Key facts
- Bitmine's Ethereum holdings have reached 5.79 million ETH, valued at approximately $11.3 billion.
- These holdings represent about 4.8% of Ethereum's circulating supply, nearing the company's 5% goal.
- Bitmine accelerated share repurchases, buying back 6.1 million shares.
- Chairman Tom Lee views the rising ETH/BTC ratio as a bullish indicator for crypto prices.
- The company projects significant annualized staking rewards from its staked ETH.
Crypto treasury firm Bitmine has increased its Ethereum holdings to 5.79 million ETH, valued at approximately $11.3 billion, representing about 4.8% of the circulating supply. This move brings the company closer to its objective of acquiring 5% of Ethereum's total supply. Alongside its cryptocurrency accumulation, Bitmine has accelerated share repurchases, buying back 6.1 million shares.
Bitmine Chairman Tom Lee highlighted the rising ETH/BTC ratio, which has reached a three-month high, as a positive indicator for strengthening crypto prices. He noted that Ether has outperformed Bitcoin over the past week, with ETH gaining about 2.4% while Bitcoin has fallen roughly 0.7%. The company also reported a total crypto treasury value of $11.8 billion.
Bitmine's expansion includes staking operations, with projections of annualized staking rewards around $299 million once all ETH is staked.