Bitmine Nears 5% ETH Target with Ethereum Treasury at $11.2 Billion

Bitmine Technologies has made significant strides in its goal of controlling 5% of Ethereum's total supply. The company now holds approximately 4.8% after buying an additional 7,391 tokens for its Ethereum treasury. This latest purchase brings the total value of Bitmine's ETH stash to around $11.2 billion at current prices.

Bitmine has staked 5.07 million ETH, accounting for about 87% of its Ethereum holdings, allowing the company to earn rewards on a substantial portion of its cryptocurrency treasury. According to the company, its seven-day staking yield reached 2.63%, which translates into an estimated annualized staking revenue of around $257 million if that rate were maintained.

Despite the growth in its cryptocurrency holdings, Bitmine's shares have remained under pressure, falling nearly 40% this year. The company has repurchased another three million shares since July, taking the total number of shares bought back to 19.1 million.