Bitmine's Ethereum Staking Rewards May Soon Surpass Purchase Goals
Nasdaq-listed treasury company Bitmine has been steadily acquiring Ethereum (ETH), even as staking rewards may soon make further purchases unnecessary to reach its 5% ownership target. According to a recent corporate disclosure, Bitmine acquired 53,501 ETH ($2,498.48) in the week through Aug. 30, bringing its total holdings to 5.9 million tokens.
More than 5.06 million of those tokens were already staked at an annualized seven-day yield of 2.67%. The company's continued buying appears to have continued almost immediately, with blockchain analysis platform Lookonchain reporting that wallets linked to Bitmine acquired another 51,000 ETH worth about $126 million from FalconX and BitGo on Sept. 1.
Bitmine had not formally confirmed this transaction in its latest corporate disclosure, but if the on-chain attribution is correct and the transfer represents an incremental purchase, the company would hold roughly 5.95 million ETH, leaving it considerably closer to its publicly stated goal of owning 5% of Ethereum.