Bitmine Raises Ether Holdings to 6M ETH, Closing In on 5% Supply Target

Bitmine Immersion Technologies (NYSE: $BMNR) increased its Ethereum (CRYPTO: $ETH) holdings to 6.03 million ETH after purchasing 12,532 tokens over the past week, bringing the company closer to its target of owning 5% of ETH's total supply.

The company said Monday that its ETH holdings were worth approximately $15.3 billion at a price of $2,544 per token as of October 11. Its position represents 4.9% of Ethereum's circulating supply of 122.1 million ETH, according to a statement.

Bitmine has staked 5.07 million ETH, worth about $12.9 billion, through its Made in America Validator Network (MAVAN) platform and other staking partners. That represents roughly 84% of its Ethereum holdings.

The company estimates its current staked ETH could generate $336 million in annualized staking revenue, based on a seven-day yield of 2.61%. That figure could rise to $400 million once its entire ETH treasury is staked, Bitmine said.

Beyond Ethereum, Bitmine holds 214 Bitcoin (CRYPTO: $BTC), a $180 million stake in Beast Industries and an $85 million investment in Eightco Holdings (NASDAQ: $ORBS. The company also reported $612 million in cash and marketable securities, bringing its total crypto, cash, and other investments to $16.2 billion.