Bitmine Sees Staking Rewards Bridge Gap to 5% Ethereum Target
Bitmine, a treasury company listed on Nasdaq, is rapidly approaching its goal of owning 5% of the Ethereum supply. The company added 53,501 ETH to its holdings through August 30, bringing its disclosed Ethereum treasury to 5.9 million tokens.
The majority of these tokens are staked at an annualized yield of 2.67%, generating a significant stream of new ETH for Bitmine. According to on-chain data, the company's staking base could produce around 135,000 ETH over the course of a year, nearly matching the remaining gap between its current holdings and the target.
Bitmine would need to retain about 99% of one year's modeled rewards to reach its goal under flat-supply and fixed-yield assumptions. However, if the company is able to confirm an additional 51,000 ETH purchase, as reported by Lookonchain, it would cut the shortfall to around 83,000 tokens.