\n
<\/p>\n
\n\t\t\t\t\t\t\t\t\tThe company is 94% of the way of owning 5% of Ethereum\u2019s total supply.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The rough market conditions and the global uncertainty have failed to faze the Tom Lee-chaired Ethereum buying machine, as Bitmine has spent approximately $90 million to acquire 52,203 ETH over the past week.<\/p>\n
Lee remains highly bullish on the industry, despite the repeated rejections at key price levels and the fact that Bitmine is still billions of dollars in the red on its ETH position.<\/p>\n
With the latest acquisition, Bitmine\u2019s total ETH holdings have grown to 4.7% of the asset\u2019s entire supply. Thus, the company is 94% of the way toward its 5% goal within less than a year since it began its Ethereum acquisition spree. It remains at the forefront of ETH accumulation.<\/p>\n
The press release from this week informed<\/a> that the firm\u2019s total holdings consist of $10.7 billion across crypto assets, cash, marketable securities, and strategic investments in Eightco and Beast Industries.<\/p>\n \u201cThe best years for crypto remain ahead, in our view. Tokenization and the rapid progress in AI are expected to drive exponential demand growth for blockchain and decentralized crypto,\u201d said Lee, Chairman of Bitmine.<\/p>\n<\/blockquote>\n He doubled down on his previous assertion that the current market environment, albeit quite sluggish and bearish at times, is in the early stages of \u201ccrypto spring.\u201d<\/p>\n Although Bitmine continues to be deep in the red on its entire ETH position, it has managed to increase its annualized revenues due to staking. As of yesterday, the firm has staked 4,718,677 ETH (valued at over $8.2 billion at today\u2019s prices), which has increased its annualized staking revenue to a projected $223 million.<\/p>\n \u201cBitmine has staked more ETH than other entities in the world. At scale (when Bitmine\u2019s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $268 million on an annualized basis (using 2.73% 7-day BMNR yield),\u201d added Lee.<\/p>\n<\/blockquote>\n Aside from being the undisputed leader in Ethereum corporate holdings, Bitmine is the second-largest crypto accumulator after Michael Saylor\u2019s Strategy. The latter announced<\/a> another bitcoin acquisition today, albeit a more modest one for just 520 BTC.<\/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
Staking Going Well<\/h2>\n
\n
You may also like:<\/h3>\n
\nBinance Free $600 (CryptoPotato Exclusive): Use this link<\/a> to register a new account and receive $600 exclusive welcome offer on Binance<\/b> (full details<\/a>).<\/p>\n