The Tom Lee-chaired former bitcoin miner turned Ethereum treasury company continues to increase its ETH holdings by purchasing over $135 million worth of the asset.<\/p>\n
Its total holdings have skyrocketed to 5,620,754 ETH, currently valued at around $10 billion, given the asset\u2019s price today. This means that the company, whose average entry price is around $3,450, still sits on a massive unrealized loss of well over $9 billion.<\/p>\n
The press release shared from the company earlier today indicated<\/a> that its total stash has grown to $10.4 billion, albeit crypto prices were slightly lower at the time. Aside from the massive ETH fortune, Bitmine owns 204 BTC, $502 million in cash and marketable securities, as well as equity stakes in Beast Industries and Eightco Holdings valued at a combined $268 million.<\/p>\n Tom Lee described the $135 million purchase as an \u201celevated pace\u201d of buying the asset despite its most recent market pullback that sent it to $1,500 at the start of the month. The company is now 93% of the way toward owning 5% of Ethereum\u2019s total supply.<\/p>\n Nevertheless, Bitmine continues to be a major ETH supporter, noting that it doesn\u2019t believe the current market downturn rightfully reflects its position in the market.<\/p>\n \u201cThe Series A Preferred Stock offering is good balance sheet diversification for Bitmine. The Company\u2019s current projected annualized staking rewards of approximately $219 million provide recurring cash flow to support the dividends related to the Series A Preferred shares,\u201d stated Lee.<\/p>\n He added that Bitmine has become a major participant in Ethereum staking<\/a>, as 4.72 million ETH tokens, or more than 83% of its total holdings, have been staked through its validator operations.<\/p>\n Using current staking yields, the company projects annualized staking revenue of approximately $226 million. The firm estimated that if it deploys all of its ETH through staking, its annual rewards could rise to about $270 million.<\/p>\n Bitmine remains the second-largest cryptocurrency holder with its $10 billion worth of ETH and 204 BTC. It trails only Strategy, which, despite a minor sale completed by the end of May, has continued its substantial accumulation with another $100 million BTC purchase announced<\/a> earlier today. It now owns approximately $56 billion worth of bitcoin.<\/p>\n The post Bitmine Adds $135M in ETH, Closing In on 5% of Ethereum Supply<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The Tom Lee-chaired former bitcoin miner turned Ethereum treasury company continues to increase its ETH holdings by purchasing over $135 million worth of the asset. Its total holdings have skyrocketed to 5,620,754 ETH, currently valued at around $10 billion, given the asset\u2019s price today. This means that the company, whose average entry price is around […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-181076","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/181076"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=181076"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/181076\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=181076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=181076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=181076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitmine\u2019s Staking Venture<\/h2>\n