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BitMine boosts Ethereum treasury to 5.77 million ETH

The company said nearly five million ETH are staked, and it cited Robinhood Chain L2 activity as a reason for its focus on Ethereum.

Reported · Written up by our desk · Ethereum

BitMine increased its Ethereum treasury to 5.77 million ETH, representing about 4.8% of Ethereum’s circulating supply, according to a Monday press release. The company also said the move brings it to one of the largest corporate Ethereum treasuries.

BitMine noted that nearly five million ETH are staked, which it said allows it to earn staking rewards while keeping a large ETH position.

The company’s broader holdings include 206 bitcoin, stakes in Beast Industries and Eightco Holdings, and roughly $482 million in cash and marketable securities.

Chairman Tom Lee pointed to growth on Ethereum’s layer 2 networks, highlighting Robinhood Chain’s July 1 launch on Arbitrum. He said dollar volumes on the network have exceeded $1 billion and that Robinhood Chain has more trading volume than any other decentralized exchange, based on the release.

Latest closeBitcoin $62,159.36 ▼2.5%|Ethereum $1,771.37 ▼1.9%

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