BitMine Surpasses 5.9 Million Ether Holdings, Reaches 98% of Target

BitMine, the world's largest corporate holder of Ether, continued its aggressive buying spree, acquiring an additional 27,562 ETH over the past week. This brings its total holdings to a staggering 5,983,940 ETH, representing approximately 4.9% of Ether's circulating supply.

The company's Ethereum treasury now boasts a value of around $16.1 billion at the current price of $2,688 per token. BitMine has been steadily increasing its Ether holdings since launching its Ethereum treasury strategy on June 30 last year and has reached 98% of its goal of acquiring 5% of total ETH supply.

The company's staking position is also significant, with 5,067,309 ETH currently staked, worth around $13.6 billion at the current price. This represents approximately 85% of BitMine's total holdings and is projected to generate around $357 million in annual rewards based on a seven-day annualized yield of 2.62%. If BitMine were to stake its entire Ether position, it could earn around $421 million in annual rewards.