BitMine Doubles Down on Ethereum Holdings to 5.77M ETH

BitMine has significantly expanded its Ethereum holdings to 5.77 million ETH, accounting for approximately 4.8% of the total supply. This expansion is a result of acquiring an additional 27,801 tokens over the past week.

The company's combined crypto, cash, and other investments are now valued at around $11.3 billion, with Ethereum alone making up about $10.5 billion of that amount based on its current price of $1,820 per ETH.

BitMine also has 4.92 million ETH staked, which is estimated to yield an annual income of approximately $242 million.

The company's activities are backed by major institutional investors, including ARK, Pantera, and Founders Fund.