Bitmine Nears 5% Ethereum Ownership Milestone with Massive 5.54M ETH Treasury
- Bitmine’s Ethereum holdings have reached 5.54 million ETH, putting the company at 4.59% of the network’s total supply and close to its 5% ownership target.
- More than 4.7 million ETH is currently staked, with Bitmine projecting annual staking revenue of up to US$270 million (AU$383.4 million).
- The company’s combined crypto, cash and investment holdings are valued at roughly US$9.6 billion (AU$13.63 billion), reinforcing its position as a leading Ethereum treasury firm.
Bitmine Immersion Technologies has increased its Ethereum treasury to 5.54 million ETH, bringing the company within reach of its objective of acquiring 5% of Ethereum’s total supply. The holding represents approximately 4.59% of the network’s 120.7 million ETH supply, according to the company.
The latest increase came after Bitmine purchased 126,971 ETH over the past week. The company said it has now achieved 92% of its “Alchemy of 5%” target, a strategy centred on accumulating a significant share of Ethereum’s circulating supply.
Bitmine’s treasury strategy is also focused on staking. The company reported that 4,718,677 ETH is currently staked, accounting for about 85% of its total ETH holdings. At an ETH price of US$1,630 (AU$2,314.60), those staked assets are worth approximately US$7.7 billion (AU$10.93 billion).
Related: Ethereum Pushes Clear Signing to Combat Costly Crypto Scam
Revenue Potential Rises
Based on current staking activity, Bitmine projects annualised staking revenue of around US$230 million (AU$326.6 million). The company added that annual rewards could reach US$270 million (AU$383.4 million) if all ETH holdings are eventually staked through MAVAN and other staking providers.
As of 7 June, Bitmine held 5,543,872 ETH and 204 Bitcoin, alongside US$247 million (AU$350.74 million) in cash. The company also reported equity investments including a US$180 million (AU$255.6 million) stake in Beast Industries and a US$88 million (AU$124.96 million) stake in Eightco Holdings, contributing to total crypto, cash and investment holdings of approximately US$9.6 billion (AU$13.63 billion).
Bitmine currently ranks as the largest corporate holder of Ethereum and remains the largest publicly traded Ethereum treasury company by a substantial margin.
Related: Ripple’s Garlinghouse Calls Out Jamie Dimon Over Crypto Clarity Act Criticism
The post Bitmine Nears 5% Ethereum Ownership Milestone with Massive 5.54M ETH Treasury appeared first on Crypto News Australia.
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