Bitmine snaps up another $90M in ETH as Tom Lee nears 5% supply goal

cryptonews05:42

Bitmine has purchased another 52,203 ETH worth about $90 million, bringing its holdings to 4.7% of Ethereum’s total supply. Summary Bitmine purchased 52,203 ETH worth about $90 million, lifting ...

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With the latest acquisition completed, Bitmine remains one of the largest corporate holders of Ethereum.\nCommenting on the company’s outlook, Bitmine chairman Tom Lee said he expects tokenization and advances in artificial intelligence to drive future demand for blockchain networks and digital assets. Lee also reiterated his view that the crypto market remains in the early stages of what he previously described as a “crypto spring.”\nEthereum purchases continue as holdings approach target\nLess than a year after launching its Ethereum treasury strategy, Bitmine has accumulated enough ETH to control 4.7% of the asset’s supply, according to the company. The latest purchase leaves the firm roughly 94% of the way toward its publicly stated goal of holding 5% of all Ethereum.\nRecent fundraising efforts have helped finance that expansion. Earlier, crypto.news reported that Bitmine’s board approved a cash dividend of $0.1056 per share for holders of its 9.50% Series A Perpetual Preferred Stock, which trades on the New York Stock Exchange under the ticker BMNP.\nThe company said the dividend will be paid on July 10 to shareholders of record as of June 30.\nIntroduced in June to support the Ethereum treasury business, the preferred stock offering consisted of 3.5 million shares sold at $80 each on June 10. Bitmine reported net proceeds of approximately $273.8 million after fees and expenses.\nAt the time of the offering, Lee stated that the proceeds would be used to fund additional Ethereum purchases, while income generated from staking activities would help cover dividend payments.\nStaking revenue rises despite unrealized losses\nWhile Bitmine remains underwater on its overall Ethereum position, the company reported that staking has become a growing source of revenue.\nAccording to Bitmine, 4,718,677 ETH valued at more than $8.2 billion at current prices has already been staked. Based on current yields, the company said annualized staking revenue has increased to approximately $223 million.\nProviding additional projections, Lee stated that annualized staking rewards could rise to about $268 million once all of Bitmine’s Ethereum is fully staked through MAVAN and its staking partners. He attributed the estimate to a 2.73% seven-day BMNR yield.\nThe latest figures represent an increase from Lee’s earlier estimate of roughly $219 million in annualized staking rewards, which he discussed when the preferred stock offering was announced.\nBitmine’s accumulation strategy continues to place it among the largest corporate crypto holders. According to the company, only Michael Saylor’s Strategy currently holds a larger overall cryptocurrency treasury.\nStrategy disclosed another Bitcoin purchase this week, adding 520 BTC to its reserves, although the acquisition was significantly smaller in dollar terms than Bitmine’s latest Ethereum buy.\n\n\n\n\n\n                Read more:\n            \n\n                Franklin Templeton snaps up 250 Digital to chase crypto boom","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2645756008","isCrawlerRequest":true}