Crypto
BitMine Surpasses 5.8M ETH Holdings with Aggressive Staking Strategy
BitMine has significantly increased its Ethereum holdings to over 5.8 million ETH, representing approximately 4.8% of all coins in circulation.
The company's most recent weekly purchase added 10,399 ETH to its balance, bringing the total to 5,797,813 ETH.
BitMine has allocated 85% of its ETH holdings, or 4,917,189 ETH, into staking, which generates an estimated $247 million in annualized revenue at current yields.
The firm's decision to stake nearly the entirety of its ETH holdings reflects confidence that Ethereum's staking yields will remain attractive even as more validators join the network.