Bitmine Acquires 27,180 ETH, Bringing Total Holdings to Nearly 5% of Supply
Bitmine Increases Ethereum Treasury to 5.96 Million ETH
Bitmine Immersion Technologies announced on Monday that it added 27,180 Ethereum (ETH) to its holdings over the past week. This purchase brings the company's total Ethereum treasury to 5,956,378 ETH. At the reported price of $2,513 per ETH, the holdings are worth approximately $15 billion as of September 13. Bitmine now controls 4.9% of Ethereum's total supply of 122 million tokens.
The company stated that most of these tokens are staked, meaning they are locked up to help secure the Ethereum network and earn rewards. Bitmine said 5,067,309 ETH were staked as of September 7, representing about 85% of its current holdings.
Key Figures from the Acquisition
- Total Ethereum holdings: 5,956,378 ETH
- Percentage of Ethereum supply: 4.9%
- Value at $2,513 per ETH: ~$15 billion
- Staked ETH: 5,067,309 ETH (85% of holdings)
- 7-day annualized staking yield: 2.62%
- Projected annualized staking revenue: $334 million
What Bitmine's Official Statement Says
In its announcement, Bitmine detailed its broader asset portfolio beyond Ethereum. The company holds 212 Bitcoin (BTC), a cryptocurrency, a $180 million stake in Beast Industries, a $98 million stake in Eightco Holdings, and $549 million in cash and marketable securities. The total value of its crypto, cash, securities, and other holdings is $15.8 billion.
Advisor Tom DeMark's Market Prediction
Tom DeMark, founder of DeMark Analytics and a capital markets adviser to Bitmine, shared his view on Ethereum's price. He stated, "We expect ether to make a sharp upward move in the coming weeks." DeMark based this on August trading, noting that Ethereum moved sideways without a downside break. He said the expiration of a 12-day metric implied a renewal of the prior uptrend. "We believe this further supports the continuation of the prior uptrend. We expect late August's sharp one-day rally was a likely preview of the pending advance," DeMark said in the statement.
Ethereum Price Performance and Comparisons
Bitmine's Chairman, Tom Lee, commented on Ethereum's relative performance. He said the ETH/BTC ratio reached its highest level since January 30, describing it as a new uptrend. Lee also noted that Ethereum had outperformed the S&P 500 by 5,866 basis points in the third quarter through the prior Friday. According to The Block's data, Ethereum traded above $2,500 on Monday, up 1.4% over 24 hours, with a market capitalization of $306.3 billion.
Confirmed Facts About Bitmine's Holdings
The following information is directly from Bitmine's statement and The Block's reporting:
- Bitmine acquired 27,180 ETH over the past week.
- Total Ethereum holdings are 5,956,378 ETH.
- This represents 4.9% of Ethereum's 122 million-token supply.
- As of September 7, 5,067,309 ETH were staked.
- The 7-day annualized staking yield is 2.62%.
- The company holds 212 Bitcoin and other assets totaling $15.8 billion.
Why This Acquisition Matters
Bitmine's significant stake in Ethereum highlights the growing involvement of institutional investors in the cryptocurrency. With nearly 5% of all Ethereum tokens, the company's actions could influence market dynamics. The staking revenue of $334 million annually demonstrates a potential income stream from holding and securing the network.