BitMine\u2019s crypto, cash, and equity holdings fell to $14.3 billion, the lowest weekly total since mid-August, the company said Monday.<\/p>\n
Cash and marketable securities fell to $475 million, the seventh weekly drop<\/a> in a row from $714 million on September 20. Besides Ether (ETH) and cash, the company held 216 Bitcoin (BTC), a $180 million stake in Beast Industries and a $75 million position in Eightco Holdings (ORBS).<\/p>\n A week earlier, BitMine\u2019s holdings totaled $14.5 billion, most of which was ETH, which the company marked at $2,234 per token using Coinbase prices, down from $2,261.<\/p>\n The company bought 9,587 ETH in the week to November 8, bringing its treasury to 6,070,092 tokens, a larger<\/a> purchase than the 8,573 ETH BitMine added a week earlier.\u00a0It now owns 4.97% of the 122.2 million ETH in supply, against its goal of 5%.<\/p>\n Moving on, BitMine reported 5,227,037 ETH staked, or 86% of its treasury, a count that has not moved since BitMine\u2019s staked ETH rose<\/a> in the week to October 25. Before that rise, it sat at 5,067,309 in every weekly update from August 9 to October 18.<\/p>\n Chairman Tom Lee put annualized staking revenue at $309 million on the ETH staked today. He\u2019s using a projection based on BitMine\u2019s trailing seven-day staking yield of 2.65%. A week earlier, he cited a 3.03% yield and $358 million.<\/p>\n Fully staked, Lee said, the treasury would earn $359 million a year at the new yield. Last week\u2019s release put that figure at $415 million.<\/p>\n Lee led his comments in the release with Ethereum co-founder Vitalik Buterin, referencing Buterin\u2019s statements at Devcon 8, held in Mumbai from November 3 to 6, that ETH is a store of value and is money.<\/p>\n \u201cThis declaration by the founder of Ethereum, in my view, is a seismic shift, clarifying how ETH will capture value in this coming supercycle of tokenization and AI,\u201d Lee stated.<\/p>\n Buterin wrote<\/a> that ETH\u2019s case as a fee-burning token was never as strong as it seemed, and argued that optimizing ETH as a fee-burning token would be very hard to square with decentralization and capture resistance.<\/p>\n The post BitMine Just Bought Another 9,500 ETH as Tom Lee Backs Buterin\u2019s Ethereum Vision<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" BitMine\u2019s crypto, cash, and equity holdings fell to $14.3 billion, the lowest weekly total since mid-August, the company said Monday. Cash and marketable securities fell to $475 million, the seventh weekly drop in a row from $714 million on September 20. Besides Ether (ETH) and cash, the company held 216 Bitcoin (BTC), a $180 million […]<\/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-249334","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/249334"}],"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=249334"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/249334\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=249334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=249334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=249334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Staking Yield Falls to 2.65%<\/h2>\n
BitMine\u2019s Lee Cites Buterin\u2019s Store-of-Value Call<\/h2>\n