BitMine Immersion Technologies has added more Ethereum to its growing crypto treasury. The company announced on March 8 that it bought 60,976 ETH during the past week, increasing its total holdings to more than 4.5 million ETH.
Based on the reported value of $1,965 per token, the company’s Ethereum holdings are worth billions of dollars. This latest purchase is also higher than BitMine’s usual weekly buying pace, which normally ranges between 45,000 and 50,000 ETH.
Tom Lee, a key figure behind the company’s strategy, said the firm increased its buying slightly during the recent market dip. He also pointed out that Ethereum prices have stayed relatively stable even as global tensions and rising oil prices create uncertainty in financial markets.
BitMine now owns about 3.76% of Ethereum’s circulating supply, which is estimated to be around 120.7 million tokens. The company has set a long-term goal of owning about 5% of the total Ethereum supply, and it says it has already reached more than three-quarters of that target.
Another major part of BitMine’s strategy is Ethereum staking. The company currently has over 3 million ETH staked across its infrastructure and partner networks. This allows it to earn rewards while supporting the Ethereum network.
Around 67% of BitMine’s ETH holdings are staked, which could generate about $174 million in yearly revenue at current yield rates. If the company expands its staking operations further, annual rewards could rise to around $259 million.
BitMine also holds 195 Bitcoin and maintains large cash reserves. Altogether, the company’s crypto, cash, and other investments now total about $10.3 billion.
You need to login in order to Like
Leave a comment