BitMine now holds 5.8 million Ethereum worth billions

BitMine Immersion Technologies continues to accumulate Ethereum heavily. The company reports that it purchased more than 10,000 ETH over the past week, bringing its total holdings to nearly 5.8 million tokens. That represents approximately 4.8% of the total circulating supply of Ethereum.

Ethereum is available at OKX and Bybit.

In short:

• BitMine buys an additional 10,399 ETH, bringing its total to 5,797,813 ETH, approximately 4.8% of the total supply.
• The company has staked 85% of its ETH, generating an estimated $247 million per year.
• The total portfolio, including crypto, cash and other investments, amounts to $11.3 billion.

Staking yields hundreds of millions

Of the nearly 5.8 million Ethereum held by BitMine, as many as 4,917,189 ETH are staked. That is approximately 85% of its total holdings. The company estimates that this generates around $247 million in annual staking income. At the time of writing, Ethereum is trading at $1.900, up 0.7% over the past 24 hours.

BitMine’s strategy closely resembles that of Strategy, which similarly accumulates large amounts of Bitcoin and holds them on its balance sheet. The company not only locks up its crypto as a long-term investment, but also actively generates returns through staking.

Shares bought back and portfolio grows

In addition to the ETH purchases, BitMine reports that it also bought back 4.5 million of its own shares last week. This is a common way for companies to return value to shareholders.

The company’s total portfolio, consisting of crypto, cash, marketable securities and other investments, amounts to $11.3 billion. That makes BitMine one of the larger institutional holders of Ethereum worldwide. The growth of the portfolio shows that the company continues to expand actively, even in a period when the crypto market is moving relatively quietly.