Ethereum treasury firm Bitmine recently expanded its cryptocurrency holdings by purchasing an additional 27,084 ETH, raising its total Ethereum stockpile above 5.7 million tokens. This acquisition solidifies Bitmine’s stake at approximately 4.7% of the circulating Ethereum supply, which currently stands near 120.7 million ETH.
Most of Bitmine’s Ethereum reserves are currently staked, with nearly 4.9 million ETH locked in staking operations. This amount represents 85% of the company’s total holdings and is valued at around $7.7 billion based on recent market prices. Bitmine projects staking revenue of $211 million annually, supported by a recent 7-day yield of 2.75% on an annualized basis.
Alongside growing its Ethereum assets, Bitmine has recently joined the Russell 1000 index during its annual reconstitution, a strategic move expected to attract hundreds or even thousands of new institutional investors. Bitmine’s chairman, Tom Lee, underscored the company’s optimism about the current market, framing the environment as the early stage of a “crypto spring” and anticipating the firm surpassing 5% of total Ethereum supply within the next few years.
Lee acknowledged challenges from a recent downturn, noting that Ethereum’s price dropped 8% last week amid broader market adjustments. However, Bitmine’s leadership pointed to positive signals such as the launch of Ethlabs and a more accommodating stance from the Bank of England regarding stablecoins as encouraging developments. Following last week’s dip, the ETH price rebounded towards the $1,600 threshold, while Bitmine’s stock (BMNR) rose nearly 2% at market open, despite losing over 15% in value the previous week.