PiCK

Summary

  • BitMine said it bought an additional 9,587 Ether (ETH) over the past week, increasing its total holdings to 6,070,092 ETH.
  • The company said its 6.07 million ETH holdings represent 99% of its goal to accumulate 5% of total ETH supply and account for 4.97% of circulating supply.
  • BitMine said the annualized yield on its 5,227,037 staked ETH is 2.65%, with projected annual staking income of about $309 million.

Forecast Trend Report by Period

BitMine, the world’s largest corporate holder of Ether, bought another 9,587 ETH over the past week, raising its total holdings to 6,070,092 ETH. That amounts to 4.97% of Ether’s total circulating supply of 122.2 million tokens.

According to PR Newswire on Nov. 9, BitMine’s digital assets, cash, marketable securities and strategic investments totaled $14.3 billion. Those holdings include 6.07 million ETH, 216 Bitcoin, $475 million in cash and marketable securities, a $180 million stake in Beast Industries and a $75 million stake in 8co Holdings.

At an Ether price of $2,234, BitMine’s ETH holdings are worth about $13.6 billion. The company said it has reached 99% of its target to accumulate 5% of total ETH supply and has bought Ether every week since launching its Ethereum treasury strategy on June 30 last year.

The company has staked 5,227,037 ETH, worth about $11.7 billion at the same price. That represents 86% of its total holdings. Based on the past seven days, the annualized staking yield is 2.65%, and projected annual staking income is about $309 million. BitMine said annual rewards would rise to about $359 million if all of its ETH were staked.

Tom Lee, BitMine’s chairman, highlighted recent remarks by Ethereum co-founder Vitalik Buterin that emphasized ETH’s role as a store of value.

“Buterin declared at Devcon 8 in Mumbai, India, ‘I’ve finally decided. ETH is a store of value, and ETH is money,’” Lee said. “That marks a significant shift that clearly shows how ETH could capture value in the coming tokenization and artificial intelligence supercycle.”

Lee said ETH is closer to a trusted collateral asset than simply a token that generates cash flow. That reflects the fact that most financial institutions are choosing Ethereum as they move assets onto blockchains.

He added that a path that develops ETH into a store of value is more consistent with Ethereum’s decentralized nature and future development plans. That also aligns with the role ETH is set to play as the tokenization market expands.

BitMine is currently the world’s largest Ethereum treasury company and remains the second-largest digital-asset treasury company globally after Strategy.

Minseung Kang