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Bitmine boosts ether treasury to 5.9 million tokens

Bitmine said 5,067,309 ETH, or 86% of its balance, is staked via its MAVAN platform, with projected annualized staking revenues of $335 million.

Reported · Written up by our desk · Market Structure

Bitmine Immersion Technologies (BMNR) said it increased its ether treasury by acquiring 53,501 ETH over the past week, bringing its total holdings to 5,901,112 ETH.

At an indicated price of $2,511 per ETH, the company valued the position at about $14.8 billion, and it said it now holds 4.9% of Ethereum’s 120.7 million token supply.

The Block reports that 5,067,309 ETH, worth about $12.7 billion, is staked through Bitmine’s MAVAN platform and staking partners, representing 86% of its ether balance. Bitmine projected annualized staking revenues of $335 million based on a 7-day annualized yield of 2.63%.

Bitmine also reported holding 211 bitcoin, plus an $180 million stake in Beast Industries and an $81 million stake in Eightco Holdings, with total cash and marketable securities of $541 million, for combined crypto, cash, and other assets of $15.6 billion as of Aug. 30. Chairman Tom Lee said ETH has outperformed the S&P 500 by 5,430 basis points in the third quarter through Aug. 28.

Latest closeBitcoin $78,863.32 ▲1.5%|Ethereum $2,478.70 ▲2.5%|S&P 500 7,711.76 ▼0.2%

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