BitMine Surpasses 5 Million ETH Holdings Amid Tom Lee's Q4 Optimism
BitMine's Ethereum holdings have surpassed 5 million coins as part of its broader accumulation activity. The company added 27,562 ETH to its treasury in the past week, valued at approximately $74 million. Separately, it made a transfer of 12,500 ETH from Kraken, worth about $34.6 million.
As of September 21st, BitMine's total ETH holdings stood at 5,983,940, representing around 4.9% of Ethereum's total available supply. This achievement brings the company closer to its goal of the 'Alchemy of 5%', a target it has been working towards.
BitMine is not only accumulating ETH but also putting it to work through staking. As of September 20th, it had staked 5,067,309 ETH, worth roughly $13.6 billion at an ETH price of $2,688. This represents about 85% of the company's total ETH holdings.
According to BitMine, its own staking operations generated a 7-day yield of 2.62% on an annualized basis. Based on its current staking position, the company's annualized staking revenues are now projected at approximately $357 million. If all of its ETH were eventually fully staked through its MAVAN platform and staking partners, the annualized staking rewards could reach approximately $421 million.