Bitmine adds 53,501 ether as Tom Lee calls ETH the best-performing macro asset

Bitmine Immersion Technologies added 53,501 ether (ETH) over the past week, bringing its total holdings to 5,901,112 ETH, the company announced on Monday. At a price of $2,511 per ETH, the holdings are worth about $14.8 billion, making Bitmine the world’s largest corporate holder of ether, with 4.9% of the total supply.

Bitmine’s ether and staking details

Of its ether holdings, 5,067,309 ETH—valued at $12.7 billion—are staked through Bitmine’s MAVAN platform and staking partners. This represents 86% of its total ether balance. The company projects annualized staking revenues of $335 million, based on a 7-day annualized yield of 2.63%. Staking is a process where crypto holders lock up their tokens to support the network and earn rewards.

Beyond ether, Bitmine reported holding 211 bitcoin, an $180 million stake in Beast Industries, an $81 million stake in Eightco Holdings, and $541 million in cash and marketable securities. Combined, its crypto, cash, and other assets total $15.6 billion as of August 30.

Tom Lee’s performance claim

Bitmine Chairman Tom Lee stated that ether has been the best-performing macro asset in the third quarter, outperforming the S&P 500 by 5,430 basis points through August 28. He noted that the top three performing assets since June 30 were ether (ETH), bitcoin (BTC), and solana (SOL).

Lee added that this performance could encourage institutions to increase their crypto holdings, given the strong outperformance of crypto compared to other macro assets so far in the third quarter.

Market and stock movement

Ether’s price remained relatively flat on Monday, trading above $2,400. Meanwhile, Bitmine’s stock closed down 7.14% at $23.80 on Friday but recovered slightly to trade above $24 on Monday morning.

Sources

• The Block