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\n\t\t\t\t\t\t\t\t\tThe company added almost 77,000 ETH to its stash over the week.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The Tom Lee-chaired former bitcoin miner turned Ethereum treasury company continues to increase its ETH holdings by purchasing over $135 million worth of the asset.<\/p>\n
Its total holdings have skyrocketed to 5,620,754 ETH, currently valued at around $10 billion, given the asset\u2019s price today. This means that the company, whose average entry price is around $3,450, still sits on a massive unrealized loss of well over $9 billion.<\/p>\n
The press release shared from the company earlier today indicated<\/a> that its total stash has grown to $10.4 billion, albeit crypto prices were slightly lower at the time. Aside from the massive ETH fortune, Bitmine owns 204 BTC, $502 million in cash and marketable securities, as well as equity stakes in Beast Industries and Eightco Holdings valued at a combined $268 million.<\/p>\n Tom Lee described the $135 million purchase as an \u201celevated pace\u201d of buying the asset despite its most recent market pullback that sent it to $1,500 at the start of the month. The company is now 93% of the way toward owning 5% of Ethereum\u2019s total supply.<\/p>\n Nevertheless, Bitmine continues to be a major ETH supporter, noting that it doesn\u2019t believe the current market downturn rightfully reflects its position in the market.<\/p>\n \u201cThe Series A Preferred Stock offering is good balance sheet diversification for Bitmine. The Company\u2019s current projected annualized staking rewards of approximately $219 million provide recurring cash flow to support the dividends related to the Series A Preferred shares,\u201d stated Lee.<\/p>\n<\/blockquote>\n He added that Bitmine has become a major participant in Ethereum staking<\/a>, as 4.72 million ETH tokens, or more than 83% of its total holdings, have been staked through its validator operations.<\/p>\n Using current staking yields, the company projects annualized staking revenue of approximately $226 million. The firm estimated that if it deploys all of its ETH through staking, its annual rewards could rise to about $270 million.<\/p>\n Bitmine remains the second-largest cryptocurrency holder with its $10 billion worth of ETH and 204 BTC. It trails only Strategy, which, despite a minor sale completed by the end of May, has continued its substantial accumulation with another $100 million BTC purchase announced<\/a> earlier today. It now owns approximately $56 billion worth of bitcoin.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n\n
Bitmine\u2019s Staking Venture<\/h2>\n
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