Bitmine Raises Ether Holdings to 5.77 Million, Reaches 4.8% of Ethereum Supply
Key Takeaways
- Bitmine raised its holdings to 5.77M ETH, reaching 96% of its 5% ethereum supply target.
- MAVAN now stakes 4.92M ETH, with projected annualized staking revenue of $242M.
- Tom Lee says Robinhood Chain could boost ethereum adoption through ETH-based gas fees.
Bitmine Grows ETH Treasury to 5.77 Million, Reaching 96% of 5% Supply Target
Bitmine Immersion has increased its ether holdings to 5.77 million tokens, reinforcing its position as the world’s largest corporate ethereum treasury.
As of July 12, the company held 5,770,038 ETH valued at $1,820 per token, along with 206 BTC, $482 million in cash and marketable securities, a $180 million stake in Beast Industries and a $69 million stake in Eightco Holdings.
Bitmine said its ETH position now represents 4.8% of Ethereum’s 120.7 million token supply. That puts the company 96% of the way toward its stated “Alchemy of 5%” goal, 12 months after beginning the accumulation strategy.
Staked ETH Nears 4.92 Million
Bitmine said it has staked 4,917,189 ETH, worth about $9 billion at current prices. That represents roughly 85% of the company’s total ETH holdings.
Chairman Tom Lee said Bitmine has staked more ETH than any other entity. Lee stated:
At scale (when Bitmine’s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $284 million on an annualized basis (using 2.70% 7-day BMNR yield). Annualized staking revenues are now projected at $242 million.
The staking income has become a central part of Bitmine’s balance-sheet strategy. It gives the company recurring ETH-denominated revenue while it continues to pursue its supply-ownership target.
Russell 1000 Inclusion Broadens Investor Base
Bitmine was added to the Russell 1000 Large-cap Index on June 26 as part of the index’s annual reconstitution. Lee said the inclusion is expected to bring hundreds, and potentially thousands, of additional institutional investors into Bitmine’s shareholder base.
The company also recently completed a 3.5 million-share offering of 9.50% Series A Perpetual Preferred Stock at $80 per share. Net proceeds were about $273.8 million. The preferred shares now trade on the NYSE under the ticker BMNP, with dividends scheduled weekly.
Lee also pointed to the launch of Robinhood Chain as a positive signal for ether usage.
“Robinhood Chain now has more trading volume than any other decentralized exchange, demonstrating the outstanding utility and product market fit for Ethereum, which is the underlying chain,” Lee commented.
For Bitmine, that supports its broader thesis: Ethereum is becoming financial infrastructure, and ETH is increasingly being used as money inside consumer-scale applications.