BitMine Tops 5.54 Million ETH, Nears Goal of Holding 5% of Ethereum Supply
Summary
- BitMine said it bought about 127,000 ETH over the past week, increasing its holdings to 5,543,872 ETH.
- BitMine said it is pursuing its Alchemy of 5%% strategy, which targets 5%% of Ethereum’s total supply, and that it has achieved about 92%% of that goal.
- BitMine said it has staked about 4.72 million ETH (85%%) and expects roughly $230 million in annual income, while continuing its aggressive accumulation even as the price of Ethereum has fallen more than 43%% from the start of the year.
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BitMine, an Ethereum treasury strategy company, bought about 127,000 ETH over the past week, lifting its holdings to 5.54 million ETH.
Cointelegraph reported on June 8 that BitMine now holds 5,543,872 ETH, equivalent to about 4.59% of Ethereum’s circulating supply.
The company is pursuing its “Alchemy of 5%” strategy, which targets 5% of Ethereum’s total supply. It said it has achieved about 92% of that goal.
About 4.72 million ETH, or 85% of its holdings, is staked through validator infrastructure. At current prices, that stake is worth about $7.7 billion.
Based on its current staked holdings, BitMine expects about $230 million in annual staking income. If all of its Ethereum is eventually staked, annual income could rise to as much as $270 million.
BitMine Chairman Tom Lee said advances in artificial intelligence could increase demand for decentralized blockchains such as Ethereum. He expressed optimism about Ethereum’s long-term growth potential.
Ethereum’s price has remained weak this year. CoinGecko data show the token traded above $3,000 at the start of the year but has since fallen to about $1,680, down more than 43% year to date.
Despite the slump, BitMine has continued to buy aggressively. As of June 7, the company also held 204 BTC and $247 million in cash.
BitMine ranks first among 32 listed companies tracked by CoinGecko for Ethereum holdings. Its stash is more than six times larger than second-ranked SharpLink’s roughly 869,000 ETH.
