's strong performance in the third quarter, outpacing the S&P 500 by 6,832 basis points despite macroeconomic challenges. Despite a slight dip in Bitmine's share price, closing at $26.27 on Friday, Ethereum's price hovered around $2,711, reflecting a 10% gain over the previous month and over 50% in the past three months.