BitMine Surges Past Ethereum Holdings Milestone
BitMine Immersion Technologies has continued its aggressive Ethereum buying spree, logging its largest weekly purchase since June. The company added 53,501 ETH to its treasury over the past week, extending an unbroken streak of weekly acquisitions to 65 consecutive weeks. BitMine's total Ethereum holdings now stand at approximately 5.9 million coins, valued at around $14.63 billion based on a per-token price of $2,511.
The significant accumulation has brought BitMine within touching distance of its goal, dubbed the 'Alchemy of 5%,' which Chairman Thomas Lee branded as a major milestone. A single entity approaching 5% ownership of Ethereum's entire supply is a rare occurrence outside of Bitcoin treasury plays, signaling the far-reaching impact of corporate accumulation strategies in altcoin markets.
BitMine isn't just accumulating Ethereum; it's also generating significant staking revenue through its Made in America Validator Network (MAVAN) platform. The company has staked 86% of its total ETH position, producing an estimated $335 million in annualized yield based on a seven-day yield of 2.63%. If BitMine's entire Ethereum position eventually moves onto the MAVAN platform, projected annualized staking rewards could climb to around $390 million.