BitMine Nears 5% Ethereum Target, Continues Staking Plans
BitMine Immersion Technologies, the world's largest corporate Ethereum holder, has purchased another 28,086 ETH over the past week. This purchase brings its total holdings to 5.93 million tokens, representing roughly 4.9% of Ethereum's circulating supply and 97% of its stated goal of securing 5% of total supply.
The company has been buying Ethereum every week since formalizing its treasury strategy on June 30 of last year. Chairman Tom Lee noted that the position currently carries $5.1 billion in unrealized losses, but he expects Ethereum's long-term appreciation to outweigh these losses.
BitMine is not merely holding Ethereum; it is actively deploying the asset to generate yield through staking. The company has staked approximately 5.1 million ETH, representing about 85% of its total holdings, and estimates that this will generate around $330 million in annual revenue.