Bitmine Surpasses 6 Million ETH Treasury Milestone

Bitmine has surpassed its goal of holding over 6 million ETH in its Ethereum treasury after acquiring another 17,362 ether. This brings the total value of its crypto holdings to $17.2 billion and makes it the largest Ethereum treasury holder.

The latest purchase is worth around $46.7 million at current prices and comes just under 15 months after Bitmine launched its strategy. The company's total ETH exposure now equals nearly 5% of Ethereum's circulating supply, with Tom Lee stating that this milestone is a major achievement.

Bitmine's staked Ethereum stands at 5,067,309 ETH, generating an annualized yield of 2.62%. This has resulted in projected annualized staking rewards of $358 million, and once its ETH is fully staked by MAVAN and its partners, this figure will increase to $424 million.

As a result of Bitmine's continued outperformance in the Ethereum market, it remains at the top of its peers with a quarter-to-date outperformance of 6,728 basis points. Its total exposure is also on track to reach 5% of Ethereum's supply, a goal that was previously set.