Bitmine Surpasses $11 Billion in Ethereum Holdings Amid Tokenization Surge

Bitmine has significantly expanded its Ethereum holdings, acquiring an additional 9,926 tokens in the past week. This brings its total treasury to 5,815,164 ETH, accounting for approximately 4.8% of the circulating supply. The company's Ethereum stash is now valued at around $11 billion.

The acquisition pushes Bitmine to the top spot as the largest corporate Ethereum holder worldwide and second-largest overall corporate crypto treasury behind Strategy, which holds a massive $58 billion in Bitcoin. More than 5 million tokens are staked through the MAVAN platform, generating projected annualized revenues of approximately $250 million.

In an interview, Tom Lee, chairman of Bitmine, attributed the rise in the ETH/BTC ratio to increasing market perception of tokenization and artificial intelligence applications on Ethereum. The current ETH/BTC ratio stands at 0.02994, breaking above a long-term downtrend that had been in place for several years.

Bitmine also holds 210 BTC, with a $180 million stake in Beast Industries and $73 million in Eightco Holdings. Additionally, the company repurchased 1.7 million common shares during the past week under an authorized $4 billion buyback program.