BitMine Adds 53,501 ETH as Holdings Near 5% Ethereum Supply Target

BitMine Immersion Technologies bought another 53,501 Ether, extending its weekly buying streak to 65 weeks and bringing its total holdings to about 5.90 million ETH.

The Connecticut-based company said in a disclosure that it now holds roughly 4.9% of Ethereum’s total supply, putting it within 0.1 percentage point of its 5% treasury target.

BitMine Nears 5% Ethereum Target

BitMine valued its combined cryptocurrency, cash and equity holdings at about $15.6 billion. About 5.07 million ETH, worth roughly $12.7 billion, is currently staked, allowing the company to earn staking rewards.

Related: Strategy Resumes Bitcoin Buying With $370 Million Purchase After Pause

BitMine reported an annualized staking yield of 2.63% over seven days. If all of its eligible Ethereum were staked, the company estimates it could generate about $390 million in annual rewards.

Tom Lee B…

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