BitMine Surpasses Six Million ETH Holdings, Nears Five Percent of Ether Supply

BitMine Immersion Technologies, an Ethereum treasury company listed on the NYSE, has exceeded six million ETH in its holdings. As of September 28, the company's ether reserves totaled 6,001,302 tokens, representing approximately 4.9% of the network's 122.1 million-token supply. This milestone marks significant progress towards BitMine's goal of holding 5% of all circulating ether.

Chairman Tom Lee celebrated this achievement, stating that accumulating such a total in under 15 months is 'a tremendous achievement.' The position was valued at $2,698 per token using Coinbase prices, up from about 5.98 million ETH a week earlier.

The company's staking strategy has been successful, with over 84% of its holdings, or approximately $13.7 billion, staked in the form of 5,067,309 ETH. Lee projects annualized staking revenue to be around $358 million, which is expected to climb to $424 million once the full treasury is staked by MAVAN and its partners.