BitMine secures 4.37 million Ethereum, or 3.6% of total supply

JOON HYOUNG LEE

Summary

BitMine said it holds about 4,371,500 ETH, or 3.62% of Ethereum’s total supply, making it the world’s largest treasury holder.
Of BitMine’s Ethereum holdings, 3.04 million ETH (69%) is staked, and annual staking income totals about $176 million.
BitMine bought an additional roughly 45,800 ETH last week, and Chairman Tom Lee said the recent price decline was attractive and that Ethereum’s high utility and role in the future of finance are not reflected in its price.

BitMine, the world’s largest Ethereum (ETH) treasury company, now accounts for about 3.6% of Ethereum’s total supply.

BitMine said on the 17th (local time) that it “currently holds 3.62% of Ethereum’s total supply.” BitMine’s target for its Ethereum reserves is 5% of total supply.

Specifically, BitMine’s Ethereum holdings totaled about 4,371,500 tokens as of the previous day (the 16th). Of this, 3.04 million ETH (69%) has been staked. According to BitMine, its current annual staking yield amounts to $176 million.

BitMine also made additional purchases of roughly 45,800 ETH last week. Tom Lee, BitMine’s chairman, said, “We bought more because we viewed the recent price decline as attractive as Ethereum’s fundamentals were strengthening,” adding that “today’s Ethereum price does not properly reflect its high utility and its role in the future of finance.”

ETH