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\n\t\t\t\t\t\t\t\t\tBitMine’s seven-day staking yield fell to 2.65% from 3.03% in a week, cutting Tom Lee’s estimations to $309 million from $358 million.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
BitMine\u2019s crypto, cash, and equity holdings fell to $14.3 billion, the lowest weekly total since mid-August, the company said Monday.<\/p>\n
Cash and marketable securities fell to $475 million, the seventh weekly drop<\/a> in a row from $714 million on September 20. Besides Ether (ETH) and cash, the company held 216 Bitcoin (BTC), a $180 million stake in Beast Industries and a $75 million position in Eightco Holdings (ORBS).<\/p>\n A week earlier, BitMine\u2019s holdings totaled $14.5 billion, most of which was ETH, which the company marked at $2,234 per token using Coinbase prices, down from $2,261.<\/p>\n The company bought 9,587 ETH in the week to November 8, bringing its treasury to 6,070,092 tokens, a larger<\/a> purchase than the 8,573 ETH BitMine added a week earlier.\u00a0It now owns 4.97% of the 122.2 million ETH in supply, against its goal of 5%.<\/p>\n Moving on, BitMine reported 5,227,037 ETH staked, or 86% of its treasury, a count that has not moved since BitMine\u2019s staked ETH rose<\/a> in the week to October 25. Before that rise, it sat at 5,067,309 in every weekly update from August 9 to October 18.<\/p>\n Chairman Tom Lee put annualized staking revenue at $309 million on the ETH staked today. He\u2019s using a projection based on BitMine\u2019s trailing seven-day staking yield of 2.65%. A week earlier, he cited a 3.03% yield and $358 million.<\/p>\n Fully staked, Lee said, the treasury would earn $359 million a year at the new yield. Last week\u2019s release put that figure at $415 million.<\/p>\n Lee led his comments in the release with Ethereum co-founder Vitalik Buterin, referencing Buterin\u2019s statements at Devcon 8, held in Mumbai from November 3 to 6, that ETH is a store of value and is money.<\/p>\n \u201cThis declaration by the founder of Ethereum, in my view, is a seismic shift, clarifying how ETH will capture value in this coming supercycle of tokenization and AI,\u201d Lee stated.<\/p>\n<\/blockquote>\nStaking Yield Falls to 2.65%<\/h2>\n
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BitMine\u2019s Lee Cites Buterin\u2019s Store-of-Value Call<\/h2>\n
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