Bitmine's Staggering Ethereum Holdings Reach $10.9 Billion

Bitmine Immersion Technologies, Inc., owned by Tom Lee, has increased its Ethereum [ETH] holdings to 5,797,813 ETH after adding 10,399 ETH over the last week. This is approximately $10.9 billion in value and represents about 4.8% of the total amount of Ethereum in circulation (120.7 million ETH).

Bitmine's holdings also include 209 Bitcoin [BTC], $173 million in cash and marketable securities, and more than $240 million in strategic equity stakes.

The company's institutional staking platform, MAVAN (Made in American VAlidator Network), already has about 4.9 million ETH staked, or 85% of its total ETH holdings.

Bitmine estimates that it can make about $247 million in staking revenue annually, with that amount increasing to $291 million if all of its Ethereum is eventually staked, based on a current staking yield of 2.67%.