BitMine has expanded its Ethereum treasury to 5,983,940 ETH, valued at approximately $16.43 billion, representing roughly 4.9% of Ethereum's total available supply of 122.1 million ETH. The accumulation brings the company close to its stated goal of acquiring 5% of Ethereum's supply.
During the week ending September 21, BitMine added 27,562 ETH to its holdings at approximately $2,688 per token, representing roughly $74 million in purchases. The company also transferred 12,500 ETH from Kraken, worth approximately $34.6 million at the stated price.
Staking Operations Generate Substantial Revenue
BitMine is leveraging a significant portion of its ETH holdings through staking. As of September 20, the company had staked 5,067,309 ETH, representing approximately 85% of its total holdings. Based on a 7-day annualized yield of 2.62%, BitMine's current staking operations are projected to generate approximately $357 million in annualized revenues. If all ETH were fully staked through its MAVAN platform and staking partners at the same yield, annualized rewards could reach approximately $421 million.
Recent Strategic Changes
BitMine recently replaced its 10-year staking agreement with Ethereum Tower with a new arrangement with American Validator, reducing the revenue-sharing fee to 1.50% of staking rewards.
Stock Performance
BitMine's stock, trading under ticker BMNR, reached $28.25 per share at press time, up 8.84% in a single trading session. This performance ranked the stock 100th among 5,704 U.S.-listed companies.
