Bitmine Immersion Technologies acquired 42,197 ether (ETH) worth an estimated $74 million last week, lifting its treasury to over 5.7 million ETH, or 4.8% of the token's circulating supply. The Norwalk, Connecticut-based company disclosed total crypto and cash holdings of $11.1 billion as of June 28. Chairman Tom Lee tied the move to shifting regulatory sentiment, citing prediction-market pricing that put the Clarity Act's passage at about 50% odds. Bitmine holds the largest corporate Ethereum treasury and ranks second among all crypto treasuries, behind Strategy's 847,363 bitcoin position.
Bitmine Discloses $11.1 Billion Total Holdings as of June 28
The company's total crypto and cash holdings as of June 28 comprise an ether stake valued at $1,800 per ether, 206 bitcoin, $527 million in cash and marketable securities, and equity positions in Beast Industries and Eightco Holdings, according to a statement Monday. Ether traded near $1,770 at publication, up 10% in the past month compared to bitcoin's barely 2% rise in the same time, The Block's price page shows.
Tom Lee Links Ether Strength to Clarity Act Passage Odds
Chairman Tom Lee made an argument tying ether's recent gains against bitcoin to shifting regulatory sentiment. He cited prediction-market pricing that put the Clarity Act's passage at about 50% odds, the highest in two weeks. "We believe regulatory clarity is an important milestone, enabling crypto, particularly smart contract platforms like Ethereum, to benefit," he said.
Bitmine Stakes 4.87 Million ETH Through MAVAN Network
The company has staked 4,879,157 ETH through MAVAN, its Made in America Validator Network, representing about 85% of its total ether. Bitmine's own validators generated a seven-day annualized yield of 2.68%, Lee said. At full deployment across MAVAN and its staking partners, the company projects annualized staking rewards of $277 million, according to the release. Current annualized staking revenue runs at $235 million.
BMNR Enters Russell 1000 Index, Shares Rise 3%
BMNR entered the Russell 1000 large-cap index on June 26, a move Lee expects will broaden its institutional shareholder base. Shares were up over 3% following the disclosure, according to The Block's stock page. Throughout last week, Strategy sold 3,588 BTC for $216 million.
FAQ
How much ether did Bitmine acquire last week?
Bitmine Immersion Technologies acquired 42,197 ether (ETH) worth an estimated $74 million last week, lifting its treasury to over 5.7 million ETH, or 4.8% of the token's circulating supply.
What is Bitmine's total crypto and cash holdings as of June 28?
The company disclosed total crypto and cash holdings of $11.1 billion as of June 28, comprising an ether stake valued at $1,800 per ether, 206 bitcoin, $527 million in cash and marketable securities, and equity positions in Beast Industries and Eightco Holdings.
What annualized staking yield did Bitmine's validators generate?
Bitmine's own validators generated a seven-day annualized yield of 2.68%. At full deployment across MAVAN and its staking partners, the company projects annualized staking rewards of $277 million, with current annualized staking revenue running at $235 million.
