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Bitmine buys $47M more ETH, pushing holdings to 4.9% of supply

Bitmine said it has staked 84% of its ETH holdings and expects staking rewards projected at about $358 million per year.

Reported · Written up by our desk · Market Structure

Bitmine Immersion Technologies has increased its Ethereum holdings by buying 17,362 ETH over the past week, a purchase valued at just under $47 million at a $2,698 reference price used in its release, according to Decrypt.

The company said it held 6,001,302 ETH as of Friday afternoon, equal to 4.9% of the 122.1 million tokens in circulation, and described its 5% supply target as the “Alchemy of 5%,” stating it is 98% of the way there in 15 months.

Decrypt also reports that Bitmine said it has staked 5,067,309 ETH, or 84% of its holdings, mostly through MAVAN, the institutional staking platform it built and later opened to outside investors.

Bitmine projected that its staked ETH position could generate some $358 million in staking rewards annually, and Decrypt reported that the company’s total holdings reach $17.2 billion when including other assets such as Bitcoin, cash and marketable securities, and two equity stakes filed as “moonshots.”

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