Bitmine Surpasses 6 Million ETH Holdings, Enters Rarefied Territory
Bitmine Immersion Technologies (BMNR) recently announced that its Ethereum holdings have surpassed 6 million tokens, representing nearly 5% of the total ETH supply. This milestone comes just over a year after the company began accumulating ETH as part of its treasury strategy.
In a press release, Bitmine's Chairman Tom Lee stated, 'Bitmine's total ETH holdings now exceed 6 million... We are already seeing the synergies and positive network effects from our accumulating nearly 5% of ETH total supply.'
The company's Ethereum holdings have been valued at over $13.7 billion, with a 7-day yield of 2.62% (annualized). Bitmine has also staked over 5 million ETH on its own platform, MAVAN, which is expected to generate an annualized revenue of $358 million.
The company's total crypto holdings, including Bitcoin and other assets, amount to $17.2 billion. Bitmine's Chairman Lee also mentioned that the GENIUS Act and the Securities and Exchange Commission's (SEC) Project Crypto are 'transformational' to financial services, comparing them to the 1971 event that ended the Bretton Woods system.