Bitmine Surpasses $15B in Crypto Holdings, Inches Closer to ETH Supply Goal
Bitmine Immersion Technologies (BMNR) has made significant announcements regarding its crypto holdings. The company revealed that it owns 5.93 million Ethereum tokens, which represents a 4.9% share of the total ETH supply.
This milestone marks Bitmine's progress towards achieving its goal of owning 5% of the ETH coin supply. According to Thomas 'Tom' Lee, Chairman of Bitmine, the company is now 97% of the way to this target in just 15 months.
The company's crypto holdings have reached a total value of $12.6 billion, with $593 million in cash and marketable securities. Additionally, Bitmine has staked 5.067 million ETH on MAVAN (Made in America VAlidator Network), generating an annualized staking revenue of $330 million.
Bitmine's common stock has seen a gain of 99% quarter-to-date, making it the fourth-best performing stock in the Russell 1000 index. Tom DeMark, founder of DeMark Analytics and capital markets advisor to Bitmine, expects ETH to make a sharp upward move in coming weeks.