Bitmine’s ether treasury hits 4.8 million ETH as stock listing moves to NYSE
The company now holds 3.98% of all ether in circulation, has staked $7.1 billion of it, and says it is generating $196 million in annualized staking revenue.
What to know:
- Bitmine Immersion Technologies now holds 4.8 million ether, or 3.98% of the circulating supply, and is nearing its goal of controlling 5% of all ETH.
- The company moved its listing to the New York Stock Exchange from NYSE American while expanding its Mavan staking network, which currently stakes 3.33 million ETH and generates about $196 million in annualized revenue.
- Bitmine projects up to $282 million in annual staking rewards at full deployment and is positioning ETH as a “wartime store of value” as its stock becomes one of the most heavily traded in the U.S.
Bitmine holds 3.98% of ether’s 120.7 million circulating supply, compared with Strategy’s 3.8% of bitcoin’s 20 million. Both companies have turned treasury accumulation into a stock market narrative, and both are buying aggressively as prices decline.
Bitmine acquired 71,252 ETH in the past week, its highest pace of purchases since late December, according to Chairman Tom Lee, who framed the buying as a bet that ether is in “the final stages of the mini-crypto winter.”
Total crypto and cash holdings are now $11.4 billion, including $864 million in cash, 198 BTC, and smaller positions in Beast Industries and Eightco Holdings.
Bitmine’s model diverges from Strategy when it comes to staking, or depositing tokens to help secure the Ethereum blockchain in exchange for a reward. Of the 4.8 million ETH held, 3.33 million are staked through Mavan, the company’s institutional-grade validator network that started operating Monday.
