Bitmine expands Ethereum treasury as holdings near $16.2 billion

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Bitmine expands Ethereum treasury

Highlights

Bitmine now holds 4.9% of Ethereum's 122.1 million supply totaling 5,067,309 ETH, with 84% staked via MAVAN and staking partners at $12.9 billion value.
Bitmine projects annualized staking revenue of $336 million at 2.61% yield, expecting this to rise to $400 million when all ETH is staked.
Total Bitmine assets, including $12.9 billion in ETH, 214 bitcoin, $180 million in Beast Industries, $85 million in Eightco Holdings, and $612 million in cash and securities, reach $16.2 billion as of October 11.

Ethereum treasury growth and staking income

As reported by The Block, citing Bitmine Immersion Technologies in a statement, the company says it now holds 4.9% of Ethereum's 122.1 million token supply after the latest purchase. Of its total ether balance, 5,067,309 ETH, valued at $12.9 billion, is staked through the MAVAN platform and staking partners, representing 84% of holdings.

Bitmine projects annualized staking revenue of $336 million based on a seven-day annualized yield of 2.61%. The company says that figure is expected to rise to $400 million once all of its ETH holdings are fully staked.

Beyond ether, Bitmine reports holdings of 214 bitcoin, a $180 million stake in Beast Industries, an $85 million investment in Eightco Holdings, and $612 million in cash and marketable securities. Taken together, those assets bring total crypto, cash and other holdings to $16.2 billion as of Oct. 11.

Market outlook and crypto cycle implications

Tom Lee, Bitmine's chairman, says ether outperforms the S&P 500 by 6,832 basis points in the third quarter despite macroeconomic tightening, high bond yields and Federal Reserve policy pressure. He links his outlook not only to Bitmine's treasury strategy, but also to tokenization, wealth transfers, digital asset treasuries absorbing crypto supply and the connection between crypto and artificial intelligence.

Lee says those trends could help drive what he describes as the potential largest-ever crypto bull market. He argues that digital asset treasuries remove supply from the market on a lasting basis, creating a more supportive setup for the next cycle than in 2019 to 2021, when that factor was less prominent.

According to The Block's ether price page, ether trades at $2,529.15 on Monday, up 1.03% over 24 hours. Bitmine shares last close at $24.03 on Friday, according to The Block's price data.

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