Bitmine Surpasses $15B ETH Holdings Amid $334M Staking Revenue Projections

Bitmine has purchased 27,180 ETH worth approximately $68 million at $2,513 per token, bringing its total holdings to 5.96M ETH or roughly 4.9% of Ethereum's circulating supply. This purchase was part of Bitmine's treasury strategy started on June 30, and the company has been adding ETH every week since then.

As of September 7, Bitmine had locked in 85% of its total ETH holdings into staking operations, generating a seven-day annualized yield of 2.62%. According to projections, this could result in $334 million in annual revenue at current rates. If all of Bitmine's ETH were staked through MAVAN and its partners, the company's total annual staking revenue could climb to $392 million.

Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, believes Ethereum is positioned for a sharp upward move in the coming weeks. He points to August price behavior, during which ETH moved sideways without breaking lower, as well as the expiration of a 12-day technical metric signaling a renewal of the prior uptrend.