Bitmine expands Ethereum holdings to 5.67 million ETH

Bitmine Immersion Technologies is aggressively continuing its Ethereum strategy. The company announces that it has purchased an additional 52,203 ETH in the past week, bringing its total holdings to 5.67 million ETH. That represents a value of approximately $9.8 billion and accounts for 4.7% of the total Ethereum supply.

Ethereum is available at OKX and Bybit.

Total position grows to $10.7 billion

In addition to its Ethereum holdings, Bitmine indicates that its combined position in crypto, cash and securities now amounts to $10.7 billion. That is a significant milestone for a company that, in a relatively short time, has grown into one of the largest institutional holders of Ethereum.

At the time of writing, the Ethereum price stands at $1.743,76. an increase of 1.3% in the past 24 hours. That theoretically makes Bitmine’s position even larger in dollar value.

Staking earns Bitmine $223 million per year

Bitmine actively uses a large portion of its Ethereum holdings for staking. Of the 5.67 million ETH, currently 4.72 million ETH is staked, with an estimated value of $8.2 billion. The projected annual staking income amounts to $223 million, making the strategy not only speculative but also profitable.

This move fits into a broader trend in which institutional parties are increasingly building positions in digital assets. Earlier, we reported on a Japanese pension fund that will invest 1% of its assets in crypto. Bitmine, however, goes a step further and, with its massive ETH position, is building a unique strategic position within the Ethereum ecosystem, reports PR Newswire.