Will Bitmine outperform expected crypto bull market after acquiring another 12,532 ETH?

Ethereum’s [ETH] largest digital asset treasury (DAT), Bitmine Immersion Technologies, has announced that its total crypto holdings, cash, marketable securities, and other investments are now worth $16.2 billion.

Of this, the firm holds 6.03 million ETH worth approximately $15.34 billion at a reported price of $2,544 per ETH. This represents 4.9% of Ethereum’s total circulating supply, putting the company close to its ambitious target of ‘Alchemy 5%’.

All of this followed Bitmine acquiring 12,532 ETH over the past week.

Bitmine’s Ethereum obsession

Besides accumulating, the company is also aggressively staking Ethereum to earn passive income. As per its latest update, Bitmine has staked approximately 5.07 million ETH, worth $12.9 billion, through its own validator network, MAVAN, and staking partners.

At a reported annualized yield of 2.61%, Bitmine estimates that fully staking its holdings could generate around $400 million annually. However, concerns remain as staking returns can fluctuate, and staked ETH may face liquidity constraints.

Beyond this, Bitmine has also issued preferred stock, BMNP, offering a stated 9.5% annual dividend rate. This is another funding mechanism.

Is Bitmine’s roadmap rocky or smooth?