BitMine Reaches for Ethereum Treasury Target with $12.7 Billion ETH Holdings

BitMine Immersion Technologies has added another 53,501 Ether to its holdings, extending its weekly buying streak to 65 weeks. The company now holds roughly 5.9 million ETH, which accounts for about 4.9% of Ethereum's total supply.

This purchase brings BitMine closer to its 5% treasury target, with less than a tenth of a percentage point separating it from the mark. According to a disclosure, the company valued its combined cryptocurrency, cash, and equity holdings at around $15.6 billion.

BitMine reported an annualized staking yield of 2.63% over seven days, with approximately $390 million in estimated annual rewards if all eligible Ethereum were staked.