Bitmine Reaches New Milestone with Over 6 Million ETH Holdings
Bitmine, a prominent Ethereum treasury firm led by Chairman Tom Lee, has made another significant purchase of Ethereum. The company bought an additional 17,362 ETH last week, bringing its total holdings to over 6 million ETH.
This acquisition marks the latest in Bitmine's streak of weekly purchases that began last year. With this purchase, the firm now holds 4.9% of the total Ethereum supply and is 98% of the way to its goal of holding 5% of the total supply.
Tom Lee described reaching over 6 million ETH in just under 15 months as a 'tremendous achievement'. He noted that the company is already seeing positive network effects from accumulating nearly 5% of the total ETH supply.
In related news, Bitmine has staked most of its ETH holdings, with 5,067,309 ETH worth nearly $14 billion currently being secured through the Made in America VAlidator Network (MAVAN). This setup is expected to generate up to $358 million in annualized revenue.
The BMNR stock, which represents Bitmine's shares, has seen a modest increase of less than 1% following the announcement. However, it has rallied over 13% in the last month alongside the ETH price and broader crypto market.