Bitmine Nears 5% Ethereum Supply Target with Record Holdings
Bitmine is within reach of its goal to accumulate 5% of Ethereum's supply, with nearly $16.3 billion in holdings. According to a recent update from KuCoin, Bitmine holds approximately 5.98 million ETH, which represents more than 4.9% of the circulating supply of around 122.1 million tokens.
The company has expanded its Ethereum treasury through acquisitions, adding an additional 27,562 ETH worth about $75 million since September 14. This purchase brings Bitmine closer to its target and solidifies its position as one of the largest corporate Ethereum holders.
Bitmine's staking operations have also been successful, with a seven-day annualized yield of 2.62%. The company estimates that it will generate around $357 million in annual revenue from staking, with potential rewards reaching up to $421 million if it stakes its entire position through MAVAN and other partners.