Bitmine's Ethereum Holdings Surge Past $11B

Bitmine Immersion Technologies has made significant strides in its Ethereum (ETH) treasury strategy, acquiring 9,946 ETH in the past week. This purchase brings the company's total holdings to 5,787,414 ETH, valued at $11.8 billion.

The average price of the acquired ETH was $1,948, and it now makes up about 4.8% of the 120.7 million ETH in circulation. Interestingly, 85% of Bitmine's holdings, or 4,917,189 ETH, are already staked through its institutional staking platform, MAVAN.

Bitmine Chairman Thomas 'Tom' Lee views this as a substantial source of recurring income, with an estimated yearly staking revenue of $254 million and an annualized staking reward of roughly $299 million. He also believes that the rising ETH/BTC ratio, currently at a 3-month high of 0.3000, bodes well for future strengthening of ETH prices.