Bitmine Stakes $278M in Ethereum After Fresh Purchase
Bitmine has made another significant move in its Ethereum strategy by staking $278 million worth of ETH after purchasing more. This brings their total staked holdings to over 5 million ETH, accounting for a substantial 4.8% of the circulating supply.
The company's chairman, Tom Lee, has been vocal about his confidence in Ethereum, citing its recent outperformance against the Nasdaq 100 by a whopping 2,500 basis points.
This latest staking operation is managed through Bitmine's MAVAN platform, which aims to generate $247 million in annual staking revenue. The company's goal is to own 5% of all ETH in circulation, and with this move, they are now just 0.2% away from achieving that target.
Bitmine's total holdings of Ethereum tokens currently stand at 5,797,813 ETH, valued at $10.9 billion based on an ETH price of $1,880. The company has also invested in other assets, including a $180 million stake in Beast Industries and a $61 million investment in Eightco Holdings.