Bitmine (@BitMNR) added 10,452 $ETH last week, lifting its total holdings to 6.05 million ETH. The company says the stash equals 4.95% of Ethereum’s (@ethereum) circulating supply, putting it
Bitmine (@BitMNR) added 10,452 $ETH last week, lifting its total holdings to 6.05 million ETH. The company says the stash equals 4.95% of Ethereum’s (@ethereum) circulating supply, putting it within reach of its stated 5% goal.
According to the company's announcement, holdings reached 6,051,933 ETH as of October 25.The position was valued at approximately $14.3 billion.That valuation used a price of $2,356 per ETH.
Bitmine's stake is 4.95% of the 122.2 million ETH in circulation.At that supply level, 5% would be roughly 6.11 million ETH, leaving the company around 58,000 ETH short.At its recent purchase pace, 24/7 Wall St. estimates it would take around 5.6 weeks to get there.
The target is also a ceiling. Speaking at TOKEN2049, Chairman Tom Lee (@fundstrat) said the company has set a hard cap of 5% of Ethereum’s total supply and will stop accumulating once it is reached.Lee has said the company had expected the goal to take five years, but is now only about 1.2 years in.
That makes the end of the buying programme a point of interest for the market. Yahoo Finance noted that Bitmine has provided steady demand for Ethereum and supported its price for much of this year.
Bitmine has staked 5.23 million ETH, producing a projected $318 million in annualized staking revenue.That represents about 86% of its total holdings. Because staked coins are locked, they cannot be sold immediately.
The company reported $514 million in cash and marketable securities, alongside 215 bitcoin ($BTC), an $180 million equity stake in Beast Industries and a $76 million investment in Eightco Holdings (ORBS).Total crypto, cash and tradable assets reached $15 billion.
Lee said Ethereum had declined 13% from a recent peak, compared with a 20% fall in U.S. semiconductor stocks over the same period, and argued the smaller drop supports his view that a crypto bull market is underway.Spot Ether ETFs recorded $225 million in net outflows in the week of October 19, according to 24/7 Wall St.
24/7 Wall St.: BitMine buys 10,452 ETH and now owns 4.95% of all EthereumBitcoin.com News: Tom Lee says Bitmine will stop buying ETH at 5% of supplyYahoo Finance: Bitmine buys 10,452 Ethereum, lifting holdings to 4.95% of supply
