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Bitmine boosts Ethereum treasury to about 4.9% of supply

Bitmine said it now holds 5.93 million ETH, with 5.07 million ETH staked via its MAVAN platform and staking partners, representing 85% of its balance.

Reported · Written up by our desk · Market Structure

Bitmine said it has increased its Ethereum holdings by buying 28,086 ETH over the past week, taking its Ethereum treasury to 5,929,198 ETH as of Sept. 7. The company estimates its holdings represent 4.9% of Ethereum’s 122 million token supply.

At the reported ether price of $2,495 per ETH, Bitmine’s Ethereum holdings are valued at about $14.8 billion. Of that total, Bitmine said 5,067,309 ETH, valued at $12.6 billion, are staked via its MAVAN platform and staking partners.

Bitmine projected annualized staking revenues of $330 million based on a 7-day annualized yield of 2.61%. Beyond ETH, the company reported 211 bitcoin, a $180 million stake in Beast Industries, and a $91 million stake in Eightco Holdings, bringing total cash and marketable securities to $593 million as of Sept. 7.

Bitmine also said its combined crypto, cash, and other assets totaled $15.7 billion. In a statement, chairman Tom Lee reiterated the company’s conviction in ether, saying ETH outperformed the S&P 500 by 5,430 basis points in the third quarter through Sept. 4.

Latest closeBitcoin $78,261.43 ▼1.1%|Ethereum $2,476.95 ▼0.6%|S&P 500 7,666.60 ▲0.5%

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