Bitmine's Ethereum Holdings Surpass 5 Million Tokens, Total Holdings Reach $11.6 Billion
Bitmine Immersion Technologies has announced that its ETH holdings have reached 5.81 million tokens, accounting for 4.8% of the total ETH supply of 120.7 million.
The company's crypto and cash holdings now total $11.6 billion, with a significant portion being staked on the MAVAN platform, earning an annualized yield of 2.63%. This is reflective of the strengthening fundamentals in the cryptocurrency market, as evidenced by ETH outperforming the Nasdaq 100 by 2,500 basis points in July.
Bitmine's Chairman, Thomas 'Tom' Lee, stated that the company remains committed to its goal of acquiring 5% of the total ETH supply and expects easing financial conditions to be a tailwind for crypto. The company has also repurchased over 19 million shares since July under its $4 billion share repurchase program.