Summary
- Bitmine said it purchased an additional 65,341 Ethereum (ETH) over the past week, expanding total holdings to 4,660,903.
- Bitmine said it is maintaining its accumulation stance with a goal of securing 5% of ETH, and is staking 3,142,643 of its ETH holdings to generate an annualized yield of 2.83%.
- Chairman Tom Lee said ETH has outperformed the market since the war, and that enactment of the Clarity Act within this year could be a structural positive for ETH.
Forecast Trend Report by Period
Bitmine, the world’s largest Ethereum (ETH) treasury company, has purchased an additional 65,341 Ethereum (ETH) over the past week, expanding its total holdings to 4,660,903.
According to PR Newswire on the 23rd, Bitmine held 4,660,903 ETH as of the 22nd. Valued at an ETH price of $2,072, the position is worth about $9.6 billion. This corresponds to 3.86% of the total circulating supply of ETH (120.70 million). The company is maintaining its accumulation stance with a goal of securing 5% of ETH.
Bitmine’s total crypto, cash and strategic investment assets were tallied at $11.0 billion. This includes 4.66 million ETH, 196 Bitcoin, $1.1 billion in cash, a $200 million stake in Beest Industries, and a $95 million stake in Ateco Holdings (ORBS).
The amount of staked ETH currently stands at 3,142,643, or about 67% of total holdings. At an ETH price of $2,072, the staked position is worth about $6.5 billion. The annualized yield as of the 7th is 2.83%, and annual staking income is estimated at about $184 million. The company said that if all ETH is staked through MAVAN and partner firms, annual rewards could expand to about $272 million.
Tom Lee, chairman of Bitmine, said, “Since the Iran war, cryptocurrencies—especially ETH—have outperformed the broader market,” adding, “ETH rose 18%, delivering 2,450 bp of excess return versus equities.” He added, “Gold, considered a traditional safe haven asset, fell more than 15%,” and said, “This shows that cryptocurrencies are functioning as a store of value even in wartime conditions.”
He also said, “The Clarity Act, a virtual asset market structure bill, is making progress in Congress, and the probability of enactment within this year is forecast at more than 68%,” adding, “This could be a structural positive for ETH.” He added, “ETH is in the final stage of a ‘mini crypto winter,’ and we have maintained our buying pace over the past three weeks.”
Meanwhile, Bitmine plans to launch its in-house staking infrastructure, the “Made in America Validator Network (MAVAN),” during the first quarter of this year. The company is currently working with three staking operators.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
